Even though we\u2019re only at the tail end of summer, retailers have already spent months gearing up for the holiday shopping season.<\/p>\n\n\n\n
And due to a tornado of factors \u2014 including inflation, supply-chain woes and consumer spending habits that changed during COVID-19 lockdowns \u2014 retailers are looking ahead to a shopping season that promises to be even more challenging than usual.<\/p>\n\n\n\n
It\u2019s critical to prepare for the holiday season, because Black Friday and the weeks beyond can make or break a brick-and-mortar store, says Richard Rizika, partner and co-founder of Beta Agency, a commercial real estate agency based in greater Los Angeles. Rizika was also a vice chair in the retail services group at CBRE, one of the world\u2019s largest commercial real estate investment firms.<\/p>\n\n\n\n
\u201cMany of the merchants haven\u2019t made money this year and are counting on that push through the holiday season to produce the profits,\u201d Rizika says. \u201cIf things fall flat, or you miss the merchandise or the consumer just doesn\u2019t show up, it can be tragic.\u201d<\/p>\n\n\n\n
Thankfully, there are things business owners can do to set themselves apart amid a shopping environment that\u2019s even more cutthroat than usual.<\/p>\n\n\n\n
1. Get the word out about holiday sales early<\/strong><\/p>\n\n\n\n Gone are the days of customers idly wandering the neighborhood or the mall and popping into stores. Today\u2019s consumers are doing far more research before stepping foot into a store than they ever have, says Sean Turner, co-founder and chief technology officer of Swiftly, an e-commerce technology company.<\/p>\n\n\n\n \u201cI think the biggest thing is being able to get the word out to consumers effectively to celebrate the savings and deals that they have,\u201d Turner says. \u201cConsumers have gotten a lot more planful.\u201d<\/p>\n\n\n\n It\u2019s a smart strategy for retailers to advertise their upcoming holiday sales as much as possible: through in-store signs, yes, but mostly through their websites and social media presence. Those are the platforms customers are checking before they choose whether to visit a store, especially if they\u2019re planning to spend more than they typically do on nonessential items.<\/p>\n\n\n\n \u201cShow them great savings and deals to drive that trip,\u201d Turner says.<\/p>\n\n\n\n 2. Better yet, launch sales earlier than your competitors<\/strong><\/p>\n\n\n\n Sure, you can get customers excited about your upcoming sales. You could also roll out those sales earlier than your competitors, and even before the holiday season unofficially kicks off with Black Friday (Nov. 25 this year).<\/p>\n\n\n\n \u201cDon\u2019t be afraid if you\u2019re a retailer and a good operator to make those deals available earlier than you have in the past,\u201d says Jason Baker, principal at Baker Katz, a Houston-based retail brokerage.<\/p>\n\n\n\n Even if you can\u2019t roll out your landmark sales before the holiday season, consider offering smaller sales now to entice shoppers into your store. If they aren\u2019t familiar with your brand, those sales could bring customers back to complete their holiday shopping with you in a couple of months.<\/p>\n\n\n\n \u201cRetail\u2019s an early-bird game,\u201d Turner says. \u201cThe first place you see the deal and you decide to buy it \u2014 guess what? That\u2019s a product you\u2019re not buying at another retailer.\u201d<\/p>\n\n\n\n 3. Have a top-notch website<\/strong><\/p>\n\n\n\n If your store doesn\u2019t already have a website<\/a>, it\u2019s too late to make that happen before this year\u2019s holiday season, Baker says. If you have one, make sure it\u2019s at least fully operational, user-friendly and completely up to date on your current inventory<\/a> and availability. It\u2019s a good time to polish your social media presence as well.<\/p>\n\n\n\n Retailers can optimize their website for heavy holiday traffic by \u201cclearly marking which merchandise is out of stock or unavailable and sharing delivery options upfront,\u201d says Peter Messana, CEO of Searchspring, an e-commerce software company.<\/p>\n\n\n\n Of course, these improvements aren\u2019t needed just for the holiday season. Roughly 17.2% of all retail sales happen online, excluding cars and restaurant purchases, according to CBRE. And around 80% of shoppers first search for a store\u2019s website before visiting the brick-and-mortar storefront, according to a 2021 survey conducted by Visual Objects, a creative design directory.<\/p>\n\n\n\n The best retailers, Rizika says, are \u201cnot only engaging while they are open \u2014 they\u2019re engaging while they are closed.\u201d<\/p>\n\n\n\n \u201cTalk to the consumer and sell to the consumer while your doors are closed, through your ability to engage with them online, whether that\u2019s with a great website or social media,\u201d Rizika says.<\/p>\n\n\n\n 4. Create an inviting place that\u2019s more fun than online shopping<\/strong><\/p>\n\n\n\n No longer is it enough for brick-and-mortar storefronts to showcase top-notch products and services. Today\u2019s businesses need to make the store a destination that\u2019s even better than the conveniences of online shopping.<\/p>\n\n\n\n \u201cTo use the store as a competitive advantage to me is something that the small business has to learn how to do,\u201d Rizika says.<\/p>\n\n\n\n These improvements don\u2019t have to be huge. If you\u2019re in a temperate climate that allows year-round patio seating, consider setting up a couple of chairs or tables outside your store if that\u2019s permitted. Maximize your store\u2019s natural lighting. Set up some pretty, place-making plants around the store. Heck, see if there\u2019s room for a comfy couch or some stylish chairs at the front of the store.<\/p>\n\n\n\n The point is, think about small ways to activate the space.<\/p>\n\n\n\n \u201cOwners thinking about their places as brands, and trying to connect their brand with the consumer, is something you\u2019re seeing great retailers have done for a long time, and more and more retailers are starting to recognize that trend,\u201d Rizika says. \u201cAll these things that have become more and more important to us as consumers.\u201d<\/p>\n\n\n\n More From NerdWallet<\/strong><\/p>\n\n\n\n Cara Smith writes for NerdWallet. Email: cara.smith@nerdwallet.com.<\/p>\n\n\n\n The article 4 Things Retailers Can Do to Prepare for Holiday Shoppers originally appeared on NerdWallet.<\/p>\n","protected":false},"excerpt":{"rendered":"Even though we\u2019re only at the tail end of summer, retailers have already spent months gearing up for the holiday shopping season. And due to a tornado of factors \u2014 including inflation, supply-chain woes and consumer spending habits that changed during COVID-19 lockdowns \u2014 retailers are looking ahead to a shopping season that promises to […]","protected":false},"author":7,"featured_media":3111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["Even though we\u2019re only at the tail end of summer, retailers have already spent months gearing up for the holiday shopping season. And due to a tornado of factors"],"footnotes":""},"categories":[40],"tags":[],"class_list":["post-3096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n