The holidays are quickly approaching, however it’s not too late for merchants to make a few important adjustments to their holiday strategies. As Fatima D. Lora details in her recent article published by Retail Touch Points, a few small adjustments based on day-to-day data and the changing market conditions will have a huge impact on a merchant’s bottom line during this important holiday season. As Manish Chowdhary, the CEO of GoECart Ecommerce Solutions, is quoted in the article “We’re finding that consumers are starting their shopping earlier than ever this year” therefore the time to start making these adjustments is now!
This year’s holiday season has five weekends and it will be crucial for merchants to re-evaluate on an as-needed basis, certain strategies such as pricing, customer service, mobile, social and in-store strategies. For example merchants must use the tools and technology available, such as sophisticated algorithms built into software, to re-evaluate their pricing as the holiday season progresses. As Alison Paul, the Chief Economist for Deloitte is quoted “Retailers need to give a good price and value impression without giving away the margin before the holidays come to an end. Panic is not a good strategy. Today, these tools don’t take away the decision-making out of the hands of the retailer; these tools actually help retailers be more precise; there is a way to build a price impression that will bring shoppers through the doors while still recouping profits.”
Check out the full article for all the small adjustments that will be crucial this holiday season.