As we head into peak season, it’s crucial to maximise sales and ensure a smooth shopping experience for your customers.
We’ve curated top strategies and insights to help you thrive during this busy time from Inventory Planner by Sage’s recent webinar “How to Win Big This Peak Season“, which featured industry experts:
- Chloe Thomas (eCommerce Masterplan)
- Will Pritchard (Inventory Planner)
- Ben Muir (Unsociable)
- Ellis Hawthorne (Retail Week)
- James Ewens (Green Feathers)
- Hannah Herlihy Lowe (Conjura)
🚚 Speed of Delivery
It is essential to meet the growing consumer demandfor fast delivery, especially during peak season. As noted by Ellis Hawthorne, “Consumer demand for faster than ever delivery, including same-day, continues to be a big challenge.” Will Pritchard adds, “Retailers that can offer quick delivery options will have a competitive advantage this holiday season.”
➡️ Takeaway Action
Evaluate your current delivery options and explore partnerships with local courier services to offer same-day or next-day options. Consider implementing a click-and-collect service to enhance convenience for local customers.
📦 Preorder Options
Offering preorder options helps retailers manage customer demand and inventory more effectively. Chloe Thomas highlights that, “Customers are looking to preorder those must-have gifts and popular holiday season items.” Ben Muir mentions, “Preorders can help you gauge demand early and can reduce the risk of stockouts.”
➡️ Takeaway Action
Set up a preorder system on your website for selected products. Promote these options through your marketing channels to encourage early purchases and gather data on customer preferences.
🌱 Eco-Friendly Products
As consumers become more environmentally conscious, providing sustainable options makes a significant difference. According to Hannah Herlihy Lowe, “Around a quarter of the retailers polled for the Festive Fix report are seeing a growing demand for eco-friendly and sustainable products this holiday season.” Ellis Hawthorne reiterates, “Sustainability is increasingly influencing purchasing decisions.”
➡️ Takeaway Action
Assess your product range for eco-friendly options and introduce sustainable packaging. Market these eco-friendly products as a key selling point to attract environmentally conscious shoppers.
💳 Buy Now Pay Later (BNPL)
Implementing flexible payment options like BNPL caters to cost-conscious consumers and encourages purchases. Will Pritchard states, “25% of retailers both in the UK and the US are seeing growing demand for these kinds of payment options.” Hannah Herlihy Lowe notes, “BNPL can significantly lower the barrier for customers who may hesitate to make larger purchases.”
➡️ Takeaway Action
Integrate a BNPL service into your checkout process. Clearly communicate the availability of this option to customers, highlighting the benefits of spreading their costs.
📊 Understand Consumer Behaviour
Retailers should be aware of how economic conditions influence shopping habits, encouraging early purchases. Ellis Hawthorne notes, “That trend of spreading the cost will certainly be a prevalent one this year as well.” Chloe Thomas adds, “Understanding these shifts in behaviour is crucial for planning effective promotions.”
➡️ Takeaway Action
Analyse your sales data to identify trends in consumer spending. Consider offering early promotions to encourage shoppers to make purchases before the peak holiday rush.
🎥 Utilise TikTok 🎥
Brands should capitalise on the growing popularity of TikTok to engage customers and drive sales. Ben Muir mentions, “I think there’s a ton of brands and retailers that haven’t activated TikTok Shop yet, and it’s just such an enormous opportunity. The beautiful thing about that is it’s probably the first channel I’ve ever seen in my time in eCommerce where you get that level of brand awareness while also driving revenue”. Will Pritchard suggests, “TikTok is a fantastic platform to create engaging content that resonates with younger audiences.”
➡️ Takeaway Action
Create engaging TikTok videos showcasing your products and your brand story. Collaborate with influencers to reach a broader audience and utilise TikTok’s shopping features to boost sales directly through the platform.
🏷️ Plan for Overstock
It is crucial to strategise promotions in advance to manage any potential overstock leading into the holiday season. James Ewens advises, “Start thinking about your promos that you could do in the lead-up to Christmas where you think you could be overstocked.” Ellis Hawthorne adds, “Being proactive with promotions can help mitigate the risks of excess inventory.”
➡️ Takeaway Action
Conduct an inventory audit to identify items that may remain unsold. Plan targeted promotions or bundle offers for these items to move stock before the holiday rush.
🛍️ Optimise Product Listings
Ensuring that product listings are thoroughly optimised can significantly boost visibility and sales. According to Will Pritchard, “Make your product listing as good as it can possibly be.” Hannah Herlihy Lowe advises, “Optimised listings can improve search results and attract customers.”
➡️ Takeaway Action
Review and improve your product descriptions, images, and SEO keywords. Ensure that each listing is appealing and informative, making it easy for customers to make purchasing decisions.
🧠 Gather Customer Insights
Understanding customer preferences enhances marketing effectiveness and drives repeat purchases. Hannah Herlihy Lowe emphasises, “How much information can you gather about that discount hunter or that peak purchaser so that you can curate your follow-up or your email threads to them?” James Ewens notes, “Collecting insights allows you to tailor your strategies effectively.”
➡️ Takeaway Action
Implement surveys or feedback forms to gather information on customer preferences, shopping behaviors, and satisfaction levels. Use this data to segment your audience and create personalized email campaigns, promotions, and product recommendations that align with their specific needs and interests.
📈 Use Data and Analytics
Leveraging data and analytics enables retailers to make informed decisions and tailor strategies to their customers’ preferences. Hannah Herlihy Lowe emphasises the importance of data by stating, “Retailers should be asking themselves how much information they can gather about their customers to enhance their strategies.” She adds, “Data-driven insights can provide a clearer picture of shopping behaviour and preferences.”
➡️ Takeaway Action
Invest in analytics tools that track customer behaviour, sales trends, and inventory levels. Regularly review this data to adapt marketing strategies, optimise product offerings, and enhance overall customer satisfaction.
