With only 41 days left for Christmas, retailers and brands alike are focusing on how to get the most out of the golden sales period of the year. Despite the shift in spending patterns in recent years, December is still the single most important trading month for the sector. According to the Central Statistics Office, the volume of retail sales increased by 5.9% in 2016 compared to 2015 and by 3.8% in value terms.
The outlook for this Christmas is looking bright with consumer confidence on the rise again and more disposable income. According to the latest Nielsen Global Survey of Consumer Confidence and Spending Intentions, Ireland has hit its highest level since Q4 2007 with 102 in the second quarter of 2017 (up 2 points from Q4 2016) and it’s now the fourth most confident country in Europe.
With this positive landscape, it’s even more important to grab your customer's attention and be ahead of your competitors. Here are our top 3 tips to help you rocket your sales during Christmas:
Consider Black Friday and Cyber Monday in your Christmas planning
Since 2014, when it all kicked off, these 2 days have been gaining more and more importance in Irish retail with retailers offering discounts over their brick-and mortar stores as well as in their online channel. According to Retail Ireland, consumers are making an increasing proportion of their Christmas purchases earlier in the festive shopping season, with Black Friday and Cyber Monday leading the sales.
In previous years, shoppers have snapped up cut-price goods such as games consoles, tech gadgets and electronic appliances, but now, we're seeing equally as impressive discounts across fashion, beauty and even travel.
From 2016, we can learn an important lesson from retailers on how to drive sales and manage peak demand during Black Friday & Cyber Monday, by extending the sales period and guaranteeing prices. This year, retailers should include these 2 days in their Christmas strategy and make sure not to lose out on this peak sales opportunities.
Make sure that you are Delivering an Omni-channel solution this Christmas
To ensure a successful strategy this Christmas it is mandatory to marry your in-store and online approach. Nowadays the consumer purchasing journey is more complex than ever before, and savvy shoppers gathered as much information as possible in different channels before making a purchase decision (specially for big ticket items).
Even though in-store shopping is by far the most popular way to shop in Ireland, e-commerce is playing a bigger role every year. In 2016, e-commerce climbed by 21.8% during Christmas. This growth continues to be driven by consumers shopping more on their mobile devices with sales through smartphones up by an estimated 50%.
In order to succeed during this Christmas, it’s advisable that brands and retailers alike think of an omni-channel approach and make sure that all your channels are linked up.
Leverage your relationships in store
Over Christmas it is more important than ever to get your brands into the hands of shoppers! And there is no better way to do so than by leveraging your in-store relationships, which can make the difference in this time of the year where space negotiations take place.
Make sure your field sales team sell the benefits and the impact in revenue of having your displays located in prime locations. Once you have agreed your space within the store, ensure your displays are well stocked and looking fantastic throughout the Christmas period.
At CPM we love Christmas and we are passionate about finding the right approach to drive sales for our clients' brands during their golden quarter. As we know, Christmas is a very busy time of the year for both retailers and brands, so a strategic plan, a dynamic call file, great communication with store managers and a omnichannel approach are key drivers for a successful Christmas.
Contact us today and find out how CPM can help you win in retail this Christmas 2017.