Three Omnichannel Strategies to Boost Holiday Profits
For some retail sectors these two months represent up to 30 percent of their annual revenue, making it essential that they leverage omnichannel capabilities to maximize their profitability during this time.
The National Retail Federation expects holiday spending in November and December to grow at least 4.3%, exceeding a total of $717 billion. Consumers themselves will spend an average of 4.1% more, and according to PwC’s 2018 Holiday Outlook, 84% of holiday shoppers are expected to spend more.
PwC’s report also reinforces the importance of the omnichannel initiatives many retailers have undertaken in recent years. These three strategies will help retailers and deliver the speed, personalization and convenience customers seek this holiday season.
Offer unique in-store experiences to attract more customers
Most people, including 65 percent of Gen Z, the most digital generation yet, won’t make a purchase without seeing it in real life. But because the actual purchasing of products doesn’t actually have to take place in the store these days, it is more important than ever that stores actively engage customers with their brand.
Retailers have found creative ways to innovate their offerings with services, events and workshops – all of which can be easily added to purchases at the POS and encourage repeat visits. Interactive displays and showrooms offer more opportunities for customers to visualize themselves with the items on sale.
Assisted sales capabilities allow retailers to offer a higher degree of personalization in the store, while customer data management can help build relationship with the customer even after a sale is closed. As online/offline interactions are increasingly seen as one experience, and so a strong mobile strategy could be considered part of the in-store experience.
Reduce checkout lines at peak times to save sales
Whether customers ended up buying the items elsewhere, spent less, or abandoned the purchase altogether, these losses can really add up, particularly during the holidays.
Retailers can reduce checkout queues significantly by using a POS solution which makes it easy to and speed up checkout by add mobile POS devices during peak times, processing omnichannel options, accepting the latest payment options, and incorporating self-checkout terminals.
Impress customers with a fast and efficient returns process
Last year, consumers returned about $90 billion worth of goods, which comes out to about 13% of total holiday sales (687.87 billion). And customers who have a bad experience returning items are less likely to shop at the same retailer in the future.
Data from the NRF’s 2017 Holiday Shopping Behavior Survey revealed that nearly two-thirds of holiday shoppers had made at least one return last holiday season, and most returns are done in the store. This offers a unique opportunity for customers to come back into stores and make additional purchases.
A retail solution such as Openbravo Commerce Suite will ensure in-store returns are processed as soon as the customer walks in the store, in a way that is fast and convenient. POS terminals can be easily configured to process the return faster and provide customers with reimbursement or store credit on the spot.