The holiday shopping season is in full swing and trends are pointing toward even more spending this year. The National Retail Federation announced earlier this fall that it expects holiday sales to climb from 4.3 percent to 4.8 percent over last year ($717.45 billion to $720.89 billion). How can retailers be sure to take advantage of this huge opportunity to reach their sales goals and beyond this holiday season?
Retail is reinventing itself. It is not just about buying merchandise anymore, customers are looking to be delighted with a great shopping experience. Online shopping helps provide convenience and maybe even lower prices, however, it is not able to provide the same experience the customers get in physical stores. The comfort of high-quality noise-canceling headphones or the fit of a soft fleece jacket is unparalleled compared to not being able to touch and feel the product online before you buy them.
The end of summer is approaching, marking the beginning of the back-to-school season. Parents are gearing up their kids to get ready for their new terms. Retailers are simultaneously getting ready for all the business that is coming their way. According to a Deloitte’s 2018 Back to School Survey, total back-to-school spending is expected to reach $27.6B, or $510 per household, slightly up from $501 in 2017.
For any business, a seamless and nearly invisible payment process is the final checkpoint of a positive customer experience. However, while consumers in the U.S. are getting more comfortable with using chip cards in a variety of verticals—including retail, hotel, lodging and the food and beverage industry—there’s still a fair amount of confusion about when to dip the chip and when to swipe. Many consumers are getting used to it but are still frustrated with the perceived speed of an EMV transaction.
2018 is right around the corner, and it’s time for retailers to start thinking about how they can elevate their game in the New Year. According to Salesforce’s research, 50 percent of consumers are likely to switch brands if their expectations aren’t met. Thanks to technological advancement, shoppers can easily find multiple sellers selling the same products via their smartphones. In fact, 70 percent of consumers feel that technology has made it easy for them to take their business elsewhere. Thankfully, there are strategies to avoid these outcomes, meet customer expectations and avoid losing sales to competitors.
