How Will Retailers Survive this Holiday Season?
As the holiday season begins to approach; I think we are all aware that it will not be like any other we have seen. COVID-19 has impacted retailers and business owners greatly by having to close their doors in order to stop the spread of the virus. This resulted in a drop of sales and even closure of stores. Many retailers and consumers are aware of all the concerns this can cause, so how can retailers survive this holiday season?
Since many stores were closed for over 2 months, retailers are now focused on making up for any lost revenue. Holiday season approaching can either be salvation for these companies or a chaos. Due to COVID-19, business owners need to figure out different strategies that can apply for the long haul.
This year, brand identity and consumer identity are more important than ever. Since many connections are now being built virtually, companies need to know how to stand out more than others. Personally, the brands I am more loyal to are the ones that share similar values to what I believe in; studies also show that most consumers do so as well. So as the holiday season approaches, I am more likely to support companies that focus on helping others, local businesses, or large companies that have a valuable message to share. Retailers should begin to focus on promoting their brand identity and brand message.
Personalize Customer’s Needs
Stores worldwide are either going completely online or focusing on gathering more traffic to their website. Due to this, companies should begin to personalize this experience, as frequent online shoppers will relate to this. To be able to customize the experience for their ideal client, businesses have to collect information needed to be able to offer something that will benefit the customer.
Another way retailers could create a more personalized experience during the holiday season is creating digital amenities. For example, a retail store can create online Secret Santa or create wish lists and send them to specific email addresses. Other than providing digital amenities in retail websites, retailers should also emphasize exclusive perks during the holiday season. For example, retail stores could provide free gift wrapping for frequent buyers or provide the benefit of pre-order.
Even though retailers are eagerly waiting to see the effects of this holiday season, they should begin focusing on how to stand out. Identity is very important, especially in times where buying from different stores is more accessible. By having a unique identity, customers will support the retailers enough for them to survive this holiday season and of course, stay loyal to them.