Ideas That Generate Results

How should Retailers Gear Up this Festive Season?

Oct 16, 2018

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Most of the customers in India wait for festive season to shop. Among various marketing channels including unorganized retail, eCommerce, and modern trade; eCommerce tends to outperform and gets an excessively high share of the festival wallet. Some of the major factors attributing to choose online channels during festive season could be to avoid battling traffic, parking issues, huge assortment to choose from, and long lines for bill payment. Besides, numerous lucrative discounts being offered by eCommerce channels are attracting the consumers.
On account of this overdue purchase, retailers observe a spike in sales during festive season. For instance, a visible spike in sales of ethnic wear, home décor, jewellery, and beauty products can be seen during Deepawali and Durga Puja. The eagerness is not bounded to this, a noteworthy growth in demand of footwear and gift items can also be noticed as higher than normal during this time. Underpinned by feel good factor, gifting and targeted campaigns, festive season offers retailers a great opportunity to get a surge in their sales. During this season the strategies of retailers should be driven towards realizing higher sales and stimulating demand, while assuring shoppers a pleasant and gratifying shopping experience.
Following are some of the strategies that can help retailers to gear up this festive season:
Keep an adequate amount of the product: The suggestion is to uphold the five times of the supply of one product to meet up the order of the festive season. Retailers are required to keep the displays fully stoked along with handy back stocks. Besides, to create a desire to buy a product in the mind of shoppers, retailers can go creative with themed display.
Engage with customers on Social Media: Social media benefits retailers with a means of information about their customers that they could not get through conventional media. Retailers can use social media to get customer insights and feedback and can adjust their offerings accordingly. Secondly, retailers can meaningfully connect with consumers on social media to increase their visibility with an audience that’s already tend to purchase or looking to purchase products. Pinterest, Facebook and Twitter are some of the social media platforms most suitably being used by retailers.
Implement Digital Strategies: Though retail sector is still struggling to implement their digital strategy, this sector is undergoing disruption at an extraordinary extent. Retailers are increasingly rolling out more and more digital capabilities to stay ahead of competition. Retailers must categorize and prioritize the essentials of a digital strategy, but opting the right execution model in the face of rapidly-moving trends is even more critical. By implementing more and online and in-store digital capabilities, retailers gain access to priceless customer data in the behavioural and transactional realms.    
Be Unique: Bearing uniqueness with retail outlet is one of the most crucial factors among the trendy retail strategies. With the exception of daily needs, they can keep in stock limited and rare edition or newly launched products to draw the attention of shoppers and then augment the sales in the festive season.
Set a happy and festive mood: Maintaining the happy and festive mood inside retail store could be appealing to make shoppers visit the store. A sense of conviction gets inculcated with the shopper in this way.
Correct demonstration of product: Right demonstrations of the product can increase the sales of the product. To do so, retailers are required to train their employees in a manner that they can properly explain the features of the product properly.
Use retail management software: Retail management software helps the retailers to manage their business soundly. It helps authorities and store owners to keep them educated about the minutiae or the accounts of every transaction.
Retailing is more than a business or trade; it’s an art of generating a large customer base that will retrace their steps whenever customers need anything. Retailers are advised to take full advantage of retail ideas to augment the sales of the festive season.

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