Consider this: Will this Holiday Season happen...
What a 90 days it will be!
Remember July and early August, when there was much optimism?
Then, the Delta variant surged.
But amidst all this is the resilience of retailers and shoppers alike.
The majority of people are vaccinated, and determined to put the pandemics behind them. Enough already, they're saying! We have people to see and family and friendships to celebrate. And they are shopping early. This could be fantastic!
This 2021 Holiday Season will be all about relationships. Your customers are counting on you to help them make this year special. All those new ways that you established during the pandemics to be connected with your customers? This is the time for them to shine! Use emails and texts and social media to keep your customers personally aware:
Your shoppers already know that this year is different. They know that inventories are tight, and there are fewer retailers to choose from. And they are shopping early! They likely won't be driven by Black Friday specials and early season discounts. They want special, and many are willing and able to pay for it. Indeed, it looks like 2021 will bring a Holiday Season like no other.
It's that time of year. As you review your Profit & Loss statement for 2022, your thoughts most likely are turning to "How do we make 2023 a better year than that?" As we look around, we see a popular cost-saving and productivity-boosting tactic being instituted by many national retailers, shopping malls, and restaurants. They are open fewer hours. This offers an opportunity for you to revisit your store hours and employee scheduling practices. Maybe it's time to consider some changes, if you haven't already. Start with the mass of data resting comfortably in your POS system. Look for all the reports by the day of the week. (Be prepared; this may require you to gather information from several reports.)
What you are looking for is data such as this by the day of the week:
The savvy retailers know that now is the time to be putting the finishing touches on – wait for it – being ready for December 26! Yes, this unique time period between December 26 and New Year's Day is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 6-10 days!
First, the many opportunities to reduce expenses "back to normal". Less advertising cost. Less staff. Fewer hours.
Since Labor Day in the US is the first Monday in September, this year it happens as late as possible. Labor Day will not be celebrated until next Monday, September 7. Most years, most folks would be perfectly happy to have August stretched out even longer. Ahh, those lazy, hazy, crazy days of summer, right?
And so, meanwhile, we regard Consumer Confidence as THE key indicator of consumer spending. Just last week, the Conference Board reported that Consumer confidence is at a six year low*. Ouch! But, was that a surprise to retailers? Not really. Most retailers are well along in coping with these challenges.
We once knew a lady of an earlier generation who steadfastly championed the idea that Labor Day should be considered New Year's Eve, and the Tuesday after Labor Day as the start of the New Year. (Yes, she was ahead of her time in many other ways as well.) Here's her reasoning about the "real" New Year's Eve: as summer fades away and vacations end, the new school year starts up; the baseball season pennant race is on; football games begin. As all this happens, she explained, most people take on a renewed sense of energy. The promise of a fresh start is everywhere. Optimism abounds! Wouldn't 2020 be a great year to cut short? Aren't we all ready to turn the page on it? Well, while we cannot do it officially, we can embrace that New Year state of mind.
As we introduced previously, the New Normal for retailers is already here. It is a new "retail clock."
Of course, it is not just retailers who have been affected; the shoppers also have been adapting. But whereas retailers think in terms of seasons (weeks and months), the shoppers are adjusting their patterns at the daily and weekly level.
This Holiday season is bringing three big waves for retailers, in rapid succession. And each one requires a strikingly different management response.
Faced with the shipping delays (and surcharges), customers have turned to brick-and-mortar stores. The savvy retailers are ready for them.
Incredible value! 👀
Start NOW!