3 Ways Retailers Can Effectively Prepare for the 2022 Holiday Season Now

Christmas in July has taken on new meaning over the past two years. It's no longer just the unofficial holiday that mimics many of the traditions associated with Yuletide festivities. In many retail circles, now is the start of preparation for the upcoming holiday shopping season. Because without an early and effective plan in place, you increase the chances of not meeting your revenue goals for the year.

Take, for example, something as basic as inventory. It is always difficult to determine exactly how much stock to buy and hold, as what was sold last year is unlikely to sell at the same levels this holiday season. The same goes for pricing your promotions or allocating the right amount of spend to the right marketing channels. Honestly, the list can be as long as a child's letter to the North Pole.

This begs the question of how retailers can effectively prepare for this year's holiday season. While the most effective strategy will vary from company to company, it should include at least the following three elements:

1. Plan for an extended season focused on e-commerce.

The biggest promotions of the year almost always happen on Thanksgiving weekend. That hasn't changed. What has, however, is the amount spent. Between Thanksgiving Day and Cyber ​​Monday in 2021, retailers made $33.9 billion in online sales, down 1.4% year-over-year. Yet, at the same time, retail sales were higher than they were in 2020, up 17% in November and December 2021. The anomaly comes down to one thing: a change in consumer behavior. consumer purchase.

Holiday shopping has been brought forward into 2021, with more than 50% of consumers saying they plan to start before Thanksgiving. E-commerce has certainly been the main driver, offering consumers the opportunity to spread out their gift purchases over the season. But the retailers themselves were also to blame, as a growing number of merchants started their holiday promotions as early as mid-September. Target has gone so far as to promise to match its lowest price on any item purchased from October 10 through December 24.

Chances are you'll see similar trends this year. Start planning your holiday promotions today and connecting with consumers through digital channels, especially when it comes to mobile. In fact, "m-commerce" (i.e. mobile e-commerce) was up from the previous year, representing a