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Increasing Retail Sales During the Holidays

Posted by Maria Shayna Tzouvelekis | Wed, Dec 09, 2015 @ 12:28 PM

More than 150 million shoppers participated in Black Friday and Cyber Monday sales this year, increasing retail sales dramatically. Online sales alone were estimated at nearly 3.07 billion dollars, a 16% increase from last year's numbers and the season isn't over yet. With big money at stake, you may want to gamble big, but there are some risks you shouldn't take — like guaranteeing your check payments. How do you keep your assets secure and momentum going while wearing the many hats that your business requires? 

increasing retail sales

The National Retail Federation's President and CEO, Matthew Shay stated, "This [Thanksgiving] weekend isn’t the end-all-be-all; it’s important to remember, there will be several important weekends to keep an eye on before we wrap up the holiday season."

While every month should be sales driven, December in particular brings about that last push of the year that can make or break you.

Here are some things we know that can help keep you focused and motivated as you round out this year.  

Sales are at an all-time high. According to the National Retail Federation’s Holiday Consumer Spending Survey conducted by Prosper Insights and Analytics, consumers celebrating Christmas, Hanukkah and/or Kwanzaa will spend an average of $805.65 on food items, decorations, gifts and more over the holiday season, the highest amount in the survey’s 14-year history and in line with last year’s $802.45.

Just as well, Forbes reports that the November Spending Forecast (which represents consumers’ intended spending levels over the next 90 days) is up nearly two points from last year.

Mobile sales have increased dramatically. In the same article as referenced above, Adobe stated that "mobile sales reached a sales volume record, with $799 million of online spending coming from a smart phone or tablet."

Consumers take shipping into account while buying gifts for themselves and others. National Retail Federation's survey reported in their Thanksgiving sales survey (mentioned earlier) that about half of those surveyed choose where they buy based on shipping costs and free promotions.

 

Further data from NRF's Black Friday survey reported that two in five (42.9%) of those surveyed said they think retailers’ promotions from now until Christmas Day will be better than those offered over Thanksgiving weekend.

Shoppers are looking for free promotions, sales and convenience, and they can be highly influenced by your customer service. They will be splurging on themselves, so keep that in mind as you promote items that double as great gifts and personal investments. 

Suggest related products to buy: Some call it up-selling; others refer to it as add-ons. Either way, your customers have made their shopping lists and are at your store because they're interested in your products. "The couple shopping for a new couch may order end tables or lamps if you point out something appropriate," says Janet Attard in a Business Know How article. This applies to every industry: auto, fashion, dental, etc — if you offer more than one item of anything, there is an opportunity to relate products and that will make your customer happy as well as increase profits. 

Knowing that sales to date have topped last year's, and that consumers are looking forward to shopping throughout the remaining weeks, should keep you motivated. However, don't get distracted as customers come flood your store to take advantage of your amazing sales.

Stay ahead of the game and secure your revenue because we know that one in five purchases over $100 are made by check. Mitigate the risk of returned checks with a check guarantee service. 

 

Check Guarantee Insider's Guide

 

Topics: Retail, Increase Sales

Written by Maria Shayna Tzouvelekis

Maria Shayna Tzouvelekis is an Inbound Marketer at CrossCheck in Petaluma, CA.