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How Retailers Can Make the Most Out of Festive Seasons – YourRetailCoach africa

How Retailers Can Make the Most Out of Festive Seasons

Discover simple strategies for retailers to maximize festive seasons. Learn how to boost sales and engage customers effectively.

Empowering Retail & E-commerce businesses worldwide.”

— Nikhil Agarwal

PUNE, MAHARASHTRA, INDIA, April 4, 2024 /EINPresswire.com/ — Festive seasons give customers the much-needed license to spend. Feelings of joy and a sense of celebration turn into a mood of enhanced willingness to spend and indulge in shopping. These are times when people go beyond essentials. Gifting during festive seasons is also common in a majority of cultures around the world. Different festivals are associated with a different nature of shopping needs. Festive seasons offer an open sea of opportunities for retail brands and businesses. In this communiqué, retail consultants of YRC present diverse perspectives on consumer behaviour during festive seasons relating to the potential for increased footfall and sales.

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𝗖𝘂𝘀𝗵𝗶𝗼𝗻𝗶𝗻𝗴 𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝗕𝘂𝗱𝗴𝗲𝘁𝘀

The use of shopping budgets is not something new. Customers realise that unplanned spending could unfavourably affect their post-festive financial situation. The lesson here for retailers is not to go for an inflated pricing strategy to reap maximum benefits. They can reduce the financial burden for their regular customers by providing credit or shopping points on festive merchandise. It will give some breathing space and flexibility to customers to spend during festive seasons while spreading the burden of bills over a couple of weeks. Retailers should also consider tying up with branches of local banks and financial institutions.

𝗙𝗲𝘀𝘁𝗶𝘃𝗲 𝗦𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘀𝘁 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿

Festive seasons bring a certain kind of rush in the markets. Demand goes up and out-of-stock situations are common. There is more traffic on the roads, malls, stores, and marketplaces. Customers seek to minimise their market visits and traffic times. In such situations, retail stores that offer the maximum coverage of festive-related merchandise stand to win the day. The takeaway here for retailers is exactly that – emerge as a festive specialist.
They should strive to expand their product mix to cover the maximum possible product lines. This may entail coming up with an ad-hoc merchandising strategy curated for the festive season. This is what most experienced retailers already do.

𝗗𝗲𝗮𝗹𝘀, 𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀, 𝗮𝗻𝗱 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲

Retail outlets with the best deals experience high footfall and sales from the start of the festive sale periods. Customers seek to seize the best deals and derive the maximum advantage from festive sales, loyalty schemes, and personalised offers. The takeaway here for retailers is to come up with their best deals and reach out to their target segments with effective disclosure i.e. advertising to increase customer traffic during holiday seasons and festivals. Since customers are willing to spend more, they also expect retail brands and stores to offer them exciting deals. Customers are smart enough to know how competition works, especially between retail brands with homogeneity of products and services.

Some effective advertising strategies to boost retail sales and revenue during festive seasons include:

· Store decoration
· Distribution of printed pamphlets in stores, targeted localities
· Use of local billboards
· Social media marketing
· Involving reputed civilians (not necessarily star celebrities or models)
· Promote local artisans

𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘀𝗲𝗱, 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗿 𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗚𝗶𝗳𝘁𝘀

Personalisation of gifts carries higher appreciation and value than any standardised, made-for-all merchandise. Personalised gifting solutions can include premium subscriptions to digital platforms, paid club memberships, paid travel bookings, tickets to special events, customised fashion, etc. Such gifts are more memorable and sometimes can also be more economical. Gifts can also be clubbed. Rarely spoken of, re-sharing of gifts is also a competitor in retail. Personalised gifting solutions help curb that practice. Access or experience gifts open up a whole new world of gifting possibilities in retail. In a very fundamental sense, gifting is a personalised phenomenon and it should focus on consumption in the present or very near future. Retailers should also consider building customer loyalty through festive gift-giving programs.

𝗘𝗻𝗴𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝗖𝘂𝗹𝘁𝘂𝗿𝗲 𝗮𝗻𝗱 𝗧𝗿𝗮𝗱𝗶𝘁𝗶𝗼𝗻

Festive shopping finds its roots in culture and tradition. Because culture and tradition are valued and celebrated with great enthusiasm, it gives rise to the demand for goods that are associated with them in the form of festivities. In addition to meeting the demand for merchandise, festive seasons also present an opportunity for retailers to strengthen their bond with customers. On the part of retailers, participation and engagement in the celebration and promotion of local culture and tradition should be meaningful. Merely posting statuses and social media posts do not sufficiently reflect this intent. Quality efforts can include sourcing locally-made festival-specific food items or artisanal products with historical and cultural connotations. Before taking up such initiatives, it is important to have a good knowledge and understanding of local culture and tradition.

𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗠𝗲𝗺𝗼𝗿𝗮𝗯𝗹𝗲 𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲𝘀

The festive spirit should reflect not just in terms of merchandise offered but also the overall subjective experience delivered to customers. Creating a memorable in-store experience for festive shoppers is a good strategy for festive marketing for retailers. It could be something as simple as decorating a store with festive themes or employees donning traditional wear related to the festival in question. Avoiding wastefulness is also a good way to showcase simplicity and sacredness which often are the core essence of many festivals. Paying bonuses and benefits to employees during festive seasons serves as a far bigger statement reflecting the alignment of management philosophy with universal goodness and brotherhood.

Get advise for E-commerce retail business : https://www.yourretailcoach.africa/contact-us/

Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 98604 26700
[email protected]
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Originally published at https://www.einpresswire.com/article/701181265/how-retailers-can-make-the-most-out-of-festive-seasons-yourretailcoach-africa

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