5 Ways Vendors Can Recover From the Holiday Rush
A plan to recover from the holiday rush needs to be two-fold for retailers. On the one hand, you have to deal with crowds of customers lined up to return or exchange unwanted items purchased during the holiday shopping season. On the other, it’s an opportunity you shouldn’t pass by to capitalize on all that foot traffic and possibly engage new customers. Here are five tips for helping your store with the aftermath of the holiday rush.
Plan for returns and exchanges
Returns and exchanges after the holidays can create big hassles if you don’t plan on managing them. Start by setting a cutoff date after which you will no longer accept returns and exchanges. Use in-store signage and messages on sales receipts to get the word out to customers. Remind employees of these and other store return policies, and make sure they are well-trained to handle returns and exchanges from start to finish.
Planning for returns and exchanges also necessitates streamlining processes. Mobile point of sale technology can give you the line-busting capability to set up additional exchange counters where it’s needed most, to assist customers in the aisles, or to take payment for every day January purchases from impatient customers waiting in line. It can also help sales associates locate the right size or color of the returned item in your inventory, saving the sale.
Review holiday sales data and trends
Once the holiday rush is over, analyze the data you’ve collected with your POS system. Determine which products sold best and which promotions and marketing initiatives were most effective. See when certain products were in greatest demand and how demand for different items changed throughout the season. Additionally, analyze store traffic patterns during the holiday rush, noting the busiest and least busy times and comparing these figures with the number of staff in-store. With this information, you’ll know what to do differently next year and will be able to make proactive, fact-based decisions to incorporate into future holiday plans in fact, it’s smart to start now to prepare for the kickoff to the holiday rush next fall.
Review e-commerce tools and process
Evaluate the success of your store’s e-commerce channel this year. For example, are more of your customers embracing the buy online, pickup in store model? How did your staff keep up and processed adequately to provide good customer experiences? Also, were your e-commerce and inventory management solutions able to keep up with holiday demand, allowing you to maximize sales?
Capitalize on Holiday’s resolutions
Most consumers spend the month of December in a frenzy of eating, drinking, and spending money. But once the holidays are over, they’re ready to turn over a new leaf and embark on self-improvement. Tap into peoples’ resolutions to embrace a healthier lifestyle by promoting the merchandise you offer that can support those goals, such as exercise equipment, athletic wear, or self-help books.
Launch a new product
Introducing a new product immediately after the holidays may help you entice customers to visit your store without slashing prices. It also lets you capitalize on the “Holiday, new everything” mentality when promoting it to customers. What’s more, any new merchandise that hits the shelves in January could help grow your revenue base for the whole year.
The weeks following the holiday rush can be a challenge but it can also be an opportunity to grow your business. Take these steps to put your business firmly on the road to post-holiday success.
