How Retail Technology Helps Boost Holiday Sales

November 5, 2018

Holiday shoppers aren’t going anywhere. In fact, The National Retail Federation expects 2018 sales to reach at least $717.45 billion during November and December. This season is the perfect opportunity for your business to grab shopper consideration and maximize holiday sales. By using the latest retail technology, you can stay ahead of your competition by forming the most targeted strategies for both new and loyal customers.

Craft the Perfect Promotion

According to Retail Now’s Holiday Insights Guide, 60% of consumers plan to start shopping for holiday gifts before Black Friday. That means there is no time to waste in lining up retail holiday promotions! An effective way of strategizing promotions is to leverage your point of sale (POS) reporting analytics to determine what your best selling items were last year, as well as the promotions that were the most successful in driving traffic.

Keep in mind that there are two types of shoppers: planners and spontaneous shoppers. You’ll want to ensure that you are developing separate promotions for each type. Planners can be drawn in with timely early bird promotions, while spontaneous shoppers respond better to last-minute gift guides and packaged promotions that arrive serendipitously to their inbox.

Reach Loyal Customers

Once you’re armed with POS data to direct what your promotions should be, you can continue to use retail technology as a tool to drive holiday sales by promoting the right message to the right customer. For example, loyal customers should be targeted more directly by personalizing promotions whenever possible. You can do this by including their name in emails, inviting them to special shopping events, or sending add-on products that complement their previous purchases. Making these customers feel valued for their business will strengthen the relationship and keep them coming back.

Build Relationships with New Customers

The holidays are a great opportunity to draw in new customers to your business. To increase new shopper traffic and holiday sales, utilize your most loyal customers. Leveraging gift card promotions to loyal customers will give them something to buy for those hard-to-please people this holiday, and you’ll reap the benefits of a potential new customer to your establishment.

Similarly, loyalty promotions like “friends and family” incentivize your most loyal customers to bring someone new to your store.

Engage Customers across Channels

Nearly 96% of shoppers say they are planning to shop both online and in-store, so an e-commerce channel that complements your brick and mortar location is vital. Ensure you have retail technology software that includes e-commerce capabilities to help you track and manage your online store seamlessly.

Additionally, this is the time of year that retailers feel more pressure to compete with Amazon. Don’t underestimate the value of providing what Amazon can’t—the personal service that delivers an outstanding customer experience.

Enhance the Retail Experience

Today’s shoppers, especially millennials, are demanding more from their retail experience. More than 72% of shoppers agree that it’s important for retailers to personalize the shopping experience, and millennials are more likely than other generations to spend more money at a retailer that goes above and beyond to provide a stellar customer experience.

To keep up with this expectation, you need to remove any possible friction from the buying experience. Implement line busting in store with mobile point of sale, and ease the online experience with a fast, easy to navigate checkout system. Leveraging retail technology to provide an enhanced experience will keep your holiday sales booming.

This holiday season, let retail technology be your ally in growing sales and increasing your bottom line. Remember, leveraging your point of sale is both an art and a science. Contact TallySoft to learn more about how the right retail technology can provide your business with the tools you need to increase sales during the holidays and all year long.