Holiday Pricing Strategies: Start Early, Be Strategic, And Earn Your Shoppers' Trust
September 2014 Integrated Solutions For Retailers
By Jenn Markey, VP of marketing, 360pi
With the 2014 holiday shopping season around the corner, now is the time to craft and tweak pricing and promotions strategies.
It’s approximately three months until Black Friday, the unofficial launch date for holiday shopping 2014. But as savvy retailers know, there’s a lot that can be done between now and then to leapfrog the competition and help ensure holiday success. What are some of the smart pricing and promotional strategies that retailers can focus on now? Here are several suggestions.
Capture Early Holiday Sales
Retail sales surged sharply in October last year, kicking off an early start to holiday shopping, and retailers can take advantage of preholiday sales this year as well. In addition, the resilient U.S. economy means that holiday retail sales should increase compared to 2013, creating a “bigger pie” for retailers. One of the keys to taking advantage of these trends is to start online promotions early. Retailers should consider staggering their holiday promotions, using the months leading up to Black Friday as a chance to pull in new customers and reward loyal shoppers with special incentives and offers.