Along with discounts, companies that want to convert clicks and store visits into revenue can use several strategies to entice consumers.
These include the following.
- Deals, deals and more deals: I’ve said it before, but it bears repeating — consumers are laser-focused on deals: consumers intend to shop with brands and retailers who provide the best sales, discount offers and/or cashback rewards during the holiday season. The data indicates consumers want a plethora of options to save money, and companies that deliver will grow their margins.
- Start early:37% of consumers also say they're getting a head start on holiday shopping because they want access to more deals. Though Black Friday officially kicks off the season, there’s nothing preventing savvy, industrious retailers from offering deals in the beginning of November or even October to attract the early birds.
- Offer free shipping: 50% of consumers say they’re likely to shop more frequently with a brand or retailer if they offer free shipping, while 47% won’t complete their online purchase without free shipping. To curb shipping costs for consumers, companies can provide time-sensitive free shipping offers, offer free shipping on their first purchase if a consumer enrolls in their loyalty program or with lower purchasing thresholds, such as free shipping with a $50 purchase.
- Deliver a true omnichannel experience: 55% of consumers are planning to shop in-store and online equally between October and November. However, the omnichannel shopping experience traditionally hasn’t been seamless.
Twenty-five percent of consumers say they’d be more likely to shop with a brand that offers buy online, pick up in-store options, so this is one way companies can connect their online and offline channels and make shopping more convenient. Additionally, free returns may be a draw for shoppers — 36% say they’re more likely to purchase from a brand or retailer that allows free returns regardless of whether they purchased online or in-store.
The 2022 holiday shopping season is shaping up to be another moment when brands and retailers must throw out the traditional rules of engagement. Historic inflation has upended consumers’ usual buying patterns, so companies that want to win their business will need to give consumers more value for every dollar they spend.