It’s hard to believe, but the holiday shopping season is right around the corner, and it’s arguably the most important time of the year for many retailers. So, how is the holiday season shaping up?
According to the NPD Group’s Annual Holiday Purchase Intention Study, free shipping is going to be the single most important factor among consumers, even beating discounts and deals.
Tune in to today’s WJR Business Beat to learn more details from the study:
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“All in all, the holiday shopping season is shaping up to be a surprisingly good one for retailers. But remember, make sure you are in a position to sell online this year as a primary mode of sales, not secondary. This is the way it’s going to be now, well into the future as we enter this new normal.”
– Jeff Sloan
Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.
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WJR Business Beat Transcript
Hear that sound, Paul?
Most people think that’s reindeer bells shaking, a harbinger of the holiday season ahead, but for entrepreneurs in the retail sector, that’s the sound of cash registers ringing during what is arguably the most important time of the year for retailers and the holiday shopping season is now right around the corner.
So, how is the holiday season shaping up?
Well, given that for the first time ever, the majority of people will be shopping and buying online, according to the NPD Group’s Annual Holiday Purchase Intention Study, it’s going to be free shipping as the single most important factor, even beating discounts and deals that’ll drive consumer purchases this year.
Consumers plan to spend an average of $691 this season, down only slightly from last year in spite of economic and other concerns relating to the COVID crisis. In fact, 29 percent of consumers say they plan to spend more this year because they aren’t burdened with other expenses such as travel, dining out, etc.
All in all, the holiday shopping season is shaping up to be a surprisingly good one for retailers, but remember, make sure you are in a position to sell online this year as a primary mode of sales, not secondary. This is the way it’s going to be now, well into the future as we enter this new normal.
So, tune up that website so you have the fastest possible load times, make sure you offer a variety of checkout options, and above, all like the NPD Group Study shows, instead of competing on price by offering discounts, which cut into your margins and hurt your bottom line, be prepared to offer free shipping as the lead incentive to make sure you make that sale, not your competition.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
The post WJR Business Beat with Jeff Sloan: Annual Holiday Purchase Intention Study Says This is the Most Important Factor Among Consumers (Episode 136) appeared first on StartupNation.
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November 1, 2020 at 01:28AM by StartupNation, Khareem Sudlow
