Chain Store Age (CSA) reports that the 18th annual holiday shopping survey by Accenture shows that consumers are “cautiously optimistic” and expect to spend more this holiday season than they did last year. There is more good news for brick-and-mortar retailers: 48% of consumers say they prefer to shop in physical stores this season to be able to “evaluate products in person.”
The survey also reveals that 68% of consumers say price and value are two of the most important factors when deciding which retailer to buy from. And 30% say they will shop when there are promotions and discounts.“Buyers’ Block”
Of course, small retailers cannot compete on price with large stores, so don’t try. If you have a small business, focus on providing value to your customers. For example, according to Accenture, 60% of shoppers don’t know where to start when it comes to finding the perfect holiday gifts, and 68% of consumers may face “buyers’ block” — feeling overwhelmed by the number of options available, and 69% fear making the wrong purchase decision and regretting it.
Those affected by buyers’ block will abandon their shopping carts out of frustration or indecision (82%), and nearly one-third will shop elsewhere. And 73% say they would welcome inspiration.
Accenture suggests that brick-and-mortar retailers position their salespeople as “champions of inspiration.” This means “empowering store salespeople to demonstrate their expertise and help inspire and advise shoppers.”
Caring carefully for the curation of items, creating bundles, and using personalized marketing can alleviate much of this stress for holiday shoppers and is effective for both physical and online sellers.
Accenture suggests that using Gen AI as a personal shopping assistant — suggesting gift ideas or wrapping advice — can help. Most (93%) consumers say that Gen AI could help them find better gifts, and 89% value recommendations from Gen AI.How Gift Cards Can Boost Your Sales
Consumers love gift cards, and this year, 40% of holiday shoppers plan to buy them. However, half of the people who receive gift cards do not redeem “the full card balance, resulting in an unused balance of $120, on average, per consumer.”
Accenture states: “Unredeemed cards represent a significant missed opportunity for retailers, who could gain new loyal customers and incremental sales.”
Retailers need to make gift cards easy to buy, use, and manage, advises Accenture. How? Gift card recipients told Accenture that simplifying balance check options (36%), regular reminders of unused balances (35%), and an easier redemption process online and in-store (32%) would help ensure they use their gift cards.Source: Currents