In-store retail execution during the holiday season can feel like a high-stakes video game. Goal 1: order the right amount of inventory based on predictions. Goal 2: get inventory to the shelves. Goal 3: make sure the inventory on the shelf is set according to the planogram and is priced correctly. Goal 4: get inventory from the shelf into the shopper’s cart.
If you win, you meet your sales goals and the busiest season of them all gets to be a solid success. But if you fail, the loss can echo for years to come, like the ghost of Christmas future.
We’re going to walk you through your game plan for this holiday season to make sure you avoid the pitfalls too many suppliers fall into and come out the other side with your pockets full of gold coins.
The Goal: Sell. That. Inventory!
Here’s the easy bit. Your mission this season is to sell your inventory. After a few years of challenging supply chains, labor shortages, and now inflation compounding all of it, each sale is more important than ever, not to mention more challenging than ever.
Not to worry though, we’ll go over how to mitigate these obstacles and how to keep your customers’ eyes on your products so you walk away with the prize: a successful holiday season.
The Key: Capturing the Consumer Attention Span
Some good news for all suppliers that sell their products at brick-and-mortar locations: foot traffic is bouncing back. Now, the trick is to turn heads once those shoppers enter the store. There are three strategies that can be deployed separately or together that can help grab those eyeballs.
Strategy 1: Omnichannel Presence
Don’t wait until feet are in the store to start marketing. Embrace digital marketing and online store presences to generate awareness and appetite so shoppers walk into the store with your products on the top of their “must buy” list.
Strategy 2: Visual Merchandising
Visual merchandising is crucial no matter where your products are living but especially if you’ve invested in any sort of promotional display. Make sure your products stand out and are visually appealing. If you can, employ in-store signage to further direct feet your way.
Strategy 3: Instant Redeemable Coupons
Who doesn’t love a great deal? While consumers are always scouting for a few ways to save, with increasing inflation and the purchasing power of a dollar decreasing instant redeemable coupons (IRCs) are the perfect way to capture not just attention but most importantly, purchases.
Challenge 1: Labor Shortage
The retail labor shortage isn’t new news and while it’s been an issue for a while now, it’s more pressing during the holiday season than at any other time during the year. In fact, it’s an even bigger worry for retailers than the supply chain challenges with 50% of companies surveyed reporting that it’s their biggest concern.
Challenge 2: Inflation
Inflation is rising, currently hovering at 8.5%, and consumers are taking note with the average household looking to spend $770 on gifts in 2022 vs the average of $1,000 spent in 2021.
This leads to intensifying competition for every consumer dollar. Whether your strategy is impeccable visual displays or embracing in-store coupons, perfect execution is going to be your best friend for capturing eyeballs and getting into peoples’ carts.
Challenge 3: Inventory Floods and Backroom Chaos
Alas, it’s not just your products in retailers’ backrooms. They’re contending with a flood of inventory from all angles and especially during the holidays, this creates chaos. The heightened load during this season directly impacts salesfloor execution and not for the better.
That’s one of the reasons it’s crucial to have a merchandising partner that can ensure your inventory makes it from the backroom to the floor. Find an expert merchandising partner who is certified to enter your retailer’s backroom.
The Solution: In-Store Execution Assistance
Having feet on the ground in-store is the best way to increase the success of displays and on-shelf sales. Because you and your team can’t be everywhere at once, it is imperative to partner with a merchandising partner you can trust.
Partnering with the right merchandising partner can raise your in-store execution rate by as much as 50%, and the average store-only execution clocks in at 40%.
Even though it’s another challenging holiday season for suppliers, there’s no need to fret if you’re properly prepared. Having a solid in-store strategy and accounting for the external forces will set you up for selling success.
Want to make sure you’ve got a best-in-the-industry merchandising partner by your side? Give us a call today and see how we can help you navigate the holiday season and come out stronger on the other side!