The holidays are fast-approaching. Here are the top headlines this week on product trends and consumer behavior to help you maximize your revenues.
Retailers have a very virtual holiday season ahead as analysts project online sales to reach $91.6 billion — an 11% increase over last year. Online sellers and traditional store managers will both need to plan for this shift, with online sellers facing greater strains on already-stretched shipping services, and brick-and-mortar retailers facing the challenges of slower holiday foot traffic. Creative marketing strategies and on-trend products can help retailers make the most of shifts toward online sales and take advantage of overall increases in holiday sales.
Blockbusters and nostalgia rule this year’s holiday trends, with big-screen merchandise leading must-haves for both kids and their parents. Educational toys are also big for children, including books, puzzles and interactive dolls and action figures, although electronics still top the wish lists of Millennials. Collectibles and home decor accents are also trending this year, led by positive and inspirational pieces like dream catchers. Read on for even more trends for every generation.
Attention spans have never been shorter, making the first 60 seconds that customers spend in your store (or on your site) more crucial than ever. Forbes columnist Bryan Pearson spoke with retailers large and small for advice on how to capture attention online and in-store to increase holiday sales. Read on for their expert recommendations, from shortening your checkout time to making the shopping experience more enjoyable.
Great deals and irresistible products may be the key to more holiday sales this season as consumers leave more wiggle room in their budgets, according to a survey conducted by the National Retail Federation in which nine out of ten respondents said they could be persuaded to spend an extra $25. Last-minute gifts for parties and gifts for self were also big drivers of “extra” gifts, the survey indicated, particularly for Millennials.