Weekend Deals: Increasing Effectivity & Maximizing Returns

Customers love shopping on the weekends. This has been a foregone conclusion now for the longest time. Although various researches and surveys have validated this fact time and again, it is easily fathomable for the common mind. Shoppers simply have more time on weekends and are subject to lower stress levels. Here lies the chance for retailers to cash in. Weekend deals are a common phenomenon all across the Globe. But, it’s no point having deals if they don’t yield too much of a profit. Following are the things every retailer should follow to ensure that weekend deals provide the maximum returns.

weekend-deals-retail

Know the kind of ‘Deal’ to be offered

Retailers should consider various things before finalizing on the perfect deal. Referring to customer feedback can be very helpful in understanding what kind of offers they are looking for. This can be done through various kinds of polls on social media and other platforms as well. One of the primary things to consider is the overall business objective. For instance, if emphasis is on acquiring new customers, then providing whopping deals like (Flat 50% off) should be provided. On the other hand, if the need of the hour is to clear stock or inventory, then the (Buy 1-Get 1), etc kind of deals comes into play. Also, brands and retailers should also know the costs attached inside out. The deal that is eventually finalized should make sense financially to the brand. Hence, knowing the kind of deal for the retailer or the brand is very important before finalizing it for promotion.

‘Time’ the Deals to Perfection

Properly developing the content calendar is important in order to yield the maximum out of the discounts and deals. Content may include blog posts, social media updates, etc. Social Media is by far the most feasible choice for retailers to start a campaign on these days. However, it is very important to time the promotional messages to perfection. Content developed is different keeping in mind the distribution platform. Facebook, Twitter and Pinterest are the primary platforms of significance for the retailers. It is important for retailers to study the most pertinent time for promoting their deals on each of these platforms in order to attain the maximum effectiveness from them.

Proper Targeting of Audience is the Key

Retailers and Brands have to keep in mind that proper targeting is essential in order to drive sales over the weekends. Getting carried away and offering the same deal every day can hamper the chances of maximum returns. It has to be understood that people of different age groups shop at different times. This fact is validated by data generated from the 2016 CouponBox Analysis which states the following:

  • Shoppers belonging to the age group of 18 – 24 mostly shop on Sunday

  • Shoppers belonging to the age group of 25 -34 & over 55 mostly shop on Friday

  • Shoppers belonging to the age group of 35 – 64 mostly shop on Saturday

Deals should be formulated and promoted keeping the above data in perspective. Pertinent deals should be offered to different age groups on the respective days. This will ensure maximization of sales and also help in achieving the maximum returns from every deal in terms of the overall revenue collected. Thus, proper targeting of audience is the key.

The ‘2016’ Black Friday & Holiday Shopping Season

Black Friday is often a landmark for shoppers every year as it signifies the commencement of the holiday shopping season. Customers look forward to this time of the year and so does the retailer. Whether it’s customized and personalized offers or indelible in-store experiences, retailers try and get it right around this time of the year in order to achieve higher margins of profits and conversions. Black Friday 2016 is around the corner and the shopping frenzy is more than just setting in.

black-friday-shopping

The Big Weekend

The extended weekend that includes Thanksgiving and Cyber Monday has always given retailers something or the other to cheer about over the last few years. There was a huge doubt on how people would react considering the results of the US Presidential Elections, but everything seems to be easing out now. Findings from the National Retail Federation Survey states that as many as 137.4 million Americans are estimated to hit the stores for shopping over the weekend. The turnout expected is more than last year (135.8 million). This will provide the retailers with a good head start for the rest of the holiday season to follow. Overall, a slightly better forecast of holiday sales has been provided for 2016 by NRF. The holiday season sales are expected to rise by 3.6% this year. While the forecast is not alarmingly high from what has transpired over the last few years, but it is certainly expected to be one of the better seasons of recent times. The NRF Survey also found out that as many as 74% of people are planning to go shopping at the store on Black Friday itself. Thus, a big weekend is definitely on the cards.

A Statistical insight on Black Friday & Holiday 2016

Retailers understand the importance of having an omni-channel presence. As a result, the focus will not only be to provide customers with relevant, customized and personalized offers, but provide them across all channels. According to the estimation provided by NRF, the overall spending during the holiday period is expected to be US $655.8 billion in 2016. With 74% people expected to go shopping to the retail stores on Black Friday itself, retailers can expect a blockbuster season ahead. Let us have a look at where the consumers plan to shop from during the holidays.

black-friday-data

The illustration above clearly provides ample evidence of the need for retailers to have an omni-channel presence. 55.7% and 56.6% of customers will prefer shopping from discount stores and departmental stores respectively. On the other hand, 56.5% of people will avail the online medium. Grocery Stores and supermarkets account for 44.5% as well.

Another study by Prosper Insights reveals that American consumers plan to spend a mighty US $935.58 during this holiday shopping season. Retailers will be looking to utilize the bulk amount of big data that they have access to in the best possible way. Apart from this, according to data on Sessioncam.com, 41.9% shoppers will prefer to pay by debit cards and 24% by cash. Faster payment systems are something that retailers will try and adopt as no one would want to spend their day waiting in long queues. Faster payment checkout options on the mobile app or at the store kiosk will be vital.

Overall, retailers are hoping for a productive Black Friday to kick start their long holiday shopping extravaganza.

POS & Digital Signage: The Future of Retail

For quite some time till now and for a long time to come, an enhanced ‘customer shopping experience‘ is what will be the main force driving conversions for retailers. In this highly influential online world, there is still enough room for offline retailers to make customers stand up and take notice. According to a survey by POP Advertising Institute, 67% of purchase decisions are made in-store. It’s an interactive world today and therefore the crux lies in making the information about various products and services available to customers in the most appealing way but at the same time being contextual is the key. Retail Displays are an important facet that helps retailers provide interactive content for today’s interactive customers and will continue to do so in the time to come.

 

Digital Signage

A major aspect that is taking customer interactivity to a whole new level is Digital Signage. Digital projection via LCD and LED screens in order to display images, stream video and convey information is an effective way of engaging customers and enhancing their shopping experience. The in-store branding has to be consistently captivating for keeping the customers engaged for a long time. Resorting to Digital Signage is surely the way ahead. The following figures provide a clear indication as to why digital signage will be most effective for both retailers and their customers in the near future.

    • According to a study by Markets and Markets, the digital signage market is expected to rise from $16.88 billion in 2015 to $27.34 in the year 2022 at a CAGR of 6.7%.
    • The rising demand for signage will be the most in North America. The following graph depicts the demand for digital signage across different industry verticals till the year 2024. The Retail vertical definitely dominates.

digital-signage-by-2024

    • A recent study by Adaptive IP Services (Digital Signage Solution Provider) revealed the following.

digital-signage-by2024

  • According to IDC forecasts, the use of digital signage in retail will grow from $6 billion in 2013 to $27.5 billion in 2018 at a CAGR of 35.7% in these five years.

Point of Sale Displays

With a healthy rate of people freezing in on their decision to buy within the store, it doesn’t require a wise man to understand the impact that Point of Sale (POS) displays can have on customers. Effective promotion and marketing of the customer’s needs is important for the timely stimulation of demand leading to successful conversions. Sometimes, just the mere presence of a product in the store is not enough to drive its’ sale. It should be appealing enough to evoke the ‘desire to acquire’ within the customer. This is where POS displays come in handy. The following data provides a telling insight as to why retailers should secure their future by resorting to POS displays.

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  • According to a study by Transparency Market Research, the global point of sale terminal market in 2013 stood at US $36.86 billion. It is expected to grow at a CAGR of 11.6% between the years 2014-2020.
  • The integration of digital POS physical stores can be brought about by allowing mobile POS proximity payments as it can alter the in-store shopping experience of customers in a huge way by allowing them to make payments from their mobiles or tablets and at the same time it will serve as a channel of purchase.
  • The above graph states that by 2018 in the U.S, mobile POS proximity payments are expected to reach US $5.4 billion. It also indicates that the total retail POS purchase is expected to rise from 0.01% ($3.98 trillion) in 2012 to 0.13% ($4.2 trillion) in 2018. (Javelin Strategy & Research)

Retail Trends: Shopper-Centric Store Escalates

Ever since the dawn of e-commerce some 25 years ago, evolution has been a hallmark of the retail store. The landscape of the latest technology is effectively moving very fast. Though people are counting the last days of physical retail (since years), retail outlets are enjoying their gilded age!

Shopper-Centric-Store

Retail Technology Companies are firing their growth by multiplying customers in-store experience and retail engagement. The growth promises new and existing retailers to evolve their business.

A systematic retail when emerge facilitate the consumers a hassle-free shopping. The launch of the new style, new fads, surprises consumers every day making them fickle and whimsical with their selection. Consumers hunt for new, innovative and connected retailing are on a steady rise.

A physical store is the only platform that connects Brands and Retailers with the Consumers. So, enriching this platform can drive sales, boost revenue and enhance loyalty. Retailers can achieve this easily with the boon of latest technology. Technology gifted us modern and streamlined stores outfitted with slick and smartly equipped technological interfaces, such as beacon devices, magic mirrors, digital signage etc.

Adopt Beacon: Use Technology To make Revenue From Smart Data. But How?

  • Behavioral Insights & Consumer-driven marketing data.
  • Product Placement, Assortment Optimization, product movement in-store & Shelf-space allocation.
  • Floor Stack arrangement, and revenue conversion.
  • Product Affinity, Brand Engagement , pre-POS and post-PoS.

Technology puts up Store of the Future

When we look for the store of the future, our line of thinking should start from the consumer and end at consumer only! So a future store should be identified as the shopper-centric store.

It emerges by leveraging real-time data to provide a baseline of your shopper. Traffic monitoring has evolved into Tickto providing dimensionality to your shopper traffic – gender variation, age group, store aisle stay-time, market-basket analysis, store engagement factors etc.

A comprehensive knowledge of this baseline provides the retailer with tools to drive conversion and transaction value by adjusting staffing, merchandising or marketing.

What factors drive the retailers for the store of the future?

The traditional tools to measure customer activity in-store are not real-time, not simple to scale and are expensive to deploy.

The mobile and social revolution is coming up new ways to connect with customers, but not resulting in any meaningful adoption.

Discounts and coupons are available at POS or after the purchase.

Camera based installations are expensive to deploy and manage

Access point of WiFi  is unable to provide specific customer behavior

Why choose Tickto?

  • Geo-Location locate the exact position of your shopper in your store.
  • Instant Incentives and Personalized Promotions are offered for the shoppers.
  • Personalized Experience is obtained which are used to build Consumer Loyalty.
  • Comprehensive Analytics are generated to use to identify store performance.
  • Quick Deployment encourages customer engagement.
  • Mobile Shopping and Seamless Payment simplify in-store purchase.
  • Cloud Offerings enable data security.
  • Smart Shelving and Stocking drive sales.

Beacon Technology based loyalty program not only helps increase customer engagement on their handheld device, but bridge the gap between a brand’s application and physical presence.

We conclude with the aim to create a valuable and engaging service on mobile apps and physical store creating a sound brand loyalty. Other options for the in-store growth are adopted by the business units that examine various approaches and pick the best option to connect with the target audience.