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.

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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.

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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.

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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.

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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.

How Big Data Analytics Is Helping the Retailers to Meet Their Customer’s Demand?

Big Data Analytics is the process of measuring a large number of data sets containing large and different types of data. This big data analytical process is being helpful in knowing various market trends, customer’s preferences and many other business related information. Many big retailers now appoint big analytics to get a fruitful result from their Retail business. To get the most effective result from Big Data Analytics the Retailers merges the structured data with the semi structured data

Goal or Motive:

The main motive of the big data analytics is to improve the business by collecting a large volume of transaction data as well as the data that are useful to meet the customer’s satisfaction level.

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Benefits of Big Data Analytics:

  • Led to more effective marketing.
  • Help in knowing new revenue opportunity.
  • Help in providing better customer service to satisfy their needs and demands.
  • Improve operational benefits.
  • Helps in implementing services that are far better from the rival companies.

How to Implement the Big Data Analytical Process?

Big data analytical process uses tools that are commonly used for advanced analytics processes like:

  • Predictive analytics.
  • Data mining.
  • Text analytics.
  • Statistical Analysis.

Mainstream Business Intelligence software’s (BI) can also be used in this data analytics method.

Some Retailers implementing the big data analytical system also now a day depends on the Hadoop clusters technology to collect huge amount of raw data. These raw data is being further been filtered and used for analytical warehouse. It may also be used by the hadoop software.

Pitfalls in Implementing the Data Analytical Process:

  1. Lack of internal analytical skills.
  2. High cost of hiring experienced analytical professionals.

The Benefits That the Retailers Are Being Experiencing from the Big Data Analytics Process

  • Delivering information about individual shoppers; this big data analytics process helps the retailers to know their customers well. The retailers through this process can know their customers by their name, their shopping habits etc. The big data analytics process keeps a track about the last few purchase of the individual customers.
  • Helps in guiding the customers to discover their associated products; The retailers by knowing the buying habits of the customers , knowing their daily needs and demands can guide them to make their shopping much more easy and smooth. This way the big data analytics process is useful for the retailers as well as the customers.
  • Tracking and analyzing the shopper’s visit data in online retailing; with the help of this big data analytics process the retailers now with a click of mouse can measure the shopper’s behavior, the amount of time spent by the shoppers in each page. This helps the retailers to design their page layout, preparing their promotional messages keeping the customers need and demands on mind.

 

Conclusion:

Big data analytics process thus is useful for both in-store retailing as well as for online retailing. This big data analytics blur the difference between online and physical marketing processes.

However, the Retailers also need to keep in mind that the Data Collection method for both physical and online retailing is different. This can be a matter of concern among all The physical retailing involve much more transparency in the data handling process, includes individual privacy concerns and also honor the individual customers preferences.