Top 4 Ways for Retailers to Keep the Momentum Going After the Holidays

According to the National Retail Federation, for some retailers, the holiday season can represent as much as 20-40% of annual sales. Last year it was just under 20% for the industry as a whole. According to ComScore, there were 10 days during 2013 where online shopping exceeded $1 billion and all of those days fell between Black Friday and December 12th. The holiday shopping season is over, and there will understandably be a drop off in sales, but there are ways to keep the momentum going into the new year.

Here are our top 4 tactics:

1. Capitalize on self-gifting

Consumers shop for others during the holidays, and now is the time to shop for themselves. Of course some consumers may already self-gift during the regular holiday season, and during that time retailers have tried to entice consumers to gift one and get one for yourself. But framing promotions around this idea after the holidays can be a useful selling tool. Encourage consumers to be selfish and take advantage of the “me” culture.

2. Optimize your pricing strategy

Data is your friend. Set up an automated system and invest in an automated price-tracking and monitoring solution. You need to know what your competitors are doing so you don’t end up being the victim of price competition. It can also help you avoid pricing too low (which can happen when you get caught up in the holiday promotional frenzy) and focus on margin instead. The most robust tools allow you to optimize profits by setting multi-dimensional dynamic pricing rules: reprice based on a combination of data including competition, inventory, sales velocity, time of day, site traffic, and more.

3. Inventory management

Keep track of your best performing items. Order more of the best-selling items to ensure they won’t run out of stock. Generate more accurate sales forecasts going forward. Another reason to use pricing intelligence: you can easily track the sales performance of specific items in your inventory at all times and know which items need to be stockpiled. In addition, when competitors are running low on stock, you can take advantage by repricing your inventory when demand is high.

4. Make the most of consumer data

Capture email addresses and other consumer info for future marketing purposes. Traffic is higher than normal during the holiday shopping season – take advantage of it. Even if a transaction wasn’t necessarily completed, consumers likely signed up to receive notifications for special deals. Create marketing lists to build user feedback for your site, grow loyalty programs, keep them informed about new arrivals or upcoming sales, distribute customer surveys, and more.

We’d love to hear from you. What are some of your own post-holiday strategies?

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Arie Shpanya

Arie is the COO, Executive Chairman, and Co-Founder of Wiser, a dynamic pricing and merchandising engine for online retailers and brands. He has extensive experience in business development with a focus on eCommerce (eBay and Amazon), and is a guest blogger on Econsultancy, VentureBeat, and more.