5 Ways to Profit From Consumers’ Holiday Shopping Habits to Increase Cash Flow

Holiday shopping season in New Zealand kicked off with Black Friday and will end on Boxing Day. Retail NZ reported that sales during the Black Friday weekend last year reached $442 million, surpassing Boxing Day sales. Here are five ways you can capitalise on consumers’ shopping habits to get a slice of the holiday shopping sales:

  1. Ensure product or service is of good quality.
  2. Make your business smartphone friendly.
  3. Create a clear and linear shopping flow.
  4. Provide excellent after-sales customer service.
  5. Exchange consumers’ personal information with promotions.
5 Ways to Profit From Consumers’ Holiday Shopping Habits to Increase Cash Flow

Ensure product or service is of good quality.

A Deloitte survey revealed that consumers prioritise products or services during the holidays. Consumers said they choose product quality and value when doing their holiday shopping. Businesses should prioritise the quality of product and service this holiday season. Holiday shoppers will spend extra as long as they get value for their money. Customers buy products or services because they need them. This is in contrary to the trend of doing sales during the holiday season to entice consumers to spend more.

Make your business smartphone friendly.

Online shopping in New Zealand continues to grow strong. All age groups—from seniors to Gen Z—prefer to shop online. NZ Data Marketing Insights (NZDMI) said more shoppers prefer to use their smartphones. Invest in a mobile platform if you are running a brick-and-mortar business. If you are running a web-based store, create an accompanying mobile platform. Consumers find the mobile platform to be convenient, practical, and handy.

Create a clear and linear shopping flow.

Having an online presence is not enough for your business. You need to optimise that presence. You can optimise your online presence by creating a clear and linear shopping flow. According to NZDMI, shoppers abandon their carts because of a complicated checkout process. Create a simple and easy to navigate the checkout process to convert cart abandonment into sales. NZDMI added that as part of their shopping flow, online shoppers want to know the terms and conditions of the purchase. To address this, the terms and conditions button should be visible to the customer.

Provide excellent after-sales customer service.

Issues relating to shipping frustrates customers, according to Pitney Bowes’ Online Shopping Study. These issues include delayed shipping, high shipping costs, and inaccurate tracking. To address this, provide excellent after-sales customer service. This applies whether you are operating a brick-and-mortar or an online business. This also applies whether you are selling goods or providing services. NZDMI pointed out that New Zealand shoppers prefer to pick up products in person. After-sales service, such as returns and repairs, should be transparent and in favour of your customers.

Exchange consumers’ personal information with promotions.

Promotions or discounts entice shoppers to disclose their personal information, NZDMI said. Shoppers’ personal information is important for businesses to know their buyers’ persona. Knowing the buyer’s persona will help businesses tailor the shopping experience. Improving the shopping experience results to repeat and loyal customers. Deloitte said shoppers are also wary about the use of their private data. To address this, make sure your privacy policy is in simple and clear language. The privacy policy button should also be in an easy-to-spot location on the website or app.

Takeaway

December’s “busyness” can be deceptive. Despite the hectic holiday schedule, it is not usual to find business owners short of cash during the first couple of months of the new year. This is because there are fewer trading days in December but the overhead and operation costs remain the same. The holiday season, however, is a gold mine to make sales. Understanding customer behavior is key in crafting sales strategies.