During the holiday season, millions of Americans will be busy searching for the perfect gifts for their friends and loved ones. This time of year sees people visiting both bustling shopping malls and charming local boutiques. Along the way, many will take breaks to relax and enjoy a meal or a drink at nearby cafes, coffee shops, and restaurants. As a result, small businesses across various industries will see an influx of customers.
This surge in holiday shopping presents your small business with an opportunity to increase sales and succeed during this festive season. If you're seeking strategies to boost holiday sales, this blog article from Huddle Business Capital provides useful tips.
Run a holiday promotion.
During the holiday season, many shoppers commonly link this festive time of year with various sales and promotional offers. This connection is due to both big-box retailers and small retail stores, as well as e-commerce sites, launching sales campaigns during the holidays in previous years. So, consider running a holiday promotion to attract more customers.
Holiday promotions include a variety of offers designed to appeal to different consumer interests. These offers may feature price discounts, ranging from percentage-off discounts to exclusive deals on popular items. Another option is special bundle deals, which allow customers to purchase products together at a lower rate than if they were bought separately. Additionally, flash sales offer limited-time promotions that create a sense of urgency and excitement, encouraging shoppers to act quickly to make their purchases.
Offer "buy-one-get-one" free promotions.
"Buy-one-get-one" free promotions (BOGOs) can be an effective strategy during the holiday season. By offering customers a second product for free when they purchase the first, BOGOs can increase foot traffic and sales. BOGOs prompt consumers to stock up on products, as the perceived value of receiving an additional item at no extra cost enhances their shopping experience.
Moreover, shoppers often view BOGOs as an opportunity to give back, with many choosing to share the free product with friends or family members as thoughtful holiday gifts.
Offer buy now, pay later (BNPL) options.
As expenses for holiday gifts, decorations, and festive meals add up, many shoppers' budgets can become strained. They might think twice about certain holiday purchases. However, the buy now, pay later (BNPL) option has helped ease this financial burden. BNPL apps and services are gaining popularity—nearly one in three U.S. adults has used a BNPL service.1
To incorporate buy now, pay later (BNPL) services into your business, you must first apply to become a merchant with a BNPL provider such as Afterpay, Klarna, PayPal, or Affirm. Once your business is approved, you can integrate the BNPL option into both your in-store point-of-sale (POS) system and your website.
Offer loyalty discounts.
If your small business uses a customer relationship management (CRM) system, you have a powerful tool for analyzing your customer base. You can easily view key metrics, including purchase frequency, order value, and customer retention rates. This information helps you identify your highest-paying customers. Once you know who these customers are, consider offering them a special loyalty discount.
Some ideas include a discount on their holiday purchase (e.g., 30% off), a gift with purchase, a gift card, or a complimentary holiday gift bag.
Set up a holiday contest.
Everyone loves a contest, especially when it offers the chance to win gifts just in time for the holiday season. By setting up a holiday contest, you can attract shoppers eager to win festive prizes. Consider offering gift cards, curated holiday packages, or popular seasonal items to boost participation. Collect participants' names and contact information (e.g., email and phone number) so you can reach them if they win.
The frequency with which you select and announce contest winners can maintain engagement and excitement among participants. For optimal results, you might announce a winner once (or several times) a day. Lastly, promote your contest on social media and through in-store displays to reach a wider audience.
Host a fun-filled holiday event.
Holiday gatherings aren't just for families; they also offer small businesses a valuable opportunity to engage with their local communities. By hosting an in-store holiday event, you can showcase your products or services in a festive atmosphere. Best of all, you can do this without spending a small fortune. But if you need business funding for your holiday event and related expenses, there are several options available.
Your event can feature seasonal treats like holiday cookies, hot cocoa, and spiced cider. Consider including live music, such as a group of holiday carolers, to enhance the atmosphere. Additionally, you can add holiday decorations throughout the space. A designated photo area with festive decorations will allow customers to take pictures and share them on social media.
Source:
1 - https://www.bankrate.com/loans/personal-loans/buy-now-pay-later-survey/
Disclaimer.
This Huddle Business Capital blog article is purely educational and contains general information and opinions; it is not intended to provide advice or recommendations of any kind. Huddle Business Capital is not affiliated with nor endorses the companies mentioned in this article.
