It's time for a recap on retail in 2021 (and what's to come)!
Holiday spending has the potential to shatter previous records, as the National Retail Federation forecast that holiday sales during November and December will grow between 8.5 percent and 10.5 percent over 2020 to between $843.4 billion and $859 billion. This goes to show that consumers are more-than-willing to spend post(ish)-pandemic; take advantage of that.
Unlike past years, preparing for Q1 before Christmas has never been more important, especially amid the supply chain issues. Retail logistics insiders say that supply-chain woes won't be resolved until at least 2023. Here's what you need to do to get ahead:
While consumers are already thinking about holiday shopping in September, retailers should be aiming at Spring 2022 if they don't want to be left short of inventory. If this pandemic has taught us anything, it's that we don't know what's right around the corner. Prepare for anything!
In 2020 and 2021, we saw massive growth in social commerce. Planning and forecasting accuracy will tend to be more difficult than ever, due to the many unprecedented metrics and changes that have affected business.
As a result of the pandemic, ecommerce grocery platforms like Instacart are now the new norm for millions of shoppers nationwide. Does your store have an online presence? If not, move into 2022 with the launch of a webpage; take it a step forward and create a social media presence as well.
But keep in mind, while ecommerce will remain important, households are also expected to shift back to in-store shopping and a more traditional holiday shopping experience.
When ordering from vendors, plan out your inventory accordingly:
1. Always order inventory avaialble for immediate delivery. (Start now and order stocking stuffers for under $25)!
2. Pre-order inventory available for the upccoming season.
3. Keep hot-sellers in stock or pre-order them.
Planning is key amid currenty pandemic-related shipping crises. Eventual delays in the delivery of the new Spring/Summer season will have a greater impact on performance in the first half of 2022.
The best advice we can give?
P L A N A H E A D !
Speaking of planning ahead, why don't you plan to come see us in January? Read here of the importance of booking appointments early!
See you in January!
- The Link Companies