We're nearing the end of 2023 and the holidays are on everyone's mind. This time of year is like the Superbowl for retailers… Statista says that 25-34% of retailers' yearly sales happen in November and December, which makes the hectic holiday season a major focus for retail stores across the country.
Holiday sales, BOGOs, and other special events are to be expected post-Halloween, and in recent years, most of these sales also take place online.
So, how can retailers prepare for an onslaught of holiday shoppers and make the most of the holiday shopping season?
In this article, we will talk about the meaning of BFCM (a popular acronym this year), shopping trends to keep in mind for the 2023 holiday season, and how Clientbook can help you draw customers in during the holiday rush.
What does BFCM stand for?
BFCM stands for "Black Friday, Cyber Monday." It’s a popular retail term used to refer to the day after Thanksgiving (Black Friday) and the following Monday (Cyber Monday) in the United States.
These days are known for being the biggest shopping days with the biggest sales of the year and are full of deep discounts offered by retailers both in physical stores and online stores. These BFCM sales mark the beginning of the holiday shopping season. It has become a time when many people shop for holiday gifts and take advantage of deals and promotions to find the perfect gifts.
Shopping trends predicted for BFCM 2023
Assessing evolving sales trends and responding to them in order to attract potential customers is vital during the busy holiday season. Competition is high and if you want to achieve customer retention, you need to give the people what they want.
We've compiled a list of shopping trends predicted for 2023 holiday season purchases so that you can prepare and meet the needs of your loyal customers and potential buyers.
Celigo has reported that consumer spending will be tempered by budgets this year. Almost 80% of shoppers said they plan to spend less than $5,000 this holiday season, and 49% said they're hoping to spend less than $1,000.
So what does this mean for retailers? It means that you should be adjusting your marketing strategy for those who are doing their shopping on a budget during BFCM. Offer a wide range of products at different price points so that you have something for everyone.
Heavy discounts and flash sales during Black Friday's sale weekend and Cyber Monday will help you make more sales and grow your customer base.
Streamline inventory and pricing
Retailers should avoid stock level and pricing issues at all costs this busy holiday season. 45% of survey respondents from Celigo's holiday trends report say that they were most frustrated by increased costs for in-demand products and limited stock.
High demand and high prices with low seasonal inventory is not a great recipe for success. Prepare for the holiday sales rush in the fall months by creating a demand forecast and tracking your retail data ahead of time.
Whether your retail store is offering online sales or in-person sales, you'll have a successful BFCM when you prioritize a convenient shopping experience for your customers.
Many shoppers are embracing early-bird holiday shopping to avoid the rush and crowds—this means that retailers need to be thinking ahead and offering pre-holiday special offers and discounts.
Buyers are looking for quick, convenient, accessible ways to do their holiday shopping this year, so make the customer journey an enjoyable one by focusing on a positive shopping experience for each of your buyers.
Speaking of convenience, E-commerce sales and online shopping are the preferred customer experience these days.
However, if you’re solely a brick-and-mortar retailer, don’t lose hope. Many products, especially in the luxury space, need to be touched, seen, and experienced in person before a customer is ready to buy.
Consumers appreciate omnichannel retail options like Buy Online, Pick Up In-Store (BOPIS), and curbside pickup. Retailers are expected to continue offering these convenient choices for their loyal shoppers.
This is especially important during the holiday season when buyers want to avoid long lines and busy stores. Omnichannel shopping is an ideal way to offer convenience while still getting customers out to your store. If you’re lucky, they may even grab an additional item that catches their eye while coming in to pick up their original purchase.
Influencers are expected to play a significant role in promoting products and driving sales during BFCM on their social media channels. Brand advocates have the power to drive significant sales for retailers by sharing their favorite products to a wide audience.
And remember—you don’t need a famous TikTok star or YouTube celebrity to benefit from influencer marketing. Your regular, everyday customers play a huge role in word-of-mouth advertising as they share your brand with their friends and family.
How Clientbook can help retailers get more customers in the door during the holiday season
During the holiday season, when competition is high and customer engagement is critical, Clientbook is a valuable tool to attract more customers to physical stores and avoid showrooming. Here's how Clientbook can help retailers achieve this:
Clientbook allows retailers to track customer preferences, purchase history, and contact information.
Clientbook enables retailers to create and send targeted promotions to customers based on their preferences and shopping behaviors. For the holiday season, you can offer exclusive discounts, early access to sales, or personalized gift recommendations to incentivize store visits.
What’s more, with Clientbook's relationship-based targeting, you can help your customers by giving them the perfect gift recommendations for their family and friends.
Clientbook provides sales associates with tools to track and manage customer interactions.
Associates can use the platform to take notes, set reminders, and follow up with customers through messaging, creating a more engaging and personalized shopping experience. Clientbook even offers message templates and ChatGPT assistance to give your sales associates a head start.
Clientbook collects and analyzes data on customer interactions, helping retailers identify trends and opportunities. Retailers can use this data to fine-tune their holiday season strategies and make data-driven decisions.
Overall, Clientbook can help retailers level up their customer relationships, provide a more personalized shopping experience, and drive foot traffic to physical stores during the holiday season.
To begin preparing for the holiday season with Clientbook for optimization, personalization, and organization, book a demo with one of our product experts today!