Black Friday isn’t just coming soon, it’s basically here. Halloween is over, and the holiday purchase plans are well on their way. As online shopping continues to dominate the holiday season, and shoppers spend more time browsing around for the perfect gift, retailers are realizing that it might be better off to start sales earlier in the season. While doorbuster rushes still exist, it is becoming increasingly popular for retailers to begin offering their holiday discounts in the first few days of November.
Following suit, shoppers are also extending their holiday shopping season. To avoid splurging an entire paycheck at once, shoppers are beginning their shopping season earlier and with more intent. Giving them time to find the right gift, they are more likely to shop around, look for inspiration and find something a bit more unique.
This is great news for resale and small businesses across the US. But that means it’s time to get your sales started and begin your marketing efforts as soon as possible. The sooner you can get those early explorers in your store, the more likely they are to make a purchase when they are ready.
Demand for vintage, used, and one-of-a-kind items are rapidly increasing.
It is no mystery to most shoppers that the resale industry is growing. The lines between new and used are blurring, people are finding new and innovative ways to save money with used goods, and the ever-growing ability to sell goods to peers have all been driving massive growth in resale and consignment in recent years.
Digital consignment has been making leaps and bounds with companies like The RealReal, Thredup, Poshmark, and dozens of other players in the industry. Fortunately, this drive and awareness of quality used goods have also been driving growth in-store.
Resale currently accounts for $7 billion of the secondhand clothing market. By 2023, resale is expected to rapidly grow and narrow the second-hand gap between thrift and resale.
As consumers begin thinking about gifts for their loved ones, expect one-of-a-kind gifts and purchases to become more prevalent this year. Technology and gadgets will likely continue to dominate the holiday shopping surge, but shoppers are also on the lookout for gifts that really mean something to somebody. Whether it be clothing, furniture, homeware, or jewelry, these all have more personal value to most consumers than a new 72″ TV.
Holiday shopping aside, vintage and one-off items continue to increase in demand in the US as material goods become more disposable. The rise in demand for record players, mid-century furniture, vintage clothing items, and more are no coincidence. A large number of shoppers continue to like products that last.
Holiday Shopping Is Expected To Keep Growing
2018 was a bit of a fluke among holiday trends. While still growing, holiday shopping spending increased by a marginal 2.1%. Most analysts have concluded that the government shutdown at the time and rising trade concerns were driving a significant amount of nervousness among shoppers.
This year, we are expected to be right back on track with a standard 3.8-4.2% increase in spending. With unemployment at an all-time low, trade concerns in hindsight, and initial impressions that the US budget will pass, people are feeling more optimistic.
The National Retail Federation predicts that shopping will break a record $728 billion. This puts a lot of potential spending that could be in your store.
Multichannel Shopping Expected to Surge 40%
This is probably the most important data point for Ricochet users and small businesses everywhere. The surge of online shopping continues to dominate, but consumers still love shopping in-person.
With a whopping 54% of consumers expecting to shop both offline and online, and 21% only shopping in-person, that puts a total possibility of 75% of holiday sales occurring in a physical store of some sort. This is fantastic news for small businesses and small consignment shops everywhere.
Start preparing immediately.
With so many potential sales happing within the next 60 days, stores should begin taking action immediately.
Get the simple and obvious things out of the way quickly. Depending on your store, style, and market, get some holiday decorations going, bring your top winter products to the key traffic areas, and do some research on shopping trends in your industry.
We use Google Trends a lot in our office. It’s completely free and a great resource every store should know about.
Advertise where appropriate. Stores in high-traffic areas should immediately start advertising holiday sales. And with resale, a simple “Holiday Sales Are Here” message speaks a lot. Consignment is unique in that pricing can vary dramatically. Resale customers will typically have a budget in mind, but not really know what they want to purchase yet. They’ll browse around, finding something that fits, and immediately make a purchase when they find it.
If your store is selling retail goods that can also be purchased elsewhere, be wary of shoppers price comparing. It will happen and it’s nothing to be afraid of. At the end of the day, we all want the best deal we can find. If you can’t quite compete with another seller’s price-point, delivering a stellar shopping experience and offering the convenience of purchasing something on the spot could still reward your store with the sale over an online giant like Amazon.
With The Right Tools, Holiday 2019 Shopping Could Be A New Record For Your Store.
Based on several predictions, this winter could be your store’s best shopping season yet! Get ready for more spending and more competition. Do what you can to make your store stand out and meet the ever-growing needs of the modern consumer. Keep in mind, Ricochet introduced a powerful new discount system earlier this year. And with the lastest reporting updates and more, there are a lot of digital tools at your disposal to make this process easier than ever before.
If you need software solutions, we are here to help!
We know that the busy season isn’t the best time to make a switch. And switching POS systems is a big decision. If you ever feel bogged down, limited, or just out-of-date with your POS system, Ricochet might be the solution for you. All trials are free and we regularly publish new features and updates to help your store succeed.