Product Planning for a successful Christmas

Throughout the festive selling periods, retail brands have the opportunity to capitalise on the surge in shopping traffic. This increased footfall presents a unique chance for businesses to showcase their products to a wider audience, potentially boosting sales and brand visibility.

Loyal customers, who form the backbone of any successful brand, often return during this time not only to treat themselves but also to purchase gifts for their loved ones. This dual-purpose shopping behavior can significantly increase average transaction values. Also, the holiday season brings with it an influx of new potential customers who are actively searching for the perfect gift or seeking to enhance their own Christmas experience. These browsers represent a valuable opportunity for retailers to expand their customer base and potentially convert one-time shoppers into long-term customers.

In this blog post, we will delve into three product factors that retailers need to consider to maximize the potential of these guaranteed browsers and turn them into converting customers.

Gifting

The first and perhaps most critical question to ask yourself is: Does your product range include items suitable for gifting? These should be carefully curated, universally appealing items that customers would feel confident giving to others without the need for intimate knowledge of the recipient's personal preferences. It's not just about having gift-worthy products; you also need to consider how you're going to market these items effectively. Your marketing strategy should focus on building confidence in the buyer, reassuring them that their chosen gift will be well-received and appreciated by the recipient. This might involve showcasing the versatility of the product, highlighting its quality, or emphasizing its uniqueness.

A Christmas Collection

Beyond having an attractive selection of gifting options, the next consideration is whether you plan to launch a dedicated Christmas collection. This seasonal range could feature products with limited availability and slightly premium pricing, which can create a sense of urgency and exclusivity among your customer base. When creating this collection, it's wise to first consider your existing inventory. Not all new collections need entirely new stock; sometimes, repackaging or repositioning current products can be just as effective. Next, identify opportunities to introduce select new items that will enhance the festive appeal of the collection. These additions should complement your existing range while bringing a distinct Christmas flair to your offerings.

These two product strategies—focusing on gift-worthy items and developing a Christmas-specific collection—will likely be your primary revenue drivers throughout the holiday season. The majority of shoppers during this period will fall into one of two categories: those looking to efficiently complete their gift shopping list, and those seeking to enhance their own Christmas experience through seasonal purchases.

New Product Options

The Christmas period is unique in that it often finds customers more open to experimenting with new products or brands. This presents an excellent opportunity for retailers to diversify their product range, offering items that may not typically feature in their regular product offerings. If these seasonal additions don't perform well, they can be phased out after the New Year without significant impact. However, if they prove popular, you can explore ways to incorporate them into your year-round offerings. Consider branching out into product categories you wouldn't usually stock, such as advent calendars, Christmas cards, festive decorations, or seasonal food and beverages. Items you know your shopper will be looking for at this time. These items should complement the holiday season and your existing product line.

By expanding your range during this crucial retail period, you have the potential to introduce your brand to entirely new customers and boost brand awareness. Also, catering to your customers' seasonal needs will significantly increase the likelihood of these shoppers becoming loyal, returning customers.

Extra Thoughts…

In addition to traditional gifts, it's important to consider the market for stocking fillers and small, affordable items. These products are in particularly high demand during the holiday season and can attract new customers due to their lower price point and gift-giving potential. To maximize the appeal of these smaller items, consider promoting them as part of gift bundles or encouraging customers to create their own "mix and match" sets. This approach allows shoppers to curate unique, personalised gifts comprising several smaller items, perfectly tailored to the recipient's tastes and preferences.

As you work through these strategies, it's worth asking yourself: What existing products in your inventory could cater to these various gifting needs? Are there any items that could be repackaged or marketed differently to appeal to holiday shoppers?

The key to success in holiday retail lies in early planning and preparation. By starting to strategise these product alternatives well in advance, you increase your chances of a successful festive season. Giving you plenty of time to plan your inventory, develop strong marketing campaigns, and even new product photography if needed.

Remember, the holiday shopping season is highly competitive, and thorough preparation can give you the extra edge over your competition.