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Holiday shopping behaviors that affect promotion planning for retailers

Over the last three years, we have seen a major shift in consumer behavior. In order to succeed, retailers need to understand behavioral trends so they can better optimize their promotions.

 

Here are a few shopping behaviors to be aware of:

1. Holiday purchases keep on starting much earlier each year:

Though shoppers are feeling more confident lately about returning to in-person shopping, the rise in inflation has influenced shoppers to start holiday shopping earlier than ever before.

2. Highly Variable Demand Channels Will Require An Omnichannel Retail

Brands will have to personalize their inventory management in response to the challenging holiday consumer demand. An omnichannel fulfillment strategy will ensure customers get a seamless experience regardless of the channel choice from which their order is fulfilled.

3. Leverage AI for Better Retail Holiday Decisions:

In order to optimize promotions, retailers need to tap into advanced technology. AI and machine learning are capable of:
  • Detecting purchase patterns and simulating thousands of possible scenarios.
  • On-the-fly forecast calculations at the time of planning the promotion.
  • Giving recommendations and suggestions for optimal promotion.

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