As the holiday is coming, retailers also have to face many Christmas risks. Here are four important aspects where the shopkeepers will have difficulties in the months leading up to Christmas and beyond.
Overview
Supply chain delays
According to Katherine Cullen, senior director of industry and consumer research at the National Retail Federation, the supply-chain disruptions have had a significant impact on the retail business since the beginning of the COVID epidemic.
Retailers and specialists have warned that supply-chain issues will raise the cost or make obtaining some items more difficult as one of the Christmas risks during the holiday season. Once the products have been unloaded, there aren’t enough truck drivers to pick them up. Workers are hard to come by in warehouses. Hurricanes and blackouts haven’t helped matters either. In addition, cardboard cartons are in shorter supply than usual.
Therefore, retailers must have creative solutions to quickly adapt to the current situation. It will be essential for a more effective supply chain management software, regardless of whether customers shop online or offline.
Changes in customer behaviors
According to the NPD Group’s annual holiday shopping prediction, 51% of respondents to a study said they plan to begin holiday shopping before Thanksgiving. The 2021 holiday season seems to continue the early shopping trend. Marshal Cohen said, with the added layer of inventory concerns, many shoppers tend to grab what they want when they see it, rather than waiting for better deals later in the season.
Therefore, in order to avoid shortages of goods during holiday times, retailers need to anticipate this change in the needs of customers. It is possible that even before Black Friday, shop owners have to have a viable inventory plan to supply enough goods but still be able to avoid overstock.
Mobile shopping is becoming popular
Among some retail Christmas risks, merchants should pay attention to the popularity of online shopping. Shopping is becoming a more multichannel method, with master shoppers who are becoming increasingly mobile-savvy, together with faster apps and websites. Depending on the product category, sellers need to focus on growing both physical stores and social media channels.
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Data protection as one of the Christmas risks
Marketers find data protection a too dry subject to be concerned with, and many serious customer complaints about it.
Fast Map survey revealed, when consumers were being asked about data security and privacy, they showed more attention than expected. Shoppers are not comfortable when their information is shared widely with other organizations while there is a guarantee to keep the information confidential. The other problem is that they are being contacted too much or their desires are ignored.
Many retailers don’t notice this, especially during the holiday season, which might become a risk that can reduce the revenue.
Conclusion
Above are just a few of the Christmas risks that retailers might face during the holiday season. If you want to know more details, call us immediately to find out the best solution for your own business.