Historically for most retailers, Christmas has been what it’s all about! Months and months gearing up towards the busiest time of year with so many of us heading to the shops or scouring the internet for that perfect present. 2021 saw one of the biggest festive spends in history – a perfect storm of Christmas cheer and post lockdown joie de vivre saw us all hit the shops harder than ever before.
However, 2022 is shaping up a little differently. With increasing inflation, lower disposable income and future uncertainty, research is showing that shopping habits this festive season are set to be a little more restrained but it’s not all doom and gloom.
Here are some of our predictions for 2022’s Christmas Shopping season:
Extended Shopping Season
Shoppers will start their Christmas shopping far earlier than in previous years as they look for bargains over a longer stretch, trawling the high street for the perfect offering. The same is true online – whist Black Friday is still going strong, the time for bagging a great deal has been dragged out into an entire cyber month.
Ease of Purchase is King
During the pandemic, shoppers became accustomed to click and collect, kerb side pick up and buy online, pick up in store options – anything to make life easier. In the post pandemic world, people are still keen to buy their goods in the easiest way possible. In fact some 42% of British shoppers would leave a website if the shipping or collection options were limited.
The Price Wars are On
There are no two ways about it – shoppers will be looking for the very best price they can get this year. Over half (57%) of those looking to purchase in 2022 will be looking for inflation beating deals and coupons to bring costs down. Retailers will need to have the tightest handle on those bottom lines to make sure they can offer the best prices and stay competitive.
It seems like the uncertainty of the last few years is sticking around this Christmas too which makes it hard for retailers to plan ahead, that’s where stocktaking comes in.
Where should your retail business be right now?
So much more than just a single event, for your stocktaking to be truly effective, it needs to be an ongoing process. As the festive season gets well underway, retailers should be stocktaking:
- Before it gets too busy to establish your starting point;
- Throughout the festive period to keep your business responsive and meeting customer needs throughout;
- When Christmas is over to learn for next year and to establish a base level for your new year.
Doing all of this will help you identify what you have in stock to sell, establish any stock loss issues (which can hurt your bottom line) and highlight any further stock purchases you need to make going forward
Effective stocktaking is the very best Christmas present you can give your retail business this holiday season.
For more information on how our retail stocktaking services can help increase your revenue, please get in touch with our team by calling 01637 874609 or visiting https://abacusvaluers.co.uk/retail-stocktaking
