President’s Day vs. Cyber Monday
If you’re able to stay home from work today, you can thank George Washington! If you are a retailer/e-tailer you might be feeing even more in need of a little break with President’s Day sales upon us (on the heels of Valentine’s Day promotions). Even though the holiday itself is today Monday, February 19, many retailers began pre-sales just after Valentine’s Day, and deals will continue to pop up through the week – even continuing to George Washington’s birthday, which is February 22.
Could President’s Day ever become bigger than Cyber Monday?
Bigger not likely, but maybe better. While the sheer magnitude of sales and deals from the Cyber-5 (the days between Black Friday and Cyber Monday) is for now very hard to surpass, better deals can be found during other holiday shopping events like President’s Day and Labor Day weekends – attracting more loyal buyers. And these events are a lot less frenzied. Personal shopping site Shop It To Me analyzed more than 1 million sale items available online from Jan. 1 to Dec. 31, and found President’s Day to be the best holiday to buy, with an average discount of 47% off on that Monday.
Pressure to partake – how can retailers/e-tailers afford it?
With the ever growing importance of these massive sales events, there is more pressure to partake placed on retailers/e-tailers.
How can many afford it? The answer is in their data
Retail has always relied heavily on numbers, analyzing sales data from previous seasons for buying and pricing decisions and using promotions or discount channels to clear excess inventory. Large seasonal sales events were utilized to reduce last season’s products or larger inventories. Due to competitive practices these events now also pre-empt holiday shopping.
Even though retailers still rely on these practices, the digital transformation of the industry and the rise of the tech-savvy shopper have changed the way retailers analyze their market for everyday sales and make use of massive holiday (and less massive holiday) shopping events.
Knowing your customer and products in detail
One of the biggest challenges for all retailers is the organization of inventory. With today’s shoppers more tech-savvy than ever before – blame it on “The Amazon Effect” – shoppers pay increasingly less attention to fashion rules and invest more in their own individuality. So relying on price reductions of products that missed the mark in-season might not be the best strategy to clear the path toward improving next season’s sales. Retailers need to understand their customer’s preferences and buying habits and, in this way, better predict what is going to move quickly off the shelves year round.
But the customer is just one part of the equation. Getting the right product mix requires nuancing which features sell and which don’t. Without robust product information, its harder to tell why consumers prefer one item over the next or perhaps whether a lack of sufficient product information drove them to another channel altogether. Traditional product data management made it hard to gather and nuance the right number of product attributes needed to make these distinctions.
Modern Product Information Management (PIM) solutions – like PIM from Riversand – enable retailers to manage all of the information they need to analyze and optimize products all year long – within a single system – increasing business agility, process efficiency and content effectiveness. To ensure the right product customer fit, it pays to consider your data!
But for today, if you’re reading this from home – go online and grab some presidential deals!