With Valentine’s Day right around the corner, it’s time to prepare for the influx of shoppers.
This year, the National Retail Federation has forecasted that consumers will spend $19.6 billion on Valentine’s Day. That is almost record-breaking, coming in close behind 2016 sales predictions, and breaks down to $143.56 per shopper. This means it is essential to promote Valentine’s Day gifts and relevant consumer goods, optimize displays, and ensure that there is enough inventory to consistently stock the shelves. When in-store execution is done well, brands are more likely to see the fruits of their labor. Don’t miss an opportunity to increase sales over a high-spending holiday because displays aren’t up to date or inventory levels are low. If your team can effectively execute their tasks, you will set your brand up for success. Keep reading to learn how you can make the most of this Valentine’s Day.
Run Promotions
Discounts and sales are a great way to attract shoppers, especially when it is easy to predict what they are looking to purchase. Whether it be jewelry, candy, flowers, greeting cards, or another product, expect shoppers to visit physical stores to buy these gifts. According to Statista’s 2017 survey results, most Valentine’s Day shoppers planned to purchase gifts in-store rather than online, which reiterates the importance of preparation. If you know shoppers are going to brick-and-mortar before ecommerce, entice them in-store with a BOGO or gift-with-purchase offer. Naturally, when consumers identify an opportunity to save money, they are more likely to make a purchase. Undercut your competition, and engage shoppers with tempting promotions.
Optimize Displays
Optimization starts with ensuring that displays and product placement are meeting brand guidelines. Those standards are in place for a reason, so it is important that your team is executing on established compliance measures. Take additional steps this Valentine’s Day and make sure that your displays will appeal to the specific consumers coming in-store to purchase gifts. It is imperative that your displays and promotional materials are accurate and consistent, so that shoppers clearly understand what the current promotion is and what they are saving. Learn more about optimizing your displays during holidays when you can rely on high demand and increased foot traffic.
Prepare Inventory
With more shoppers coming in to buy gifts, decorations, or candy for Valentine’s Day, you want to make sure you are stocked with the right number of products to prevent any out-of-stocks. You can expect that your promoted products will come and go quickly, so verify that shelves are always well-stocked and organized. While it might be hectic with the number of shoppers bustling around, make sure that your team keeps inventory well-maintained and has the resources to do so. When products appear disorderly or are misplaced, it may confuse consumers and turn them away. When displays and signage are inconsistent with the products on the shelves, there is a chance that you will lose potential customers. However, when you have in-store employees keeping a careful pulse on inventory levels and maintenance, chances that you run out of inventory drastically decrease.
Equipping your team with the right tools to monitor, track, and optimize products and displays will help enable your brand to have a strong, successful Valentine’s Day. With strategic planning for promotions and inventory levels, combined with strong in-store execution, you’ll be able to take full advantage of the increased sales opportunities this February.
