Holiday Price Tracking is Not Just for Online Shoppers

blog-holiday price tracking is not just for online shoppersAre you price tracking this holiday season? Where do you plan on doing your holiday shopping this season? If you’re planning to shop online, you’re part of the 44% of consumers who will be taking advantage of online sales and promotions and avoiding the lines and crowds of people in shopping malls and department stores. While online shopping is definitely advantageous for consumers, it’s a harsh reality that brick-and-mortar retailers are still coming to terms with. In order to prepare for the upcoming holiday rush and take advantage of both online and in-person sales, here are several ideas to keep in mind.

Online shopping can be used in conjunction with in-person shopping.

To be competitive in retail today, businesses MUST have an online component of their stores to take advantage of the swarms of people opting to shop online. Rather than have in-person sales compete with online sales, consider lumping the two together and making it easier for customers to fluidly use both. As an example, Toys “R” Us is amping up its loyalty program with bonuses as high as $10 for every $125 spent. The program’s perks apply both online and in-person, giving the customer options on how they want to shop and rewarding them either way. Tactics like this make it easy to redeem rewards and increase the odds of customers choosing to buy from Toys “R” Us even when shopping online.

Today’s shoppers drive a hard bargain.

Think you can use shopping displays and last minute promotions to drive impulse buys? These time-honored tactics may not work so well for retailers this season. The reason is largely due to consumers who are extremely price conscious to the point where many have done their research and checked around for prices before making a final purchase. The ease of comparing prices online has created a new breed of a consumer who is mostly unwilling to pay for retail pricing. As a result, retailers should mimic their customers by doing their own homework to make sure prices are in line with competitors. If not, consumers will know and will flock elsewhere to make purchases.

Whether shoppers flock to stores in person or online, retailers must add attractive, competitive deals to entice customers to buy from them specifically. The best way to do this is to learn to keep tabs on other pricing and marketing strategies to stay ahead of the curve this holiday season.

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