Tips for Balancing Consumer Demands and Market Uncertainties This Holiday Season

Retailers are entering the peak holiday shopping season amidst ever-evolving consumer expectations and behaviors. They are also facing ongoing economic uncertainties. Sourcing and manufacturing disruptions, shipping delays and staffing challenges continue to impact the consumer experience. None of these things are within the retailer’s control, so it is critical that they evaluate their current digital state and identify opportunities for innovation and improvement as holiday shopping ramps up.

Many businesses are new to digital. Staffing shortages and limited resources prevent them from investing in multichannel digital strategies. Third-party partners can help bridge this gap by providing additional resources and accelerating the pace of implementation. For example, Meta has a network of business partners that help retailers run ads, create videos, measure engagement and more.

Digital tools and technologies can help spread the demand out over the holiday season rather than concentrating on Black Friday or other specific dates. Instead, sales and special deals can be offered to target markets in the preceding weeks. Content marketing campaigns, influencer campaigns and live online events are all part of an online experience that generates consumer demand outside of the typical holiday cadence. Simple conveniences like pre-ordering can help companies gauge demand and ensure product availability.

When companies break free from the calendar, they can experiment with new ways to engage customers, such as live shopping. Brands can use Facebook Live or Instagram Live to showcase products and interact with customers in real-time. Live videos and other content stay relevant longer than a 24-hour Black Friday sale, and they offer entertaining and engaging interactions that drive business.

Spreading out demand also eases stress on employees by allowing for better inventory planning, early messaging about shipping or other potential issues, and ongoing relationship building.

Measuring Holiday Impact

One of the greatest benefits of digital is the ability to take advantage of demand in real-time. Businesses should consider building their marketing budgets around a maximum allowable efficiency metric, like the amount that can really be spent on acquiring one new customer. To determine success, they must measure impact in multiple ways — an approach Meta calls 3D measurement. The advertising landscape is changing radically, and companies need to analyze data from as many touchpoints as possible to determine what is true for their business. Revenues, site tracking metrics, sentiment analysis and social media engagement are just a few metrics that can inform ROI. This level of data analysis can be challenging for companies without a dedicated analyst, but that’s where Meta business partners can be helpful.

Final Thoughts

Communication should still be the driving force behind every digital strategy. Every touchpoint is an opportunity to deepen relationships and demonstrate value for customers. Empathy is critical for attracting new customers and cultivating loyalty. Effective communication also helps preserve consumer relationships when transactions do not go as planned.

The holidays present a unique opportunity to attract new customers and re-engage old ones across digital spaces. As retailers move through the holidays into 2022, they should stay open-minded about the possibilities new technologies can provide for enhancing the customer experience. The right technology partners can help you understand business challenges, find and deploy solutions quickly and evaluate impact. Though the holiday shopping season is short, what retailers learn about finding and keeping customers will continue to benefit the business year-round.