6 Tips To Race Ahead of Inflation This Holiday Season

With the onset of the holiday season, terms like inflation and recession are back to haunt marketers. So do marketers really need to worry about it, or can they still strike gold? Here is how marketers can win customers’ hearts to increase their sales numbers and beat inflation.

According to a recent survey conducted by NerdWalletOpens a new window , the annual inflation rate has increased by 8.2% as of September 2022. So the question every marketer has right now is how this will affect their holiday marketing planning. However, here is something that will make every marketer happy, especially with the holiday season approaching. eBay Ads conducted a surveyOpens a new window this July and found that these shoppers still plan to spend despite high inflation and a potential recession. 

The survey further revealed that many shoppers are also preparing well in advance for this holiday season. With all the recent inflation news, what was interesting to see is that most shoppers are trying to beat rising prices and shopping much earlier for holiday gifts. About 48% of the shoppers surveyed said they had already purchased gifts, representing a notable uptick in preparedness compared to last year (31%). 

See More: 4 Ways Retailers Can Bring the Joy of Holiday Shopping To Ecommerce

So here are 6 tips for marketers to beat inflation and stay ahead of the competition. 

1. Kickstart Early

They say slow and steady wins the races, but it’s not always so. If you’re an advertiser, it’s always better to plan ahead. According to the previously cited eBay Ads survey, advertisers need to plan well in advance to increase the likelihood of viewing and purchasing their products. So it’s highly recommended advertisers and retailers also start early with holiday campaigns to reach customers who are starting their holiday shopping now. The survey also suggested that 63% of online shoppers reported they are likely to purchase a promoted item during the holiday season, showing the tremendous value of retailers investing in a tailored ad experience. CTV advertising and combining the impact of TV ads with the precision of digital targeting.

Advertisers who utilize these capabilities will be able to reach viewers with the same message as they would with traditional Linear TV, but with improved precision in targeting and access to advanced attribution capabilities unheard of with linear TV. Additionally, advertisers should consider working with a programmatic partner that provides CTV.

2. BNPL (Buy Now, Pay Later Options) Is the Rising Star

Credit cards are hugely popular, and many customers still prefer to swipe their credit cards while shopping. But many customers are now turning to other modes of payment. One of them which has become quite popular is BNPL (buy now, pay later) option. According to a recent survey by AffirmOpens a new window , 56% of shoppers are willing to use BNPL this holiday season. BNPL has also caught the attention of major brands like Amazon, Walmart and Target, with many announcing partnerships with BNPL providers like Affirm, Sezzle, and Zip. With inflation on set and many customers trying to save all the pennies they have, BNPL plays a vital role in attracting customers during this holiday season. 

3. The Magic Trick of Coupons

With inflation on the rise, one of the customers’ many concerns is how to save money. And there is no better tool than coupons which allow customers to have money. In fact, during the holiday season, the first thing that catches customer attention is coupons; the more lucrative the coupons are, the higher the chances are that customers will buy from you. This holds especially true in digital coupons; many customers are now online using various social media sites, email, and messaging apps. According to the Vericast SurveyOpens a new window , coupons are the top way holiday shoppers plan to save money this year, followed closely by holiday deal days, such as Black Friday, and redeeming cash back rewards. In its recent update, Google rolled out coupons and promotions labels to make it easier for shoppers to find deals.

4. Focus on Online Sales

COVID-19 may be a thing of the past, with retail stores getting all decked up for the holiday season. Still, online shopping remains a famous avenue for consumers. eBay Ads reports that 92% of shoppers plan to do most of their shopping online compared to 55% last year. Therefore it’s highly recommended that marketers with retail marketing also focus their energies on online marketing. One of the pain points for many customers is product discovery. According to The Harris Poll and Google Cloud 2021 surveyOpens a new window , search abandonment has cost retailers more than $300 billion. Therefore, marketers must ensure that whether it’s an online portal or an app, it meets the customers’ expectations. Several factors that need to be considered are the page load time of a website. Because if the page load time is higher than the competitor, the customer won’t think twice before switching to the next tab. 

See More: Retailers Are Rebuilding Customer Trust in the Phone Channel

5. Mobile App Security

With the evolution of mobile and high-speed internet, most customers today prefer to use their mobile phones. Rightpoint’s Opens a new window 2021 report shows that 64% of consumers shop, and 52% buy wherever and whenever on their smartphone. However, using mobile devices during the holiday season also has an unfortunate downside. That is, mobile applications or devices are always vulnerable to cyber attacks, and the number goes particularly high during the holiday season. A NowSecureOpens a new window benchmark review of 465 popular retail apps found that 66% have privacy risks. 45% had high-risk vulnerabilities, 88% used dangerous permissions and 41%. So for marketers, especially during the crunch time of Black FridayOpens a new window and Cyber MondayOpens a new window , it’s essential to beef up security to ensure customer satisfaction. Because any data breach will cause a huge dent to companies reputation, and they will lose many customers.   

6. Use New Technology

Talk about new technology to engage with customers, and the immediate words that come to our minds are Metaverse, AI, AR, VR, and so on. However, data tracking plays the most pivotal role during a holiday. Accurate data tracking will help marketers understand customer habits, behaviors, and patterns. According to Google Cloud’sOpens a new window report, 81% of customers in the U.S. prefer when marketers reach them personally. Marketers can also use tools like customer data platforms and geo-tracking to target a particular customer and give them a personalized experience. 

Conclusion

Belling the cat during the holiday season is never easy for marketers due to fearsome competition. However, with the right tips and tricks and technology, marketers can still woo customers. So what are you waiting for? Get started right away!

What steps have you taken to attract customers this holiday shopping season despite inflation? Share with us on FacebookOpens a new window , TwitterOpens a new window , and LinkedInOpens a new window .

Image Source: Shutterstock

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