While some holiday pricing strategies might solely appear to be one of marking down high-demand products to get consumers to the register, many retailers are incorporating new approaches and reinvigorating older ones for their omnichannel holiday strategy.
Only a couple of years ago price matching was regarded as a tool reserved for discount stores; but today it has become an integral holiday promotion for retailers across sectors. Not only are retailers price matching competitors’ pricing, they are even matching their own online pricing. Mobile devices are making it easier for consumers to quickly access and substantiate pricing; however, only time will tell how consumers regard holiday-only price matching in off-seasons.
For retailers that have yet to adopt a year-round free shipping policy, “Free Shipping When You Spend $XX” can be a successful technique to increase the average value of customer orders. It might seem counterintuitive, but an overwhelming amount of consumers have admitted that they are willing to add a dollar amount of more than shipping costs if they will receive free shipping in return.
From daily product or category specific promotions to timed sales lasting only a couple of hours, retailers are taking note from successful flash sales sites like Gilt and Rue La La. Limited quantities and timeframes help to motivate consumers into quickly completing their transactions.
These can come in the form of friends & family promotions, email incentives or social media networks ‘likes’ in exchange for a discount. Whatever the method, these can help a retailer capture new buyers based on the recommendation of those we trust as well as build-up its own potential buyer database for the rest of the year.