How Technology is Helping Retailers to Adapt Their Offers Ahead of Holiday Season

Intro

Whilst the 2024 holiday season may still seem far away, the total value of retail sales made during the season is estimated to reach £96 billion in the UK. So, retailers need to leverage technology and adapt their offers to attract and retain customers ahead of the competitive spending.

This article will explore four technology trends that can help retails adapt their offers ahead of the 2024 holiday season:

Artificial Intelligence

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As expected, artificial intelligence (AI) continues to reshape the way consumers shop, creating more personalised and efficient experiences.

Retailers can better understand a consumer's behaviours, preferences, and purchase history through data analytics and machine learning. This enables businesses to segment customers and provide tailored offers accurately.

For example, a customer who frequently buys the same bag of dog food from a retailer may receive tailored offers on that product via email marketing. This personalisation enhances customer satisfaction and increases the likelihood of repeat purchases.

However, it is important to remember that retailers must prioritise customer trust and transparency. They must personalise the shopping experience without making it look like they know too much about their customers.

In addition, AI can analyse market trends, consumer behaviours, competitor pricing, product demand, and internal costs so that retailers can adapt their prices and promotions accordingly.

Point-Of-Sale (POS) Systems

Whilst a point-of-sale (POS) system is essential in retail for payment processing, It is also critical that you get a POS system that can integrate with inventory management, employee management, and promotion software.

Integrating your POS system with a promotion engine, such as EagleEye, enables retail businesses to run various promotions, collect customer data, and enhance the customer shopping experience. Here are some of the promotions that can be supplied through your POS system:

• Loyalty programs. A POS system keeps track of loyalty points as customers make in-store purchases and provides real-time access to accumulated rewards.
• Discounts and coupons. Salespeople can use a POS system to scan or input coupon codes during in-store transactions, automating the redemption process and incentivising purchases.
• Buy one, get one (BOGO). Salespeople can inform customers about complimentary items while ensuring real-time inventory updates through the POS system. In addition, some POS systems offer customisation options, allowing retailers to specify the quantity and type of items required for the deal.
• Flash sales. A POS system automatically applies time-limited discounts, building a sense of urgency and prompting customers to make quick purchasing decisions.
• Tiered pricing. A POS system allows retailers to set flexible prices based on order quantities and streamlines the handling of tiered pricing structures, motivating customers to purchase more.

Mobile Apps

Mobile app users are usually more loyal and engaged because retailers can interact with them regularly and in a personalised manner, which builds an emotional connection and enhances customer retention.

Retailers can target their mobile app users with exclusive offers, discounts, and more. For example, the Starbucks mobile app uses customer data to create tailored offers, experiences, and rewards. This drives customer engagement and loyalty, which increases repeat purchases.

In addition, in a world where consumers are opening emails less and less, the power of push notifications is not to be overlooked. Push notifications send messages directly to a user's mobile device, guaranteeing immediate visibility and, often, immediate action.

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Social Media

With an engaged social media following, retailers have more opportunities to nurture customers and keep them in the loop about their latest offers. In fact, the majority of consumers' purchasing decisions are influenced by the brands they follow.

Retailers can use engaging content, exclusive social media offers, and direct links to product pages to effectively guide consumers to boost store footfall and website traffic. This has a direct impact on sales and revenue.

Remember that consistently posting coupon codes, limited-time offers, and discounts are fantastic for encouraging impulse buys among customers.

Ready To Adapt Your Offers Ahead Of Holiday Season?

With Halloween, Christmas, and New Year just around the corner, it is time to consider adapting your offers to attract and retain customers ahead of a competitive period. Luckily, technology such as social media, AI, POS systems, and mobile apps can help you do just that.

Whilst implementing these technologies into your retail operations might sound daunting, they are the perfect way to create and send tailored offers to your customers, boosting engagement, loyalty, and sales.