8 Ways Small Businesses Can Be Profitable During The Upcoming Holiday Shopping Season
Customers are still worried about the welfare of shopping in public places and shopping inside as we approach the holiday shopping season. Ecommerce is a popular way for businesses to meet customers’ needs.
- 75% of U.S. consumers said they plan to shop online for holidays more than in previous years. Similar numbers said they would shop online for gift ideas, not in-store.
- According to Google, more than a third of U.S. shoppers won’t shop in stores for Black Friday this year.
- 47% of shoppers indicated that they would use online and curbside pickup options.
This shopping season may seem familiar, considering the year-over-year increase in online holiday sales and the rise in eCommerce due to the pandemic.
Small businesses should be ready to offer online shopping for holiday shopping. This is especially true if they have had brick-and-mortar retail experiences up until now.
You have options. With real-world and online promotions, additional security measures, and the way you accept and process payments, you can make this year safe and successful. These are eight steps merchants can take to ensure their holiday season is profitable.
1. Let your customers know what you will be doing for the holiday shopping season
Contact everyone on your email list if you have one. You can also set up an email news-letter with weekly specials that you send to everyone on your list. It is the best time to get one.
Share any sales, restrictions, or specials you find on your social media networks.
2. Utilize social media advertising
Consider Facebook Advertising for small brick-and-mortar stores. Facebook can also be used to target specific audiences or those who are specialized in your field. Reach your customers with special offers or free shipping if you offer eCommerce fulfillment.
3. To mail targeted mailing lists, you can work with a direct mail agency to send postcards
This is especially true if your shop specializes in a specific field or product line.
If you are a seller of running shoes or clothing, a direct mail agency can help you get a list that includes everyone who has subscribed to a running magazine or expressed interest in running in any other way. Send them a catalog or postcard.
4. Consider alternatives to your supplier
It is always a great thought to have backups, especially if one of your regular suppliers becomes ineligible or shut down due to a COVID-19 epidemic during the peak holiday shopping season.
You won’t need to rush to fulfill orders if you already have suppliers.
To find suitable suppliers, use a retail source system now instead of waiting until they are needed.
5. Drop shipping companies can be added to your eCommerce portfolio
Suppliers can handle drop shipping. All you need to do is send on the shipping information, and they will pick up, pack, and ship your orders.
This allows you to have an “endless aisle” of inventory without stocking products in your warehouse.
6. Learn more about credit card fraud
Credit-card fraud is on the rise and will continue to increase. The pandemic has already led to an increase in credit card fraud. Fraud is a problem in eCommerce, so more fraud means more eCommerce. If we see more holiday sales online, there is more credit card fraud.
This means that your cashiers should check IDs before you make any credit or debit card purchases.
EMV-compliant credit card terminals should be checked. This means shoppers can insert their cards into the chip readers instead of swiping. Find out how to increase ID verification when ordering online (such as by requiring the CVV code for all purchases).
7. Ask your merchant service provider what fraud prevention and detection plans they have in place
You should also check out Verifi’s Rapid Dispute Resolution or Order Intelligence programs. Visa owns Verifi.
These programs help small businesses resolve disputes and chargebacks caused by cardholders not recognizing a charge on their credit card statement. They also reduce “friendly fraud.”
8. Make sure you have your internet security up-graded and that you back up all of your information
To avoid account theft, ensure that your customers use strong passwords. You should ensure that your login credentials and security are the same. Also, ensure that your business has cybersecurity insurance. These can help protect against data breaches and identity theft and pay for any damage or losses.