It’s the end of the year again – when retailers are gearing up for the final sales push for the annual holiday season. It also happens to be the biggest: in Singapore for example, holiday season sales represent some 20 per cent of total online sales.
For years, the year-end sales of Black Friday and Christmas season meant people needed to head down to malls and fight off other shoppers for great deals. But, with the growth of ecommerce, busy shoppers no longer need to brave long queues and crowds to meet their holiday shopping needs. In fact, an almost-exclusively online shopping event has been spawned in recent years: Singles Day on November 11.
There are other new realities for brick-and mortar retailers to contend with too, including the shift to mobile and cross-device behaviour, limited attention spans and declining loyalty. While digital connectivity has improved our lives for the better, it has also raised consumer expectations. Consumers have more power and voice than ever before — and they’re not afraid to use it. If companies are not meeting consumers’ high expectations, they can easily switch to find one that will.
However, it seems that this year end will signal good cheer, both for consumers and retailers. According to Deloitte’s 2018 holiday retail survey, it is projected that total retail sales will increase 5–5.6 per cent, with online sales likely rising 17–22 per cent during the 2018 holiday season in the United States. The pattern will likely be repeated in Southeast Asia, as Christmas gift-giving traditions are increasingly prevalent, and Singles Day sales being promoted heavily by e-tailing giant Alibaba.
Here, SME celebrates the end of the year by taking a look at holiday retail in the region. From Singles Day to Chinese New Year, ‘tis the season to buy, buy, and buy some more.
PROMOTIONS OUT THE WINDOW
Price and promotions are crucial to achieving great holiday season results. But to drive real engagement in the long-term, retailers must pull out all the stops to meet consumers’ increasingly high expectations.
Diese Geschichte stammt aus der December 2018-Ausgabe von SME Magazine Singapore.
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Diese Geschichte stammt aus der December 2018-Ausgabe von SME Magazine Singapore.
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