This holiday sales season’s revenues were the best ever, according to Statistia.
US retailers raked in a cool $719.17 billion in 2018 versus $687.87 billion in 2018 – a 4.55% increase.
So, you’re probably sitting on a nice chunk o’ cash at this moment. And even though the stock market’s experienced some uncertainty lately, forecasts show the American economy (and consumer spending) will remain strong for the foreseeable future.
What do you do with all that cash?
Here’s some ideas based on data:
1. Use Technology to Showcase Your Product’s Relevance to Customer Needs
Millennials now represent more than $200 billion in spending power and will overtake Baby Boomers as the generation with the most money available.
They’re not big on hype-style marketing. But they do want you to use technology to display how your products meet their needs when they shop in-store.
And ⅔ of all Millennials shop in-store every week, says Retail Dive.
So, how can you meet their needs?
2. Focus on the Growing Health & Wellness Market
Weight Watchers will rebrand itself as just “WW.” This reflects their focus on health and wellness in general, and not just weight.
What? You don’t own products focused on health and wellness?
Well then, how can you tie your existing products to that industry?
For example, Kroger created a mobile app that allows you to evaluate the healthiness of their food products. The app assigns a score.
You might be able to simply show in your marketing the health benefits your product offers.
3. Optimize Supply Chain Efficiency
Has this one ever not been a challenge?
2019 brings additional difficulties to this. One is President Trump’s raised tariffs on certain goods imported from China.
And two is the trucker shortage, which is estimated to be around 50,000 or so.
What can you do about these problems in your own supply chain?
4. Raise the Market’s Perception of Your Product’s Value
Price is really arbitrary when it comes to your products. If consumers see the value in your product, they will pay more.
So, how can you understand their needs better than before, and then communicate in your marketing how your products meet their needs?
That’s a gross oversimplification of marketing. But, the more effectively you can meet a market’s perceived needs by solving their top problems, and the better you do it than your competitors, the more valuable you become.
Just ask Apple.
So, those are some of the top places to invest your holiday profits for more business growth in 2019 and beyond.