Most business reports are now suggesting that this holiday’s buying season, already shortened by a late Thanksgiving, may be the slimmest in 35 years. My advice to business owners is to prepare by emphasizing the emotional appeal of choosing the right gift. The key here is to encourage thoughtful but inexpensive gifts as impulse buys, therefore convincing shoppers to pull out their wallet in incidences they were not planning to in the first place.
Here’s a test case. Jewelry stores can bring in a new crowd of bargain shoppers by emphasizing their personalized birthstone necklaces which are not as expensive as traditional jewelry. Using emotional language such as “Design the perfect gift!” is an effective strategy for shoppers who are not accustomed to buying jewelry. This strategy of promoting personalized jewelry actually encourages a segment of the population who does not usually shop in jewelry stores, and is especially effective in high-traffic areas such as malls and boutique downtown areas.
This strategy can also work with online retail stores that offer monogramming or other forms of personalized gifts, such as personal recorded messages, embossing, or even specialized gift wrapping services. Personal mementos are understandingly the kind of gifts that most retailers overlook as they focus on their big ticket items. But in a troubled holiday season like this year, paying attention to “that perfect gift” that usually is an impulse buy for consumers who buy big ticket items is a sound strategy for meeting consumers needs and propping up a eroding profit margin.
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