The holiday season is here, bringing big opportunities—and plenty of competition—to Retailers. With retailgrowth predictions swinging from 2.3% to 4.8%*, it’s clear that this year’s landscape is a mixed bag: inflationworries are still in play, interest rate cuts might be on the horizon, and consumer sentiment is cautious yethopeful. But here’s the good news: 92% of U.S. consumers say they’ll spend at least as much as last year,and 36% are ready to splurge even more.
*Based on forecasts by major analysts, including Deloitte and the NRF
As we prepare for 2024, let’s recap Holiday 2023. Last year brought an interesting mix of resilienceand caution. Forbes called it a “mixed bag of positives and negatives,” while Reuters said that Americans were willing to dig into their pockets despite tight budgets. The National RetailFederation was right on the mark with its growth prediction of 3-4%. Even though inflation hovered at 3.5%, sales still grew by 3.8%, proving that the holiday spirit is resilient.
In 2023 early shopping became the norm, with 50% starting in October and 24% in September.Despite financial concerns, consumers kept spending, fueled partly by “Buy Now, Pay Later,” whichrose by 14.3% over 2022 and hit $16.6 billion. And, most shoppers—over 70%—still chose in-storepurchases.
For 2024, a few “holiday elephants” are in the room. Lingering inflation means customers will lookto stretch their dollar, so expect Buy Now, Pay Later to remain a top influence, with nearly 30% ofconsumers already using it. The calendar also adds urgency: there are only 26 days betweenThanksgiving and Christmas this year, the shortest window since 2019. This shorter season makesevery day critical, with a likely boost on Super Saturday, one of the year’s highest-tra cshopping days.
To help you make the most of this season, ThinkTime has pulled together five tips to keepyour stores on top of their game and ready to crush the holiday rush.
The holidays are hectic, but HQ can set teams up for success with the right tools and knowledge.Equip both seasonal and full-time sta with clear training instructions, streamlined onboarding checklists, and actionable sales guidelines to ensure teams are prepared to deliver excellent customer service, manage increased tra c with ease, and keep stores running like well-oiled machines. With ThinkTime, you can seamlessly distribute materials, track progress, and ensure teams are equipped to handle the chaos of the holidays.
During the holiday hustle, clear and timely communication can make or break your store fleet.Ensure teams receive real-time updates for promotions, inventory changes, and holiday schedules. Centralized messaging tools, like ThinkTime, keep everyone informed and aligned, reducing the chances of miscommunication and allowing teams sta to respond to seasonal needs promptly.
During the holiday rush, every second counts. Mobile-friendly task management tools allow employees to access and complete assigned tasks in real-time, even during peak hours. This ensures that essential holiday tasks such as restocking, display maintenance, and customer assistance are completed e ciently without a hitch. With ThinkTime, your teams stay on track no matter how busy it gets.
Empty shelves during the holidays? Not with ThinkTime. Implementing regular, e cient inventory audits maintain stock accuracy and prevent empty shelves. With ThinkTime you can create daily automated task reminders to flag low-stock seasonal favorites early, giving teams time to restock and keep your bestsellers available. Keep your sta proactive and your customers happy.
During the holiday season, quick solutions make all the difference. ThinkTime offers real-time support that tackles challenges such as inventory hiccups, customer concerns, and unexpected issues, right as they occur. ThinkTime not only resolves immediate problems, it also allows teams to flag missed revenue opportunities such as understocked bestsellers or overlooked promotional gaps. By giving staff the ability to contribute directly to the store's success, they feel more engaged and empowered, and this improves store performance.
This season, holiday readiness means more than just being prepared—it’s about staying ahead with smarter tools and seamless communication. With ThinkTime your teams can crush the holiday rush with confidence by streamlining tasks, boosting inventory accuracy, and keeping communication open with information in real-time.ThinkTime isn’t just for the holidays; it’s for every day. Let’s chat today to create success all year long.