142 The Christmas period can make or break a company, either setting it up for a stellar year ahead, or, should it not be properly planned for, tough times. So how can retailers capitalize on this key gifting season, and what hurdles are being faced this year? While 2022 had opportunities such as the World Cup, the same can’t be said for 2023. Likewise, the country is still reeling from the effects of economic shocks such as Brexit, the Russia-Ukraine War, COVID, and the global supply chain and the cost-of-living crisis. That being said, there is hope when it comes to spending, with consumer confidence said to be on the rise (at the time of writing, GfK’s long-running Consumer Confidence Index increased three points to -27 in May). Likewise, unemployment and vacancy rates are falling. So, while there will be spend, it will be trepidatious and mindful. Offering product that taps into a conscious consumer is key, and that’s with value and sustainability in mind. As if there’s one trend that extends to Christmas it’s environmentally friendly items. Retailers should also remain mindful that the ‘festive’ season is no longer limited to December only. Consumers are steadily extending the shopping time frame, with Cyber Week increasingly marking the beginning of seasonal purchases, if not before. In order to properly prepare, retailers are advised to continue placing importance on data, and the role this plays in driving loyalty, with those able to utilise it to their advantage having a lead over competitors. Likewise ensuring a fully functioning delivery service is key. Retailers with complementary e-commerce stores should have a plan in place to effectively manage logistics to be able to cater to the increased demand. Failure to do so could result in poor service and a loss of loyalty from consumers. As such, investing in the right technological services, such as AI, could spell the difference of a succinct and efficient inventory and delivery system, over a poor performing, sub-standard one. Peter Campbell of Snowshock, a UK based slush machines and slush syrups business, shares his views on the benefits of having effective logistics in place. “Supply chain resilience is a company’s ability to navigate any complications that the supply chain has, ensuring that their customers aren’t negatively affected by delays or lost products and services due to external factors,” he says. According to Campbell, issues that the supply chain can encounter include: bad weather, worker strikes, and inflation. Looking at navigating these issues, Campbell says: “Preparing your business against supply chain issues can ensure that your company can continue providing the best products and services even during a crisis. “Whether you are creating alternative delivery options in the event of a strike or ensuring your stock storage is checked regularly for leaks, planning emergency response plans for each part of your supply chain can ensure the best results for your business. “While you may not be able to control the issue, being able to respond quickly and effectively can help save your business money, time, and energy. Ultimately, the supply and demand of your products must keep the customer happy and reducing the likelihood of delays, and resolving any issues quickly, is always the best practice.” To summarise, the good news is, despite the various ongoing economic challenges, there is a successful Golden Quarter ahead for retailers, should you plan effectively and efficiently. July and August are prime purchasing periods for the festive season. Here, Attire Accessorises Editor Louise Prance looks at how to capitalise on Christmas CAPITALISE ON CHRISTMAS
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