According to the National Retail Federation (NRF), United States retail sales will increase between 3.2 and 3.8 percent this year with the festive season expected to be the peak of sales. However, this will only be so if buyers beat the $658.3 billion earned in 2016’s holiday season. In line with this, Risk Management & Fraud Prevention experts are urging merchants to be on the look during 2017’s holidays and put into practice simple strategies to boost up their sales this festive season.
Kantar, a retail consulting company also forecasts that retail sales will grow to 3.7 percent come 2017’s fourth quarter in contrast to last year’s quarter. Kantar predicts a 2.5 percent increase for Physical/brick-and-mortar retailers and a 16 percent growth in online sales during the holiday quarter. In agreement with these findings, Fung Global Retail & Tech also stated that eCommerce is becoming a trend and will most likely out-do physical shop retail. Fung Global recently conducted a survey which showed that 82 percent of buyers plan to purchase festive season gifts online in comparison to the 77 percent who prefer brick-and-mortar stores.
Ecommerce experts are advising retailers on what to do in order to maximize sales, stay safe and gain customer loyalty for future business. Here are a few holiday season recommendations;
Make your online storefront is user-friendly and particularly accessible by mobile devices.
- Publish content and videos that feature your best holiday season merchandise.
- Have a transparent and quick return policy to reduced chargeback levels and ensure consumer satisfaction.
- Examine all consumer reviews and respond adequately to negative feedback
- Augment your fraud prevention and chargeback management systems during the festive season to reduce risks and minimize losses especially if you run a bad credit merchant account.
- Speed up the shipping and delivery process to put off friendly fraud.
- Reduce false declines and set up a manual review system – this helps you boost up transaction approval rates without compromising on fraud prevention.
- Promote your special offers throughout the holidays e.g. after sale services like free shipping
- Offer several payment alternatives and do away with unnecessary friction to ensure the best consumer experience.
Even as you look forward to a high sales season, don’t let the joy of winning out-do the willingness to prepare for success. Remember to protect your online business against fraud and high rates of chargebacks as this may mean trouble come 2018.
Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No.1 bad credit merchant account Provider serving both traditional and high-risk merchants.