Retailers, especially those of the brick and mortar variety, faced many challenges in 2014. Not the least of which was an increase in online shopping. In 2014, the four day shopping window that began with Thanksgiving and ended on Cyber Monday posted a 17 percent gain over 2013 sales numbers according to Forbes.com. Online shopping isn’t without risk as Best Buy’s website crashed several times on Black Friday causing lost revenue and angry customers. And, who can forget last year’s security issues with Target customers? In spite of those issues, consumers flocked to online sites looking for bargains.
Spending on the Rise
The National Retail Foundation (NRF) reports that holiday season shoppers will spend $804.42 on gifts this season. That’s an almost 5 percent increase over 2013’s $767.27 average. Price points remain a solid driver of purchasing with 61.9 percent of shoppers visiting discount stores. Department stores rank second in visits with 59.7 percent, followed by grocery stores with 51.2 percent. Clothing or accessory stores check in at 36.7 percent and electronics stores can expect 30.8 percent can expect shoppers to come through their doors. Drug stores will see 19.2% of shoppers while craft and fabric stores will see 18.8 percent of shoppers visit them.
Best Selling Gift Items
At the top of most people’s shopping list is gift cards. The NRF reports 62 percent of us prefer gift cards over other more tradition presents. Other favorites include clothing, books, CDs and Video Games. Electronic products and jewelry are also popular choices. Smart retailers understand today’s consumer, and take the proper steps to assure a profitable year. They make sure they’ve got plenty of top sellers on hand and a reliable staff to improve the customer experience. Revel Systems can help with an iPad POS system designed to meet the needs of your particular business enterprise.
Intelligent Reporting gives you a Competitive Edge
Understanding the challenges facing retail stores is one thing, but putting together a strategy and executing it successfully can be a far different matter. Revel’s Intelligent Reporting can put all of your pertinent business data at your fingertips for instant analysis and action. Wondering what products were popular last year? Just punch it up and take a look. How about tracking sales by the hour to help with scheduling your best people during peak times? Again, the information is just a few clicks away.
Get a Head Start on 2015
All the data points to even more people choosing online shopping in 2015. If your store is to remain relevant, you’ve got to be ready to meet the new challenges ahead. Why not be prepared with a Revel iPad POS system? Revel can even help with an online presence as the system can fully integrate with your website for orders, inventory control and even online shopping. Let Revel help you turn the challenges into opportunities in 2015 and beyond.