Valentine’s Day is an occasion that many retailers embrace as an opportunity to accelerate revenue growth and drive profitability.
Forward-thinking retailers who prepare for this key fixture on their annual retail calendar create a range of exciting online offerings and refreshing real-world shopping experiences.
Capital Connect CEO Steven Heilbron says Valentine’s Day is one of the first major retail events of the calendar year, creating exciting opportunities for retailers and hospitality companies to increase their revenue. He encouraged entrepreneurs to use it as an opportunity to rebuild and recover following the recent Covid-19 Omicron wave.
“We can expect to see consumers gravitate towards both compelling in-store offerings and omni-channel experiences. Now is the time for retailers to consider whether they have the right mix of exciting promotions and products, entertaining in-store experiences and convenient digital offerings to maximise revenue opportunity,” said Heilbron.
According to the chief executive, here are some ideas in preparation for Valentine’s Day:
Stock-up:
You’ll know which gifts are popular at this time of the year. Try to buy wine, chocolates or flowers in bulk so that to compete with attractive promotions and specials.
Give your store a facelift:
Many retailers have delayed renovating their stores due to slower foot traffic and disrupted cash flows during the pandemic. Now is an ideal time to freshen up your look to attract customers.
Use your display areas to get customers’ attention: Make it easy for shoppers to see the great offerings you have available for Valentine’s Day by displaying your best Valentine’s Day merchandise in your window and prime feature areas.
Add value by bundling:
Offer grab-and-go ‘his’ and ‘hers’ gift boxes to make life easier for busy shoppers.
Partner with other smaller businesses:
You can extend the value of your bundles by partnering with other smaller businesses. Consider a pamper box of candles, soaps, and bubble baths, for instance, along with a voucher for a massage for two from the spa next to your store.
Omni-channel shopping:
Omni-channel players that offer customers a choice of channels and deliver consistent experiences at each touch-point will be the big winners in 2022. Home deliveries, click-and-collect, and e-commerce, are all great growth opportunities in a changing market.
Improve on the fundamentals:
Get an edge by improving fundamentals, such as offering more payment options, streamlining the point of sale or online checkout experience, ensuring your delivery partners are ready, and training staff to provide expert advice.
In-store destinations:
A great way to add revenue streams and attract shoppers is to offer an in-store coffee experience or bistro, where shoppers can relax with a drink or snack. Offering specials for romantic breakfasts or lunches can attract additional foot traffic on Valentine’s Day.
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