What you need to know about the 2020 holiday season and how your business can prepare for it today!

It may seem crazy, but the holiday season is just around the corner! And what does that mean? Pumpkin spice lattes? Sweaters? Snow? Well, yes, but it also means that it's time for your business to start preparing its holiday marketing strategy for the end of 2020. And this year's holiday season is going to look noticeably different than previous years due to COVID-19. The name of the game here is ADAPTABILITY. Before we dive into how your business should plan for this holiday season, let's first take a look at the role of holiday shopping for businesses in general and how COVID is expected to impact it this year.

The Importance of holiday shopping in general

The holiday season marks the biggest shopping period of the year. The majority of companies rely on this time to make up to 30% of their annual sales. Meaning, this time can make or break a business as the success (or lack of) is often used to assess practices and formulate future plans for the following year (CNBC).

How COVID will affect the Holidays

The COVID-19 pandemic has wreaked havoc on nearly every economy - the IMF has even projected that global economies will retract by 4.4% this year alone (VOA News). It is also forecasted that global retail spending will see a decline of $549.7 billion (Forbes). 

Businesses have been hit especially hard as many previously established norms and best practices have been deemed irrelevant or have been largely limited overnight, such as large sales, relying on foot traffic, and large in-store events. Not to mention how social distancing and proper sanitization practices have significantly limited the amount of in-person business possible. Additionally, with record-high rates of unemployment, potentially costly medical bills, and massive uncertainty for the future, many consumers are not able to splurge financially over the holidays like so many have become accustomed to in previous years (Fortune).

This means that the revenue this holiday season brings in is more important than ever for businesses. And for many, it will determine if they can remain in business for 2021 (Forbes). So, what exactly should your businesses be doing to prepare?

four ways your business can prepare for this year’s holiday season:

1. E-Commerce

2020 has been the year of online shopping. And this trend is likely to continue in the long-term. In fact, 71% of Americans claim that they will be doing at least half of their holiday shopping online this year (Inc.). If your business hasn't already invested in e-commerce, this should be a top priority. This is NOT the time to be hesitant or consider if launching an online platform is the right move or not. This IS the time to act now and get it up and going ASAP. And because so many other businesses have already jumped on this bandwagon, not joining could be detrimental to your business's future.

2. More Places to Sell

While having an e-commerce store is very important, it shouldn't necessarily be your only sales channel. Expand your reach by joining online marketplaces like Amazon and eBay. Or utilize the shopping features on social media platforms like Instagram Shops, Facebook Marketplace, Poshmark, and Pinterest. Shopping apps have proven to be hugely successful during these times; in fact, during the initial COVID outbreak, 51% of people downloaded at least one shopping app (Criteo). So take advantage of this trend and diversify where you sell.

3. Establish an Online Presence

Selling your products online or via your website is a great starting point, but it is just the beginning of building an online presence. As nearly 97% of consumers rely on the internet to learn more about businesses and discover new ones, having an online presence for your business is super important (HubSpot). Just by getting your business’s name out there, you’ll build consumer loyalty, spread awareness, and strengthen your community. So how do you this? It’s fairly straightforward – be active online! Establish a social media presence, create a beautiful website, engage with others, focus on SEO, and use online advertisements if appropriate!

4. Use Strategic Holiday Marketing

We've already established that the holidays are a big deal. And as a business owner, when you identify something your customers care about, you should care too! Holiday posts are a must for nearly every business, and they are usually fairly easy to create. Holiday marketing appeals to consumers because they target emotions, build community, and are super relevant when done correctly. In fact, holiday posts are known to be some of the most sharable content out there (Neal Schaffer). We suggest getting started on creating this content today and scheduling them out to post automatically - you won't even have to worry about remembering to post them (see here to learn how!).

What has your business been doing to prepare for this year’s holiday season? Let us know in the comments below!

Written By: Leah Ross, AMR Digital Marketing, Copywriter