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:

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