The holiday shopping season will be key to help close the revenue gap retailers are facing due to the global pandemic. Here are five rules suggested by Alex Czurylo, SVP, group product operations, Rakuten Advertising to help retailers find success over the holidays.
This year, retailers are looking to the 2020 holiday shopping season to close the revenue gap caused by COVID-19. Many retailers understandably have questions on what they can actually expect from consumers, given the impact of the pandemic and economic downturn on consumer spending.
According to Rakuten Advertising’s New Rules reportOpens a new window , 70% of consumers globally do not anticipate a decrease in the amount they will spend this holiday season. Compared to other regions (such as EMEA and APAC), U.S. consumers are more likely to spend the same on holiday shopping as they did in 2019. Â Even if a widespread lockdown returns, 63% would not decrease their planned holiday spend.
This research signals an opportunity for brands as we approach the busy Q4 shopping season if marketers are mindful of the new guidelines for engaging consumers in a pandemic. Let us explore five rules for retailers to reach shoppers better this holiday season.
Learn More: 4 Ways Retailers Can Bring the Joy of Holiday Shopping To Ecommerce
Rule 1: Stay Confident
Retailers should get back to the basics and continue to invest in low-risk strategies that reach and engage consumers. Revisit tried and true strategies such as paid social and paid search and expand your investments to test different formats and ad types. Tap into introducers in the form of influencers and content publishers to maximize consumer reach by meeting shoppers when they are in the discovery phase.
 Rule 2: Follow What Is Relevant
Put consumers and their needs first. Staying up to date with relevant trends can help brands humanize themselves by acknowledging that, as consumer habits evolve, so can they.
Our research found that 40% of consumers plan to change how they shop this holiday season due to health concerns. Adjust your online and in-store policies to accommodate customers no matter how they prefer to shop. Your product-level campaigns should be flexible and able to pivot if consumer demand changes and product demands – and availability – shift.
Rule 3: Have Something for Everyone
Over the past few months, retailers have experienced consumers’ rapidly changing needs. From surges in demand for yeast to sewing machinesOpens a new window , it has been difficult to predict what consumers will need and when. Traditionally, brands can be prepared when a hot item sells out (harken the Instapot). But this year, it may not be the traditionally popular trending gifts that run short; it will be hard to predict what consumers will be buying or needing. Now more than ever, the partnerships between brand and agency and brand and publisher are critical. Maintaining open communication in the form of daily check-ins will allow brands and their partners to adjust quickly.
Rule 4: Remember: Mobile Matters Just as Much
More than half of U.S. consumers (56%) who shop online for the holidays are doing so via mobile, proving that mobile is just as important as desktop. When planning your affiliate marketing strategy, be sure to integrate mobile tactics into your campaigns. Test and retest your mobile site and app to confirm everything is working correctly and that shoppers on all devices have the smoothest possible experience. Ensure you have in-app tracking, which seamlessly gives brands the ability to reward publishers for driving app installations and in-app transactions. This tracking benefits both the retailer and publisher by helping them better understand and follow mobile activity and consumer behavior.
Rule 5: Over-Communicate
Consumers want to make the most of every trip to the store; use your digital campaigns to provide vital information to shoppers. Over-communication in the form of geo-targeted advertising and paid search can alert consumers to store information, such as changes to store openings and closures, social distancing measures, or the option to book appointments.
Learn More: Increased Mobile Shopping Is Here To Stay – How Should Retailers Adapt?
For example, we saw supply chain issues during quarantine, which hampered the brands’ ability to get products shipped from overseas suppliers. To prepare for this, retailers can incorporate real-time information, such as product availability, into their affiliate campaigns to ultimately create an enhanced customer experience.
 The only predictable thing about 2020 in the retail sector is that it is unpredictable. With these five rules and the consumer data from our New Rules report, retailers can find some comfort in applying the right strategies to make the most of the holiday shopping season.