Retailers are relying on a lift from a better economy as the holiday season officially kicked off last week. They’re also looking beyond the economic data and are now figuring out ways on how to pick up sales from other retailers.
That might mean opening their stores much earlier than their rivals on the holidays or even branching out into new product categories.
According to some analysts at Bain, Amazon is likely to take more than half of this holiday season’s sales growth. Based on the September study by NPD Group, Amazon is considered the top destination for shoppers to start their holiday shopping spree.
“The retailers are in survival mode. It’s about stealing each other’s market share…Amazon is the Grinch. They’re stealing the growth.”
Marshal Cohen, chief industry analyst at NPD
Retailers are all-out to attract shoppers
There are some retailers who were using the Black Friday/Cyber Monday weekend to try out new product areas before they fully commit to it for a year.
Stores like Macy’s and Kohl’s opened Thursday evening as they tried to welcome early shoppers. Early indications are this strategy worked for them.
Meanwhile, both Walmart and Best Buy have already started expanding their exclusive toy deals to attract more shoppers.
Walmart is throwing parties in some of its stores including ones where kids can use their new toys while Best Buy launched its first toy booklet. The giant store chain also featured Barbie in its Black Friday Ad.
CEO of Bj’s Wholesale Club Chris Baldwin says that the company is offering more toys and clothes this year. And Costco this year again offered luxury brands such as Michael Kors, Coach, etc. in some of its stores.
Have you tried different products or product lines to expand your sales? Let us know in the comments section below.