How Will Covid-19 Impact Christmas Trading?
The holiday season is undoubtedly a paramount time in the retail industry. In 2019, the overall holiday retail sales saw a 3.4% jump while online sales increased by 18.8% compared to 2018.
However, the COVID-19 pandemic could exacerbate Christmas sales for 2020. In our latest webinar, Sarah Johnson, the former Head of Merchandising at Asos, shared that while the pandemic will inevitably sever the disposable income of consumers, demands may still be present come Christmas.
Download our report to learn more about the pandemic’s impact on the fashion retail industry and how to optimise data-driven insights to weather the storm.
Travel bans and lockdowns have restricted many from meeting loved ones, possibly contributing to a heightened festive sentiment during Christmas. As a result, retailers must be well-prepared for the upward trajectory once consumer demands revert.
When planning for this year’s Christmas strategy, retailers must:
- Keep a close eye on the current market landscape. The uncertainty of the retail landscape has rendered historical data obsolete. Keeping track of real-time data to decipher trend movements once consumer spending regains momentum helps retailers stay one step ahead.
- Analyse competitors’ merchandising and promotional strategies. More retailers will want to have their fair share when consumers start to purchase again. Optimising retail data to remain competitive will be vital in order to gain an advantage over the saturated market.
To gain more industry insights of the best merchandising practices for crisis mitigation and beyond, watch our latest webinar featuring the CEO of Omnilytics, Kendrick Wong, and Founder of Flourish Retail, ex-Head of Merchandising and Head of China at Asos, Sarah Johnson.
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