Welcome to the era of the eternal discount. Consumer behavior has evolved, and the modern customer expects prompt customer service, competitive pricing, and unique brand experiences at every touchpoint.
How does the modern customer fit into the century-old Black Friday formula? The numbers speak for themselves. 35% of consumers plan to shop on Black Friday this year, down from 51% in 2016 and 59% the year before, reports The Washington Post. However, holiday retail sales are expected to top $682 billion this year, a 4% increase YoY, according to the National Retail Federation (NRF).
Seasonality continues to be a large driver of annual revenue for retailers but maintaining customer relationships is getting harder. According to Brenna Johnson, Senior Principal Product Manager for Oracle Commerce Cloud, “Holiday” has evolved in to a season of rolling discounts and events, with major retailers setting the pace. Here are 3 brands that are innovating their CX strategy to capture the modern customer this holiday shopping season.
— Target News (@TargetNews) October 23, 2017
Target: The massive discount store is responding to feedback from customers this holiday shopping season with an omnichannel strategy. Target executives say they’re streamlining efforts this holiday season, according to Fortune – Target will offer free shipping again with no order minimum from November 1 through December 23, and 75% of Target’s retail footprint is equipped to handle online fulfillment this year, making a 48-hour delivery window possible.
With one of the more bright and shiny new ecommerce initiatives this year, GiftNow, Target aims to make your hard-to-shop-for list a piece of cake. The gifting option on the Target website gives the recipient the luxury of changing color, options, and even choosing something different before it is shipped – an innovative way to attempt to decrease merchandise returns in 2018.
Nordstrom: The 116-year-old retailer is beefing up its CX strategy with an increased holiday hiring surge. Nasdaq reports that Nordstrom, Inc. will hire nearly 13,650 workers to handle the seasonal months, higher than the 11,400 last year. According to Bloomberg, in addition to staffing retail locations, Nordstrom is looking to support ecommerce operations with an increase in distribution staff. The retailer is also rolling out mobile checkout via an app. Nordstrom President Karen McKibbin said, “We’re doubled down on speed and experience. We really see it as complementary.”
— Kohl’s (@Kohls) November 1, 2017
Kohl’s: The retail chain is extending its popular “$15 for $50” Kohl’s Cash promotion in hopes of drawing more foot traffic this Black Friday. According to CNBC, Kohl’s will run the “$15 for $50” promotion November 20 through November 25 – a full week of Black Friday savings this year compared to just one weekend in 2016. “We’re issuing more Kohl’s Cash than ever before,” Chief Merchandising and Customer Officer Michelle Gass said. Kohl’s is also partnering with Twitter to create a Kohl’s Cash emoji that will appear when users tweet #KohlsCash.
Take a look at the video below to see how New Yorkers are doing their holiday shopping and check back with SmarterCX.com for more customer experience holiday trends and insights.