Retailers are plenty busy as Valentine’s Day approaches. For many it is considered a big shopping day that generates the most revenue and many are seeing a shift in how their customers are shopping for the day of love and what they are purchasing.
The National Retail Federation is predicting that consumers will spend a total of $1.7 billion for Valentine’s Day, with 21.1% planning to buy jewelry for a total of $4.8 billion. Additionally, 37.8% will buy flowers, spending a total of $2.1 billion, and other consumers will spend $2 billion on clothing and $1.5 billion on gift cards. Average spending on items will be $87.94, which is up from $78.09 in 2014.
Vermont Teddy Bear said it’s seeing a significant shift in traffic coming from mobile devices. Customers are shopping for such popular items like the “Christian Grey Bear” from the upcoming Fifty Shades of Grey movie (opening on Valentine’s Day..obviously) or the “Zombie Bear” on their mobile devices.
Retailers are encouraging customer conversions over all channels, especially mobile. Retailers are forming strategies that will have consumers falling in love with their brands days leading up to Valentine’s Day.
Satya Ganni of MartMobi tells us that more than 40% of gifts for Valentine’s Day will be purchased on mobile. Online retailers will need to be ready for the huge traffic that is expected from mobile devices and they are expected to provide a compelling mobile experience that converts traffic into sales.
When it comes to email this Valentine’s Day, Jim Davidson of Bronto Software suggests retailers take the time to share love in the inbox. He is encouraging retailers to take the time to think about how they can use this slow time of the year to increase long-term engagement and strengthen brand loyalty.
I came across an infographic by Nextopia recently which not only provided some statistics about how well retailers did on Valentine’s Day in 2014 and 2013, but they also provided some tips on how retailers can make the most of this holiday.
Here are some examples – email consumers, guarantee shipping before February 11, drive traffic to the website with blog posts, add romantic flare to your online shop and offer free gift wrapping. These are all useful ways that will offer retailers the most revenue.