5 Strategies for Retailers Navigating Peak Trading Season

Each year of the pandemic presented unique challenges to retailers and brands, especially during peak trading seasons. Things went from entirely digital to cautiously hybrid to comfortably hybrid, only for supply chain slowdowns and resource shortages caused by the pandemic’s early days to finally catch up to our present.

These mounting challenges are all falling into place during 2022’s peak trading season. Consumers are now shopping in-person with the same big expectations that endeared them to pandemic-era digital experiences. High shopper expectations and unpredictable product availability are putting the pressure on retailers. The following are five strategies that retailers and brands can deploy and continually return to as guiding principles for this season and the new year.

Transparency is key
So many factors are out of retailers’ control. Honesty is the best policy. Customers have demonstrated that they want clear, no-nonsense communication around these issues, even if it means disappointing news. Brands need to be transparent with their customers about restocks, delivery times, sale times, and current product availability. This sets expectations with customers for any delays or out-of-stocks items. Avoid the mistake of over-promising and under-delivering. Transparency also fosters customer loyalty and trust. Even if a customer might not be able to get exactly what they want right away, they can trust that they’re getting accurate information. That is pivotal to keeping them tuned in for future purchases.

Expect and prepare for a lot of returns
As with the past few years, returns are going to be a major factor this season. Size mismatches and changes of heart are inevitable for many kinds of products. The pandemic-era digital shopper has come to expect pandemic-era flexibility on returns, and making it free is highly preferred. Retailers and brands should adjust and refine their return policies to fit the typical return data of their customer base. On the surface, this might seem like an additional cost, but the customer will remember the wonderfully easy return experience. Making their lives easier increases the likelihood that they will trust your brand enough to come back after making a return. Brands should focus on making the customer’s experience as simple and pain-free as possible.

Plan for stock volatility
It can’t be emphasized enough how much retailers need to prep for their stock to shift radically. retailers and brands should be doing everything they can to ensure all potential substitute items are easily found or recommended to customers. The worst possible scenario is that customers hit a “dead end” in their search. Technology like semantic vector search can ensure that customers always receive relevant results, even when the exact product they searched for is not in stock. Many customers will leave the website if something is out of stock. Give them viable options and recommendations to keep them on the site and buying. .

Look at customer buying signals for hints
Signals are all the little actions that customers take on a brand’s website. This can include how they initially arrive at the website, where they navigate from the landing page, and which products they most frequently browse and purchase. When brands plan for inventory volatility, looking at buying signals is incredibly informative. These signals point retailers to what matters most to their shoppers. If it is a specific product they’re after, sales can launch special promotions. If the signals indicate that customers are searching for more product or usage information, brands can develop relevant content that’s easy for customers to find.

Refine your search strategy
Research shows that usage of onsite search has more than doubled from 13% to 30% of website users in the past quarter of this year. The average shopper takes search technology for granted. They aren’t thinking about what goes into typing the words into a search bar and seeing immediate, relevant results. It just has to work. Brands and retailers should see their search strategy as a key pillar in helping customers find what they want.

These strategies work during peak trading season, and they go far beyond as well. Communicate and support customers on all fronts to create a sense of meaning and connection and build a strong foundation for the following year.

Learn more about how Lucidworks solutions can support your peak trading season strategy and beyond by requesting a demo.