{"id":3330,"date":"2023-07-17T01:48:21","date_gmt":"2023-07-17T01:48:21","guid":{"rendered":"https:\/\/new.rithum.com\/blog\/uncategorized\/navigate-the-festive-season\/"},"modified":"2023-07-17T01:48:21","modified_gmt":"2023-07-17T01:48:21","slug":"navigate-the-festive-season","status":"publish","type":"post","link":"https:\/\/www.rithum.com\/blog\/navigate-the-festive-season\/","title":{"rendered":"Navigate the Holiday Season with Confidence: Expert Tips to Drive Sales and Avoid Pitfalls"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><span style=\"font-weight: 400;\">As we enter the second half of 2023, focus on the fourth quarter is beginning to intensify.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The holiday season is coming quickly, and inadequate planning \u2014 or misplaced priorities \u2014 <\/span><i><span style=\"font-weight: 400;\">will<\/span><\/i><span style=\"font-weight: 400;\"> cost sales.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, don\u2019t launch into seasonal planning mode without addressing the three most common challenges brands and retailers face in the run up to busy holiday season:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pricing and profitability<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Marketing and advertising<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory management<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Taking concentrated actions in these three areas now will yield results in the final weeks of the year. And we\u2019re providing our recommendations, based on our decades of innovation in e-commerce, to help you get started.\u00a0<\/span><\/p>\n<h2><b>Pricing and Profitability<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Preparing to meet the expectations of increasingly savvy and selective consumers is no small feat, especially this year when price sensitivity is likely to be high. Shoppers now regularly expect free shipping\u2026 and free returns. They want to feel as though they are getting a bargain, but also that they are purchasing a high quality product. Unsatisfied or frustrated consumers who return products and\/or leave poor reviews can generate a ripple effect on profitability.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising return rates coupled with cautious consumer spending habits have begun chipping away at gains in all corners of e-commerce. Marketplace sellers especially are feeling the pinch.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">How can you reduce returns and protect profit margins? Simply slashing prices may not drive up sales to desired levels and will affect profitability. Developing keen pricing strategies based on intelligent data points can provide necessary balance in meeting pricing and profitability goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, we recommend ensuring all your product detail pages have as much information as possible, including:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dimensions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Color description<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Source materials\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Typical and suggested uses for the product<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clear images that present the product from all angles<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.rithum.com\/solutions\/product-feed-management\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimized content<\/span><\/a><span style=\"font-weight: 400;\"> that consistently appears across all your selling channels builds confidence in your product before purchase and reduces the chances it\u2019ll be sent back. In addition, setting up <\/span><a href=\"https:\/\/www.rithum.com\/resources\/library-webinars\/pricing-on-marketplaces-the-definitive-guide\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">dynamic pricing strategies<\/span><\/a><span style=\"font-weight: 400;\"> can maximize your profit margins while keeping you in compliance with any pricing agreements you have in place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to drive growth through new channels, product or markets this holiday season striking the right balance in pricing and profitability is critical to success. How can you set a healthy pricing momentum when planning expansions? To preserve your efforts to maintain stable profit margins, we recommend that you:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify and focus on marketplaces with lower return rates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider a hybrid selling approach that includes both first party and third party<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Look at costs associated with each selling model, such as listing, returns, logisitics and storage fees \u2014 these can add up quickly and affect profitability\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>Marketing and Advertising<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Consumers are inundated with ads and promotions in the lead up to the holidays. Although advertising is essential at this time of year, it\u2019s incredibly difficult to stand out from the crowd based on traditional tactics alone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key lies in finding ready-to-buy shoppers who are already searching for and interested in your products. A centralized approach to digital marketing can yield cross-channel insights into finding those consumers through paid search and shopping. And retail media, <\/span><a href=\"https:\/\/www.rithum.com\/resources\/library-webinars\/retail-media-strategies-for-the-data-driven-seller\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">when strategically implemented<\/span><\/a><span style=\"font-weight: 400;\">, can yield tremendous benefits in meeting ROAS goals and boosting visibility and sales.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">How can you efficiently use <\/span><a href=\"https:\/\/www.rithum.com\/solutions\/retail-media\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">retail media<\/span><\/a><span style=\"font-weight: 400;\"> to your greatest advantage? We recommend focusing on five elements in your campaigns:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimizing content<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Smart audience targeting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Segmenting your catalogue<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automating your campaign<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Testing (and more testing!)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">We\u2019ve found the most successful retail media endeavors harvest keywords to strengthen search results, employ brand protection tactics, acquire new customers and, ultimately, conquer the competition. And managing retail media campaigns from one centralized platform that is monitoring marketplace listings, inventory levels and other digital marketing campaigns can amplify efficiency (for example, you avoid wasting ad spend on products that have gone out of stock).\u00a0\u00a0<\/span><\/p>\n<h2><b>Inventory Management<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">New challenges are appearing for brands and retailers in inventory management. Storage costs keep rising, ongoing economic uncertainties and inflation-related pressures on consumers\u2019 wallets have led to inventory challenges for many sellers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tackling the first two challenges (pricing\/profitability and marketing\/advertising) head-on can provide some relief in the struggle to move products. In addition, we recommend developing:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Techniques to avoid excess inventory (we have suggestions for <\/span><a href=\"https:\/\/www.rithum.com\/blog\/industry-trends\/how-brands-can-reduce-and-avoid-excess-inventory-in-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">brands<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.rithum.com\/blog\/industry-trends\/how-online-retailers-can-eliminate-excess-inventory\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">retailers<\/span><\/a><span style=\"font-weight: 400;\">)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong product selection strategies that, among other goals, ensure poorly performing products are removed<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automation and procedures that focus on <\/span><a href=\"https:\/\/www.rithum.com\/solutions\/inventory-data-management\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">synchronizing and maintaining inventory levels<\/span><\/a><span style=\"font-weight: 400;\"> across channels<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Action plans to execute when excess inventory thresholds are crossed<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking for professional support to sharpen your strategies before the busy festive season arrives, the experts at Rithum would love to help! Our <\/span><a href=\"https:\/\/www.rithum.com\/services\/managed-services\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Managed Services<\/span><\/a><span style=\"font-weight: 400;\"> team works with brands and retailers to plan for seasonal variations and challenges, expand into new channels, streamline operations and provide advice and guidance on ensuring profitability. <\/span><a href=\"https:\/\/www.rithum.com\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Contact us<\/span><\/a><span style=\"font-weight: 400;\"> to learn more.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>As we enter the second half of 2023, focus on the fourth quarter is beginning to intensify.\u00a0 The holiday season is coming quickly, and inadequate planning \u2014 or misplaced priorities \u2014 will cost sales. However, don\u2019t launch into seasonal planning mode without addressing the three most common challenges brands and retailers face in the run [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[356,366,354,358],"tags":[408,409,410],"coauthors":[],"class_list":["post-3330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brands","category-digital-marketing","category-industry-trends","category-marketplaces","tag-advertising","tag-christmas-shopping","tag-marketing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Navigate the Holiday Season with Confidence: Expert Tips to Drive Sales and Avoid Pitfalls | Rithum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rithum.com\/blog\/navigate-the-festive-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Navigate the Holiday Season with Confidence: Expert Tips to Drive Sales and Avoid Pitfalls\" \/>\n<meta property=\"og:description\" content=\"Reading Time:  3 minutesAs we enter the second half of 2023, focus on the fourth quarter is beginning to intensify.\u00a0 The holiday season is coming quickly, and inadequate planning \u2014 or misplaced priorities \u2014 will cost sales. 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