Plenty of people love getting a head start on crossing names off their holiday gift lists, but a significant fraction of consumers hold out as long as possible in hopes of finding the very best deals or they tend to procrastinate. Last year, another factor influenced a spike in last-minute shoppers: inflation. This year, it remains to be seen whether people have ample budgets to do all of their shopping early, but retailers should be prepared to accommodate last-minute shoppers and capture their wallet share.
Sales partners can help their accounts meet these three consumer demands and maximize their revenues late in Q4.
Choice.
It’s essential for merchants to expand beyond the basics like credit and debit cards, and offer popular alternative payment options.
Contactless payments such as Tap to Pay on iPhone and digital wallets are appealing as the fastest option to get in and out of a physical store.
ACH payments are rising because some last-minute shoppers like to have purchases immediately withdrawn from their bank accounts, free from worry about credit card fees. For merchants, they’re fast and have a better chance of clearing than other payment types.
Giving customers these options could spell the difference between capturing sales and having customers choose a competitor that offers payment choices.
Time.
Last-minute shoppers are in a battle against time. For 33% of these consumers, the decision of where to shop is a simple matter of which merchant offers the delivery speed they need.
While buy-online, pickup-in-store (BOPIS) has become popular among shoppers who make purchases earlier in the season. But later in Q4, people won’t risk home delivery, making in-store retrieval the safer bet. Recent holiday shoppers have shown a strong preference for online ordering with store-based fulfillment; last year more than three-quarters of people planned to use BOPIS during the year-end period. Furthermore, not only does BOPIS drive under-the-wire sales, but it could also generate nearly $28 billion in spend from people picking up additional items when they’re in store to pick up their orders.
Convenience.
Last-minute shoppers don’t have time to waste. They’re looking for the quickest, most convenient solutions to make the most of the hours or maybe just minutes they plan to shop in store. Retailers who utilize self-service kiosks and line-busting mobile POS can make shopping journeys easier and more convenient. Kiosks are great for handling a variety of simple tasks, from self-checkout, to product look-up and price checks. Additionally, sales associates with handheld POS solve overcrowded checkout queues, getting shoppers off to their next destination faster.
Another way to make shopping more convenient is to meet shoppers where they are. Social platforms like TikTok, Instagram, and Pinterest help merchants capture crucial sales right at the point of inspiration. Shoppable posts and videos that seamlessly link to the products they promote encourage customers to seize the moment or risk missing out.
Last-minute sales benefit everyone.
It’s no secret that year-end sales can decide whether merchants end up in the red or in the black. And last-minute shoppers who have great experiences will be motivated to reward retailers with future business after the holiday season. Equipping merchants to serve last-minute shoppers not only empowers them to drive up profits but it also helps you grow a strong base of satisfied business owners.
To learn more about payment solutions that can position your clients for success, contact us.
