Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Better known as EY, the company recently projected a 3.5 percent growth in Canadian retail sales this holiday season. However, they encourage business owners to not make any assumptions about the sales spikes. They believe that, over the next several weeks, it will be important for store owners to put effort into compelling consumers to do their holiday shopping in their stores.
As recently reported by Newswire.ca, EY recommends that retailers deliver excellent customer experiences in order to elicit both boosts in sales and long-term loyalty. They advise the utilization of mobile technology as a way to draw in customers. Developing an app, for example, “can be an excellent tool to consider in the future for retailers looking for opportunities to engage and interact with shoppers,” says the website.
Daniel Baer is a partner of EY and the National Retail and Consumer Products Leader. “Consumers are seeking convenience, customized offerings and convergence – the new three Cs of retail,” he is quoted as saying, “This means retailers must make shopping easy by offering multiple ways to buy and return products. At the same time, retailers can\’t forget about compelling offers to encourage consumers to visit their physical locations, not just online stores.”
Newswire.ca goes on to explain that “lower gas prices, less cross-border shopping, the federal middle class tax cut and moderately resilient consumer confidence are all expected to benefit Canadian retailers this holiday season…As for gift popularity, clothing, toys, electronics, jewellery and gift cards will remain Canadians\’ top choices.” Noticeably, the site mentions a very important fact about holiday shopping in Canada.
Gift cards are widely popular all year round, but they continue to be among the most highly-sought after holiday gifts. Gift cards make life easy for both the purchaser and the recipient. Without having to worry about such details as size, colour and style, a shopper can pick up a gift card for a loved one and know that it will be the perfect gift. Of course, recipients get to buy whatever it is they want with the gift cards they receive.
Newswire.ca points out that gift cards aren’t just used to buy products. They are also widely used for experiences. “As millennials and Gen Z exert their influence, gift cards will increasingly be for services and experiences (restaurants, shows, spas, etc.) as opposed to products,” details Newswire.ca, “Gifts promoting healthy living and personal care will also see an increase in popularity.”
At Canadian POS Corporation, we offer Canadian business owners opportunities to take advantage of the ever-growing popularity of gift cards. And even though our gift cards have encouraged repeat business, attracted new customers and boosted sales for our clients all year round, this is certainly the best time of year to begin taking advantage of them if you haven’t yet!