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Back To School Tips For Retailers

The back-to-school season can be both a blessing and a curse to retail establishments. On the bright side, the National Retail Foundation claims that it is the second largest shopping season of the year, with only the winter holiday season topping it in consumer spending. The NRF estimates that consumers will spend approximately $68 billion between back-to-school and college shopping in 2015. There is plenty of money to go around, but ensuring that your business receives this money from customers is not as easy as it sounds.

The drawback of this shopping season is that the retail industry is the most competitive it has ever been when it comes to this time of year. According to Experian Marketing Services, roughly twenty-seven percent of businesses begin their back-to-school marketing activities in May. Additionally, according to the NRF, thirty-seven percent of back-to-school shoppers conduct research and shop online. Customers have significantly increased their utilization of mobile and tablet devices to do extensive research of products as well as performing price comparisons, investigating information on retailers, taking advantage of coupons and making purchases.

These staggering statistics clearly show that the modern consumer is abundantly educated in shopping for bargains, adding to the competition amongst retailers. They also dictate that retailers need to do their homework when it comes to marketing for this busy time of year. According to PM Digital's annual "Back To School Study," close to fifty percent of consumers begin online shopping in preparation for school three to four weeks prior to the first day of school, while around 31 percent get started two months prior.  Back-to-school season represents opportunities for major earning across multiple industries within the retail landscape, including school supplies, electronics, apparel, accessories and even home furnishings for those involved in dorm living.

It is anticipated by the NRF that the average family with children in grades K-12 will spend about $630 on back-to-school shopping and college shoppers will spend approximately $899 on average. It has also been indicated that the older the student, the more that will be spent on them. There are several suggestions that can lead to increased profits for businesses during this significant shopping season. Always remember that although parents are spending the money for the majority of items, children are your main target in marketing these products. In today’s marketplace, children are increasingly going online and utilizing social media to find out what the hottest trends are in back-to-school clothes, accessories and supplies. Social media is an extremely important aspect of all businesses in the modern world and it is vital that you take advantage of these tools.

One way to benefit from this platform is to produce attractive back-to-school images and launch them on social networks such as Facebook, Twitter, Pinterest and Instagram. Creating contests that invite your fans to share user-generated content, such as selfies with your merchandise, is another way to entice customers to buy more of your products, as it provides them with an extra incentive to do so. Further emphasizing the importance of establishing a strong online presence, the Rubicon Project Consumer Pulse, which is a nationwide survey of 1,000 parents, indicated that close to half of all parents now spend more time online than they do in front of the television. Also according to the survey, parents are best reached through the internet during the mid-morning and evening browsing times. More than half of all parents surveyed watch multiple online videos weekly and about a quarter watch multiple videos daily.

Additionally, the study demonstrated that digital ads can have a substantial impact on their purchasing decisions, evidenced by the fact that 2 out of 10 parents have made purchases in the past week based on one of these ads.    Another important factor to keep in mind is that the majority of parents shopping for school supplies base their decision of where they shop, what they purchase and when they make their purchases on discounts and deals. A large part of the reason that many parents start looking for back-to-school items early is that they are searching for the best deals they can find. It is also essential that retailers think outside the box when approaching the whole process.

Remember that a number of school districts ask parents to purchase school supplies throughout the year. It is also important to realize that not all supplies needed are of the obvious variety, so setting up displays with an assortment of other products is always a good idea. In addition to the usual items, there is an ever-growing need for products such as hand sanitizers.

 

Although the numbers dictate that it is imperative to get your marketing campaign started early, there is also a growing trend of procrastinators according to the NRF. Their back-to-school survey data indicates that thirty percent of shoppers will wait until a week or two before school starts to begin shopping, which has risen from twenty-five percent in last year’s survey. A lot of people are waiting for those last minute deals, allowing for retailers to sell off their excess inventory. This is certainly one of the largest growing segments of the retail year, but it is crucial to stay ahead of the curve if you want to be one of the true beneficiaries of this trend. Businesses must do everything within their power to keep up with the competition as well as the evolution of the digital age in order to fully experience the prosperity this time of year offers.