7 Tips Every Retailer Needs to Survive the Holidays

November 15, 2016

The holiday shopping season is almost here.

It’s a crucial time for many retailers, which is why preparation is a must. We’ve compiled several tips to help you prepare for holiday shoppers.

Staff Appropriately

Customer service is key. Especially now. That’s why it’s important to have enough staff to serve holiday shoppers. According to an Accenture Canada Holiday Shopping survey, 65 per cent of shoppers said they would abandon their purchase rather than wait more than 10 minutes in line.   When are shopping lines the worst? Well, we see spending increases around Black Friday, Dec. 23 and Boxing Day.

So how can you make sure your business is ready? Review past sales data to see if our trends align with yours. Then consider hiring extra staff to serve your customers on the days you’ll need it most. 

Offer Contactless Payments

Did you know that more than half of Canadians prefer the convenience of tap and pay? The number rises to 67 per cent among 18 to 34-year-olds. Offering contactless payments for purchases under $100 gets your customers in and out faster. With no PIN to enter, signature required or change to count, contactless payments are fast and secure. Imagine being able to process more sales because it takes less time for each transaction. That's possible with contactless payments. 

More Canadians – especially younger ones – are tapping their cards to pay as opposed to inserting them into payment terminals. We’ve seen the number of contactless transactions more than double this year, which is a strong indication that mobile payments are going to see a huge lift.”

Rob Cameron, Chief Product Officer at Moneris

Canadians are also using their smartphones to tap and pay. In May 2016, Apple Pay expanded to all of Canada’s major banks. Apple Pay, as well as other mobile payments app like RBC Wallet, uses the same contactless technology to process a payment. Any terminal that accepts contactless debit and credit card payments can accept mobile payments. So let your customer pay how they want just about anywhere.

Bring the Register to Them

One of the biggest pain points for shoppers is waiting in long lines. So why not bring the register and payment terminal to your customers? It’s called line busting and it means empowering sales staff to complete checkouts from anywhere in your store – not just the checkout counter.

What do you need to do? Arm your staff with a wireless payment terminal and have them ring up customers who are ready to pay. You may be able to shrink your lineups and limit the number of customers abandoning their purchases because they don’t want to wait. (Moneris customers can contact our sales team at 1-844-804-8002 to take advantage of our Black Friday Offer. We’ll waive our rental fee for one month when your order an additional terminal before the holidays*)

Know Your Inventory

What happens when a shopper can’t find the item they’re looking for? More than half will buy from another retailer or not buy at all. Stock up on popular items by reviewing past sales data. Speak with your vendors before the holidays to confirm shipping times and product availability, especially those products that are popular with your customers. Lastly, make sure your warehouse and/or stock rooms can handle the extra volume and rent additional space if needed. 

Be Available Everywhere with Ecommerce

Online shopping continues to grow, with Canada Post reporting that 76% of Canadian households now shop online. It’s never been easier to build and run an ecommerce store and accept online payments. And there’s still time to get set up! Moneris provides several ecommerce payment solutions and our partnership with Shopify has made it easier for retailers to build an ecommerce store.

Make it Easy for Tourists to Pay

Foreign spending in Canada grew during the summer months, with the United States claiming the top spot. That trend may continue as Americans head north of the border for their holiday shopping. Business near the border may want to offer American customers the option to pay in their own currency at the checkout. The technology is called Dynamic Currency Conversion and it allows customers to see exactly what they’ll pay in their own currency, which can reduce confusion and charge backs due to unrecognized amounts. 

 

Give the Gift of Choice

Last year, the average consumer purchased at least two gift cards during the holidays. Canadians spend $6 billion on gift cards every year and more than half of us have either purchased or received a gift card in the past year. Gift cards are also great for your business as shoppers often spend more than the card’s face value. Offering gift cards during the season of giving just makes sense. At Moneris, we make it easy for businesses to set up their own custom gift card program.

Check out some of the highlights:

  • Customize your cards: Create your own design or choose from one of our unique card designs. Not a designer? We can help
  • Small order quantities: No more massive orders. Our minimum order is only 200, allowing businesses large and small to benefit from this program
  • Fast delivery: Get your customer designed gift cards within one week**
  • Simple and seamless: Works on your existing Moneris POS terminal so you don’t have to add any equipment

Be Payment Ready this Holiday Season

Preparing your store for the holiday-shopping season is important to your business’s success. It can mean the difference between angry and annoyed shoppers or loyal and satisfied customers. Make sure your business is payment ready for the busiest shopping days of the year. Make things simple and seamless by giving your customers the greatest gift of all – time. 

Good luck!

 


The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.

*-Black Friday Offer. Get your rental fee waived for 1 month when you order an additional terminal*.

**-Maximum delivery time of one week from date artwork approval is received. Must provide a valid address and be available to sign for package containing Gift Card order. Orders with non-standard card printing specifications or exceeding 5,000 Gift Cards may require additional time. 

 

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