How to Overcome The Post-Holiday Retail Slump

It’s an all too familiar feeling when business owners recognize the post-holiday retail slump has set in. It’s natural after all, with dreary weather in many parts of the country, and expendable income depleted after the holidays.

After the rush and excitement of the holidays, how do retail shops continue to bring in customers during the slow months of January and February? We have a few ideas ūüėČ

Launch new products

Hopefully you saw a great holiday shopping rush at your business, and with that, could possibly now be low on stock of some of your top sellers. Make a small but useful tweak on a best selling item and re-launch it. This drives desire, and shows your customers you are constantly innovating. Like we see with new releases of phones all the time, once there is a new and improved version of something, people will start eyeing that one and being less into their current model.

Product launches don’t have to just be updates on a current product. The new year is a great time to start a fresh new line of products. Think of the new year trends, such as staying fit, and see how that can fit into your business. Create a new “outdoors” bundle, a “healthy” product, or a “wellness” related item.

Initiate unique collaborations

Not every business will be able to churn out a new product with short notice; another business-generating option is a collaboration. Consider other brands who would mesh well with yours and reach out to see if they want to join forces. Think outside the box. They don’t have to be in your same sector, for example the Arizona Iced Tea x Adidas sneakers collaboration. The of course could be though, like the beloved Taco Bell Doritos Locos Tacos.

Especially during these slower months many brands will be open to creative new ideas to drum up business. Host a social giveaway, create a joint product, or promote a good cause. Collaborations expand your audience reach to new markets, and also bring together your mutual fans. They can be a great way to show your customers that you understand them and share and appreciate their other interests.

Host exclusive pop-ups

Today customers are all about experience. Whether that is the usability of your website, their engagement with your social media, or the vibe of your store, customers want to get more out of a purchase than a simple transaction. They want to interact with the brand and feel the brand identity shine through every touch point.

Exclusive pop-ups are a great way to lure and captivate new customers. Throw a flashy event that draws customers into your store. Or record a podcast with a well-known authoritative figure (could be someone from your town), and give access only to your clients. Remember, if you go the in-person route, make sure you stay safe and keep your customers happy with a wait list tool like FlexBooker Pro, or create bookable time slots through FlexBooker.

Conduct sales

Did you stock up for the holidays but not run through all of your inventory? If so, nice timing, because January and February are a great time to announce sales. Customers might be less enthused about spending money after the holidays, but many people are suckers for good deals. And we’ve come to expect post-holiday retail sales so some people will even save up for them. What better way to spend that little bit of holiday cash from grandma than on a great deal!

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