In the aftermath of the bustling annual shopping days of Black Friday, Small-Business Saturday, and Cyber Monday, entrepreneurs are encouraged to continue the upward momentum that was generated this past weekend. If the days following Thanksgiving 2023 were not as gainful as you had hoped for your SME, we invite you to regroup, recalculate, and prepare for the outstanding holiday shopping that has yet to occur for the season. Growing profits during these peak months of capital consumption could make going global a possibility in the new year for women entrepreneurs who are not yet exporting.
Jia Wertz dissects this subject in her Forbes article, “Strategies For Maximizing Holiday Profits And Preventing Costly Returns.” She notes the economic significance that the holidays hold each year, by citing the following statistic, “The global gift market was valued at $62 billion in 2019. With an annual growth rate of 2%, it is projected to reach $68.45 billion by 2024.” One of the first recommendations she shares for capitalizing on this pivotal moment is to rebrand the products that are available throughout the year to be specific to the holiday season. Wertz suggests that entrepreneurs, “Tap into the holiday spirit with holiday-themed campaigns to build excitement, increase engagement, and connect with your audience on a deeper level.”
Two additional ideas Wertz presents are the importance of optimizing the shopper’s experience and setting your store up for success with an internet contingency plan. One of her most profound tips centers around the idea that a customer returning a purchase they made can be an opportunity to put your company’s best foot forward and make an impressionable positive impact on their consumer experience even though they did not keep the said item. Having an efficient plan for product returns is key here, and Wertz quotes Gaurav Saran, Founder, and CEO of ReverseLogix, for input,
“A return isn’t inherently bad; retailers can view it as an opportunity to engage a customer and make the return faster and easier than expected. Prove to them that no matter how they interact with your brand, it will be fast, easy, and satisfying.”
The mindset that any engagement with your business can be a chance to garner good faith and a loyal following is the mindset of a successful global entrepreneur. Happy Selling, wegg® community!