How Merchants Can Prepare for the Holiday Rush
The holidays are almost here, which means shoppers are hitting the stores and placing their orders online. This year is expected to be one for the books in terms of holiday spending. After all, consumers want to make up for last year’s more muted pandemic celebrations. According to a survey of consumers conducted by payments company Fiserv, 26% plan to increase their holiday budgets this year. The majority, 64%, expect to do their shopping in stores. All that demand is coming at the same time supply-chain delays are making it hard for merchants to stock shelves. In this video Donna Fuscaldo, a senior finance writer with business.com, interviews Tom Niedbalski, Vice President of Gift Solutions at Fiserv, about the trends the payment company is seeing this holiday season and how small business owners can capitalize.
Time Stamps
0:00 Donna Fuscaldo of business.com introduces Tom Niedbalski of Fiserv.
1:20 With inventory low for retailers big and small, gift cards are expected to be a hot gift item this holiday season.
3:23 It is critical for small merchants to promote their gift cards online as well as in stores, explains Niedbalski.
5:16 It may be too late for most merchants to get a gift card program up and running in time for the holidays, but Valentine’s Day, Easter, other holidays are just around the corner.
7:26 To handle the holiday rush merchants have to create a safe and speedy way for consumers to shop.
10:15 Merchants should expect to see high gift card redemptions in the weeks after the holidays, which may be bad news if inventory is depleted, explains Niedbalski.
12:20 To prepare for the holiday rush, merchants have to try to hire as much staff as possible to prevent customers from getting frustrated.
16:34 To make this holiday a success, merchants need to be patient with their customers, vendors, and suppliers, Niedbalski said.
17:43 Fuscaldo thanks Niedbalski for chatting with business.com
The supply chain is a mess, demand is surging, and worker shortages are severe. Small merchants are left struggling to meet the demand. If you are among the merchants with a branded gift card, you are in the clear. If you aren’t, there are still ways to make the most out of this holiday season. Tom Niedbalski of Fiserv explains how in this video interview with business.com’s Donna Fuscaldo.
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