Unwrapping the Golden Quarter: A holiday guide
With the end of summer comes the all-important transition to autumn and winter for online retailers, and with it the start of what has become known as the ‘Golden Quarter’ – a time when large uplifts in retail site visitors and revenue can occur due to known sales periods such as Black Friday, Cyber Monday, and the Christmas period. Spanning October to December, the Golden Quarter has never been more important to retail businesses.
Now, more than ever, customers expect a seamless, omnichannel experience when they’re doing their seasonal shopping. Gone are the days when just maintaining a well-stocked physical store was enough to get you through the festive season; if anything, now it’s the opposite way around. For well over a decade now – and accelerated by the changes in shopping habits spurred by the pandemic of 2020 – more and more shopping is done online as opposed to in person. To maximise seasonal success, retailers need to ensure both their physical stores and online versions need to carry the same messaging and deliver the same positive experience for customers. If you’re not sure how to get started, fear not – the resources to follow should help!
What does the Golden Quarter mean for retailers?
The Golden Quarter is a time of great opportunity for retailers, representing by far the busiest period of the year and therefore the biggest potential for new sales, revenue, and ideally repeat customers, leading to sustainable business growth.The drawback is that the consequences of failure are also far higher – beyond the immediate opportunity cost, increased traffic means a greater negative brand impact if customer experiences are disappointing – for example, if failed deliveries or cumbersome checkout experiences cause consumer discontent.
Previously, retailers would tend to put most of their focus on the December peak season or Christmas period, with the expectation that this period would be by far the busiest time of year for retail traffic. While this is still the case, the growing popularity of online shopping and increased awareness of the previously US-specific sales, Black Friday and Cyber Monday, has caused a pattern of increased spending across the entire fourth quarter. The concept of the Golden Quarter reflects a general trend towards preparing further in advance for the busy end of year, a prudent strategy given research showing 29% of UK consumers will plan for winter holidays at least a month in advance.
With advanced consumer planning comes increased expectations on retailers and supply chains to ensure every aspect of their online sales experience meets the increased demand. To help you meet the challenge, we’ve put together a comprehensive guide to the Golden Quarter 2024. From the cost-of-living crisis and rising interest rates to the increasing discernment of consumers with regards to digital purchasing experiences, there’s a lot to consider in your planning process this year. But we’re here to help! Read on to ensure your business is ready for Black Friday and beyond, from checkout to delivery optimisation through to database management and address validation.
Ready to optimise your operations for the peak season? Speak to your account manager or product specialist today to get started.