Father’s Day is less of an event than Mother’s Day, but it still presents ample opportunity for a turnover boost, especially for retailers that are willing to offer options beyond socks, biltong gift packs, braai accessories and golf equipment.
According to the Bureau of Market Research, the Father's Day period in 2022 will generate around R3.7 billion rand in retail spending, with general grocers, foods & beverages stores and clothing and footwear retailers emerging as the biggest winners.
“While it is true that people spend less on Father’s Day than on Mother’s Day, there is a noteworthy bump in sales,” says Steven Heilbron, CEO of Capital Connect, which provides business funding solutions that enables retailers to outthink, outsmart and thrive. “Retailers and hospitality establishments that are willing to offer something different, will benefit.”
Heilbron offers the following tips for retailers and businesses in adjacent sectors to benefit from consumer spending over busy retail periods such as Father’s Day:
Cater for changing roles: The belief persists that it is more difficult and more expensive to buy gifts for men than for women. A bunch of flowers and a box of chocolates for a guy, will often not tick the box. However, in considering their options, retailers should bear in mind that traditional roles and expectations are shifting. For example, in a growing number of households men are the primary or only care-givers, and would arguably appreciate a convenience or time-saving gift, such as a voucher for a week’s worth of home-cooked meal deliveries.
Leverage the long weekend: This year, Father’s Day falls on the Sunday following Youth Day, and it can be expected that a fair number of families will take the Friday off to convert the public holiday into a long weekend. This creates an opportunity to package products, services and experiences into thoughtful and creative gifts.
Offer great in-venue experiences: Father’s Day is a big day for dining out, which means foot traffic through shopping centres and at outdoor venues. This creates opportunities for interactive store displays or expert demonstrations of outdoor equipment or activities, such as camping gear or sporting goods.
Respond to realities: With the Covid-19 pandemic still as a reality, some consumers still choose to stay away from indoor venues, despite the winter weather. Retailers will therefore do well to focus on home deliveries, click-and-collect and e-commerce offers specifically designed for Father’s Day.
Give your store a facelift: Many retailers have delayed renovating their stores due to slower foot traffic and disrupted cash flows during the pandemic. Now is an ideal time to freshen your look and feel to attract customers.
Use your display areas to get customers’ attention: Make it easy for shoppers to see the great offerings you have available for Father’s Day. Display your best-selling merchandise in your window and prime feature areas, so shoppers can see the perfect gift without needing to look for it.
Focus on the fundamentals: Get an edge by improving basics, such as offering more payment options, streamlining the point of sale or online checkout experience, ensuring your delivery partners are ready, and training staff to provide friendly, expert advice.
While Father’s Day is an ideal opportunity to boost turnover, Heilbron stresses that retailers should know that there are many other opportunities that present themselves throughout the year. However, it’s up to retailers to spot these opportunities so that they can innovate in the interest of boosting sales and profit margins. “With fintech solutions like hassle-free opportunity capital from Capital Connect, retailers never need to miss an opportunity,” he adds.
Easy access to growth capital with flexible and attractive terms enables retailers to capitalise on business opportunities as and when they present themselves. “Retailers can access business funding, without jumping through hoops, in just 24 hours so they can stock-up and run promotions to ensure they boost sales.”
Retailers can simply log onto an app to ‘Click & Borrow’. While retailers have quick access to business funding to take advantage of these opportunities, an even greater advantage is that the loan repayment period is not bound to a few years or large monthly repayments, but to a shorter period of time that works for the retail merchant. Instead of lump sum monthly instalments, merchants pay affordable daily instalments to manage their cash flow. And, if the retail merchant uses the Cash Connect automated cash management solution, they can even repay the loan in daily instalments, straight from the cash in their cash vault - ensuring convenient repayment solutions to suit the business owner’s needs.
Father’s Day is an opportunity to record a healthy jump in turnover and profits, not to mention bringing your business to the attention of consumers by offering gift ideas and shopping experiences that recognise and celebrate the increasingly diverse role of fathers and men in society.