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  • Wednesday, October 4, 2023

    Challenges ahead for year-end holiday sales, survey finds

    A recent study by Creditsafe, a global credit monitoring and risk management firm, found that many brands and retailers could face difficulties in achieving their holiday sales targets, with 46 percent of respondents either lacking sufficient cash to finance holiday orders or being unsure of their financial capacity.

    The study, titled the Economics of Holiday Sales, found that 88 percent of brands and retailers are banking on holiday sales to drive up to 40 percent of their annual sales. However, various factors, including the economic impact of the pandemic, inflation, rising interest rates and declining consumer spending, have created challenges.

    Matthew Debbage, CEO of the Americas and Asia for Creditsafe, emphasized the importance of financial planning, data analysis, cash flow forecasting, inventory planning and supplier due diligence to overcome these challenges. He noted that failing to address these issues could lead to increased operating costs, debt, excess inventory and missed annual revenue targets.

    Creditsafe also pointed out that this report reinforces its mission to help businesses mitigate financial, legal and compliance risks, while also empowering them to make more informed decisions, adding that it uses real-time data from over 9,000 sources across over 200 countries.

    Major concerns

    Key findings from the study highlight concerns about lower order volumes, difficulties in obtaining sufficient stock, and competition from rivals offering better prices and deals. Also concerning is the fact that 78 percent of respondents still have 50 percent of their stock from the 2022 holiday season, resulting in increased storage costs and declining profit margins for many.

    One critical aspect that brands and retailers should consider, according to Creditsafe, is the financial health of their suppliers. The study found that 83 percent of respondents had to diversify their supply chains due to suppliers' financial issues or bankruptcies in the past year. However, over half (56 percent) do not run credit checks on suppliers, potentially leading to inventory shortages that could affect holiday sales targets.

    The study also highlighted a conflict between ethical sourcing beliefs and risk management practices. While 52 percent of respondents would immediately cancel contracts and payments to suppliers involved in forced labor or child labor, more than half (53 percent) admitted they do not conduct compliance checks on suppliers to prevent such situations.

    Researchers emphasized that brands and retailers face significant challenges in achieving their holiday sales targets, necessitating careful financial planning, supplier due diligence, and a focus on reducing excess inventory to mitigate potential issues.

    Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

    Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.

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