Easter Spending is at $17.3 Billion – Is Your Product Information Ready?

 
Easter Spending is at $17.3 Billion – Is Your Product Information Ready?

Recent studies reveal some surprising spring and Easter statistics. For example, did you know that 89% of Americans believe the proper way to eat a chocolate bunny is ears first? Now, on a more serious note, sellers across industries should know that Easter spending is projected by the National Retail Federation (NRF) to reach $17.3 billion. In fact, that’s the highest it’s been in the 13 years of the survey. Clearly, a huge opportunity awaits retailers, distributors, and manufacturers who are ready to seize it. So, is your product information ready?

Easter Retail Sales

Retailers are snagging a large portion of Easter sales. In particular, sales projections include approximately $3 billion on Easter clothing and $2.75 billion on Easter gifts.

A retailer’s content and data must be ready for seasonal promotions and product introductions, along with e-commerce SEO and sales. For example, to make sure product content is ready for an influx of online shoppers during peak times, retailers should ensure they have descriptive assets ready that accurately reflect product assortment and current market trends. This includes the right tags, facets, and visual content.

Easter CPG Sales

Egg hunts and Easter baskets are driving massive candy sales – $2.44 billion to be exact. Consumer Packaged Goods (CPG) companies must be ready with pastel-colored packaging and Easter-themed variations.  Case in point, PEEPS. There are 12 new flavors of PEEPS this Easter season. And, the PEEPS website is packed with product facts, recipes, social content, and videos. This expanded product content is undoubtedly helping to drive the PEEPS fan phenomenon.

Along with introducing products and new packaging, CPG companies must also consider that consumers are paying close attention to what’s in the candy they purchase. Therefore, updated and accessible information on gluten content, allergens and ingredients is essential across all channels. This includes product transparency programs like GMA SmartLabel™. Note that all of these initiatives involve consistent, up-to-date and accurate product information.

Easter Food & Grocery Sales

Finally, much of Easter celebrations center on family and food. In fact, $5.53 billion will be spent on Easter food and over 55% of people plan to cook an Easter meal. Obviously eggs are also a big purchase. Shoppers actually purchase over 2.6 billion eggs in preparation for egg decorating and hunting.

Easter recipes, special promotions, holiday displays, and cross-selling/up-selling can help drive a competitive edge for food organizations. Grocers, food manufacturers, and food distributors can leverage enhanced product information to keep operations running smoothly during peak times while also delivering the complex product content consumers demand across channels.

MDM Software and PIM Solutions Help Spring Clean Your Product Information

As the Easter holiday breathes new life into spring sales, some companies may also experience a strain on inventory control, supplier collaboration, e-commerce operations, and more.  The source of business disruptions and lost opportunities often lies in a lack of complete, consistent or up-to-date product information.   

The solution? Master Data Management (MDM) and Product Information Management (PIM) software that enables companies to acquire, manage and transform product information into persuasive content that then drives higher sales and new competitive strengths through e-commerce Web, mobile, print and various electronic channels.

This PIM- and MDM-enabled product information can help CPGs, retailers, grocers, food distributors, and manufacturers crack the code on Easter sales by ensuring a consistent omnichannel experience, meeting regulatory obligations, supporting vast product catalogs, and launching products faster.

*Statistical sources by WalletHub, March 2016

Rick Chavie

Rick Chavie

Rick Chavie was appointed CEO of EnterWorks in May 2015. He came to EnterWorks after serving as SVP, Global Solution Management with hybris and SAP’s Customer Engagement and Commerce group, where he brought together digital and physical commerce and CRM assets for seamless customer experiences. Mr. Chavie brings industry experience from his leadership roles at retailers such as The Home Depot and C&A. He brings technology experience from his role as the global marketing leader for NCR’s retail and hospitality business, and management consulting expertise from his partner roles at Deloitte and Accenture, where he served clients across retail, branded consumer and wholesale verticals. Chavie is a Harvard MBA, a Fulbright Scholar in International Trade, and a summa cum laude graduate from the University of St. Thomas in Minnesota. He is a noted speaker at industry events, an author on the wholesale industry, and frequently comments on commerce, marketing and customer engagement topics.

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