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IS YOUR CARD IN THE HOLIDAY SHOPPING RACE OR IS IT A LATE STARTER?

IS YOUR CARD IN THE HOLIDAY SHOPPING RACE OR IS IT A LATE STARTER?
Posted: Nov 5, 2018
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Over 13M Americans (5.35%) have finished holiday shopping! Now for the good news – the other 95% of shoppers still have not completed!  However, another 18% anticipated being finished by November 1st.  Black Friday is no longer the perceived start to holiday shopping. If issuers are waiting until closer to Black Friday to begin promotions to entice cardholders to use their card products, they will be getting out of the gate late.  A full three weeks late.

Additionally, the National Retail Federation predicts November and December holiday shopping will rise by 4.3% - 4.8% - slightly lower than last year’s 5% growth.  Only 20.73% of shoppers plan to spend more.  What’s your credit union’s plan to capture the additional spend so your team can achieve your year-end growth goals?

Holiday decorations are up at your local mall.  Amazon.com purchases are being delivered with holiday packing tape.  What holiday usage message is your credit union communicating to your members? Holiday sales total $687.9B in 2017, and this year consumers say they will spend $1,007 on average this season on decorations, candy, and gifts for themselves and family members.


Important dates for credit unions to communicate to cardholders to use their credit union issued debit or credit card:

Black Friday – November 23rd

Cyber Monday – November 26th

Green Monday – December 10th

Free Shipping Day – December 14th

Super Saturday (also known as panic Saturday) – December 23

The ten busiest shopping dates that generate nearly 45% of in-store purchases:


Holiday Shopping Season TIPS:

1.    Create the best cardholder experience and review approval parameters, so you are approving the highest number of transactions because fraud false positive declines move your credit union card to the bottom of members’ wallets.

2.    Just as retailers increase staffing during peak shopping times, ensure your Contact Center is fully staffed to accept calls from members, who may need help with purchase approval problems.

3.    Remember to communicate cardholder safety and security messages frequently.


Do you know who your active and inactive cardholders are?  Need help with credit and debit portfolio growth strategies? Let the experts at Trellance analyze your data to identify strategies for growth and profitability. 

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Stephanie  Hainje

Stephanie HainjeStephanie Hainje

Trellance's Director of Education, Stephanie Hainje is an experienced card industry professional with credit and debit card program management from her previous career at Purdue Federal Credit Union, a leading affinity credit card issuer and top 100 Visa USA issuer.

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