It involves 53 million children, 98% of whom plan on buying school supplies, 97% who plan to buy clothing and accessories, 23% who plan to buy computers and hardware and finally 18% who plan to buy electronic gadgets. It's an enormous amount considering that all of those children individually need the essential pens, pencils, shoes, uniform/casual wear, gym clothes, and so many other things that their parents need to splash their hard earned cash on.
As a student myself, I understand that you need a lot of equipment, especially if you want to be organised throughout the school year and have back-ups in case of any unexpected breakages. I also understand that all that equipment adds up to a lot of money and that my parents end up spending significant amounts on my school supplies.
In 2016, the US spent $64.47 billion on ‘back-to-school’, whereas in 2017, it was a whopping $83.6 billion. That's over a $19 billion increase, with the potential to bring in over $100 billion this year if the rate of growth stays the same. The demand is also likely to just keep increasing as the population increases. This is brilliant for businesses, especially in the south where the average parent spends $554 per child just on school equipment alone. Throughout America as an average, it is $501 per child.
Studies have shown that buying in-store dominates the back-to-school shopping channel. So as a business, you would need to have a fast, reliable, easy-to-use POS system to keep queues to a minimum. 1 in 5 shoppers are undecided if they will shop online or in store but might be persuaded by targeted promotional offers. By having a system such as Epos Now’s, you can push targeted marketing campaigns directly to customers and ensure that if there were any issues, they could be sorted ASAP with our 24/7 premium phone support.
Furthermore, with the amount of sales your company will make during this season, you will need a very reliable system that will not let you down. Obviously, back-to-school sales won’t be the only sales you will be making, so it will be your usual current cash flow on top of the seasonal income your business will receive. Business really is booming!
On average, $19 billion is spent during the 8-week period of July to late August, so it's important that companies affected by this boom are prepared with a dependable system that can handle all transactions. Now is the time for Epos Now's implementation team to install any systems that you will to have to benefit your business in just minutes.
Expected in-store spend is more than twice of that of the online spend ($288 : $103 (average)=In-store : online). The companies that should make sure that they are the most prepared for this season include mass merchants, dollar stores, office supply/technology stores, off-price stores and traditional department stores. Investing in the latest POS systems ensures you can make the most of this exciting time for your business.