For shoppers, the holiday season has already begun - here's how retailers should respond

Summer isn't officially over yet, but that doesn't stop shoppers from starting their Christmas shopping earlier than ever.

Inflation is driving 37 percent of customers to buy Christmas gifts earlier this year, according to a survey by Salesforce in June. And big companies are responding: Just before Labor Day, Walmart released its annual top toys list a month earlier than last year, axios reported. Sometime in the fourth quarter of this year, Amazon will hold a second Prime Day event, calling it "Prime Fall" in a memo acquired by CNBC.

While customers typically do most of their Christmas shopping closer to Black Friday and Cyber ​​Monday, that may not be the case this year, says Mark Cohen, director of retail studies at Columbia Business School. Not only is inflation fueling a fear among shoppers that prices could rise closer to the December holidays, but ongoing supply chain problems are raising concerns about the shelves being adequately stocked in the next three months, he says: "Everyone has several reasons to shop early."

It is therefore in a company's interest to ensure that customers can do their Christmas shopping early. That means gift items are available as soon as possible. "I'd start right now, but be careful not to put the Christmas trees down too," says Mark Cohen. Even if shoppers have started shopping for the holiday season, they are likely to get annoyed by such overt, premature pressures for the holiday season.

And as for the prices? Now is not the time to push sales and price cuts, Mark Cohen says, but it's a good idea to sell the stock early because selling later will likely be more expensive due to inflation. In addition, Marshal Cohen, chief retail advisor at global market research firm NPD Group, adds: You want to reach customers before they have reached their budget. For this reason, he adds that promoting layaway options can be a good idea for some businesses.

You'll also want to take a look at any existing returns policy you offer, says NPD's Cohen: If you have a 30-day return policy, consider expanding it to allow returns after the holidays. “Simplicity of returns is so important,” he says.

It will remain a challenge for small businesses to stay competitive with giants like Amazon and Walmart, but they can keep up as long as they play to their strengths. That means maintaining strong customer service, maintaining inventory levels, and understanding customer needs. “Now is not the time to breathe a sigh of relief and not start renting a vacation,” says Cohen of Columbia. "It's not a good idea to step back and say, 'Things are back to normal.'"