To meet the moment, retailers should be paying attention to the macro-factors impacting the current retail environment, ever-changing customer preferences (even so much as the final days before BFCM), and the nuances of the company’s own assortment and capabilities.
Rather than focusing on one platform or tool, retail brands are embracing everything necessary to engage with customers across multiple touchpoints. That could have a major impact on the way shoppers interact with their favorite brands in the coming weeks, and depending on the results, it could lead to changes in the way retail marketing is handled in 2021.
Despite the somewhat complicated outlook, there are things retailers can do to change their fate. NMI found that 43% of consumers plan to avoid shopping with retailers that don’t offer contactless payments. Retailers that quickly adapt and add contactless payment options, and then market those changes aggressively over the coming days, still have an opportunity to win back customers who would otherwise be staying home.
Black Friday this year will probably look a lot like it would’ve been in about a decade; we’ve just accelerated the online shift. 2020 will be the year that Black Friday and Cyber Monday stop being shopping ‘days.’ They’ll be turned completely upside down for years to come as retailers embrace a holiday shopping season of deals, strategized and targeted based on insights from online data.
Limited-time offers and one-day sales are a mainstay of the holiday shopping season. But this year is unlike any other, and retailers are taking a different approach.
With Covid-19 restrictions limiting the number of customers who can be inside a store at any given time, retailers are looking at extending the shopping season to accommodate socially distant crowds.
Deloitte’s annual holiday retail forecast projects that e-commerce holiday sales will grow by 25% to 35% year over year, compared to a sales increase of 14.7% last year. Here’s a five-point holiday prep list to help ensure your digital commerce experiences stack up and are ready to engage the influx of shoppers this holiday season.
The coronavirus pandemic has accelerated the shift from brick-and-mortar commerce to digital transactions. It has also forced brick-and-mortars resisting the hybridization of their own businesses to adopt digital methods, turning restaurants and apparel stores alike into both brick-and-mortar establishments and online sellers.
Against that backdrop, retail’s biggest quarter will present novel challenges this year. Retailers will need to optimize for online transactions and contend with fragmented national and global landscapes where it may be safe to go to stores in New York but not in Los Angeles.
As the omnichannel approach to retail takes off, industry insiders are beginning to wonder whether giving shoppers what they want, when they want it, across any connected device, is causing consumers to develop unrealistic expectations about the types of experiences and services their favorite stores can provide.
Data from ShopperTrak showed a 3% decline in traffic at physical stores on Thanksgiving and Black Friday even though sales were up overall. That’s because retailers with strong online shopping programs saw significant gains, with a reported $9.2 billion spent on Cyber Monday alone.
In an analysis of holiday shopping campaigns, the people-based marketing platform LiveIntent found that brands had a “robust” performance on Black Friday weekend. Total conversions during Black Friday weekend stood at 36% higher than that typical time period. Retailers that pushed mobile shopping saw the greatest gains, as LiveIntent’s analysis found that mobile drove the most traffic.
US retailers set all-time records on Thanksgiving and Black Friday, wracking up $11.6 billion in online sales. Adobe predicts that Cyber Monday will also set a fresh record of $9.4 billion, pushing the Thanksgiving weekend total to nearly $30 billion.
The increasing importance of online sales has forced traditional retailers to compete with e-commerce natives like Amazon not only by offering their own robust set of deals but also by investing in delivery infrastructure and reducing friction for consumers ordering online.
The total amount spent by shoppers on Black Friday in 2018 was $715.5 billion, according to The Balance. What’s even more noteworthy is the average amount spent per shopper, at $1,007.24. This represents an increase of approximately 4.3% over Black Friday 2017 sales. The numbers show that shoppers are ready and willing to spend on Black Friday. So, rather than leaving it to large-scale retailers, if you’re a small business owner, why not consider joining in?
The truth is, you still might be wondering whether the additional time and investment are worth it. Below, we present some pros and cons of participating in Black Friday you may not have considered.
During the holiday shopping season, it’s Amazon’s world — or is it?
Outside the digital sphere, brick-and-mortar holiday sales at big-box shops like Walmart and Best Buy continue to be buoyed by bullish shoppers willing to hit the streets in search of timely deals during consumer-focused quasi-holidays like Black Friday. As a result, shoppers are spending more during the holidays than ever before.
And then there’s the independent, local retailer. How is a small shop supposed to compete with the ease of mobile e-commerce or the allure of big-box doorbuster deals? Turns out, they have an ace in the hole: last-minute shoppers.
As just about the final week of 2018 gets underway, it’s worth taking a look at what we now definitively know about this holiday season. Here are the facts about the role of technology in retail during 2018’s holidays.
How is the increasing appeal of e-commerce and other digital options such as BOPIS—buy online, pick up in-store—affecting retail’s biggest day of the year? One consequence, data from Reveal Mobile indicates, is the end of the notoriously colossal lines that used to mark the beginning of Black Friday.
The holiday season isn’t just an important time for small businesses, it’s the important time. Nearly one-third of store owners say they are completely dependent on revenue earned during this period, according to a new survey by Vistaprint.
The 2017 holiday shopping season is off to a healthy start, with consumer spending on Black Friday reaching a record $5 billion. Data from ShopperTrak shows that traffic at brick-and-mortar stores decreased less than 1% from Black Friday last year, which is actually good news compared to what some analysts had been fearing.
Shoppers say they don’t want retailers opening their doors on Thanksgiving Day, but research from Foursquare tells a different story. Analyzing proprietary foot traffic data at major retailers, Foursquare found that stores that open earlier on Thanksgiving Day drive more visits and steal share from their competitors.
“Look at Amazon versus Walmart,” says GGV Capital’s Hans Tung.. “Amazon innovated much faster than Walmart. The way they approach things to make things happen fast, iterate, make changes, do a quick test, change again, test again, change again – that kind of speed is what we look for.”