It's that time of the year again! As the holiday season approaches, business owners are keenly looking to understand and leverage emerging shopping trends. The 2023 holiday season is shaping up to be an exciting mix of early shopping, in-person experiences, economic caution, and customer-centric strategies. Let's unwrap these trends and see how they can be used to jingle all the way to success!
Early Bird Gets the Worm: The Rise of Pre-November Shopping
Gone are the days when holiday shopping was a November-December affair. In 2022, we witnessed a significant shift with Black Friday and Cyber Monday deals starting as early as October. A Google survey even found that shoppers had completed 21% of their holiday shopping by mid-October. This year, expect the trend to continue with savvy retailers adopting an “always on” marketing approach to capture this early shopper segment.
Action Tip:
Start your holiday promotions earlier. Consider rolling out exclusive deals and sneak-peeks in October to capture the early shopper market.
Back to the Stores: The Revival of Brick-and-Mortar
After years of predominantly online shopping, in-person retail is making a big comeback. In 2022, brick-and-mortar holiday spending hit the $1 trillion mark. This resurgence emphasizes the importance of an omnichannel strategy, where businesses provide a seamless experience across online and offline channels.
Action Tip:
Invest in services like Buy Online, Pickup in Store (BOPIS) and Reserve Online, Pickup in Store (ROPIS) to bridge the gap between digital convenience and physical shopping experiences.
The Economic Effect: Spending With Caution
With looming economic uncertainties, consumers are expected to be more budget-conscious this holiday season. Discounts and promotions will play a crucial role in attracting cost-conscious shoppers. A staggering 67% of retailers anticipate consumers looking for discounts.
Action Tip:
Plan for strategic discounting and value-driven offers to entice shoppers without significantly impacting your margins.
The Power of Hassle-Free Returns
The post-purchase experience is crucial in building brand loyalty. Last year, up to 16% of U.S. ecommerce orders were returned post-holidays. A positive returns experience can be a game-changer for customer retention. In fact, 98% of shoppers indicated they would reorder from a brand offering easy returns.
Action Tip:
Ensure your return policies are customer-friendly. Highlight your hassle-free return process in your marketing to build trust and loyalty.
The Final Countdown: Putting Customers First
Above all, the key to shining this holiday season is a customer-centric approach. Whether it's through early deals, an enhanced omnichannel experience, thoughtful discounting, or a smooth returns process, keeping your customer at the heart of your strategy is essential.
Action Tip:
Regularly engage with your customers through social media, email newsletters, and personalized offers to keep them involved and excited about your brand throughout the season.
Conclusion: Jingle All the Way to Success
The 2023 holiday season is all about adaptation and customer focus. By embracing these trends, you can position your business for a successful and joyful holiday season. Remember, the best way to spread holiday cheer is singing loud for all to hear - through your marketing campaigns, of course!
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