With holiday spending reaching over $600 billion dollars in recent years, now is the time consumers get out their credit cards and PayPal accounts, and really start hitting the stores. And with the holiday shopping period just around the corner, it’s time to get ready. Last year, retailers made approximately $690 billion in sales during November and December.
These impressive stats show how important the holiday shopping season is to retailers when it comes to marketing. Are you ready for it? ‘Tis the season for data-driven marketing and business planning. Who should you target with your advertising? What promotions will make your retail stand out from the rest?
These questions are best answered with some hard data in hand. We combed through the data from Luth Research’s ZQ Intelligence, a cross-platform digital measurement software to identify trends from the 2016 and 2017 holiday season. With real data, you will be able to make better marketing decisions, leading to even more profit. Below are trends important to note this upcoming holiday season.
The Industry Matters
Although holidays tend to be more lucrative for retail businesses in general, e-commerce doesn’t provide as large of a revenue push for every industry similarly across the board. There are definitely standouts by industry segment, most specifically in the apparel, accessories, computers, and electronics industries. Luth Research shares some insights on three top retailers in their new ebook, All Wrapped Up: Shopping Insights To Up Your Game This Holiday Season. The data from retail giants such as Amazon, Walmart and Target can be applied to your own business so you are ready when the holiday period hits.
Mobile E-Commerce Is Making an Impact
If you have been paying attention at all you know that mobile is playing a large role in everything consumers do. Consumers are moving off their desktops and laptops and drifting towards mobile use. Luth Research’s data found that the share of shopping time spent on mobile increased by 5% from 2016 to 2017. We can expect an even stronger reliance on mobile in 2018.
Additionally, store visitors have begun to use their mobile devices in tandem with their shopping trips; shoppers are now referencing their smartphones in lieu of finding store employees to help them locate answers. Is your mobile campaign ready to capture purchases of these consumers?
User Preferences Abound
Online consumers these days are looking for free shipping, the ability to buy online and pick up at the store location, the ability to shop and compare, daily deals, loyalty points, and access to exclusive discounts, products, and rewards.
Holiday e-commerce trends rely on a multitude of factors, but as the years go by we can see through routine analytics that mobile trends are rising, and specific industries are blossoming in the online holiday atmosphere. In 2016 almost half of consumers said that the internet was their preferred go-to holiday shopping venue. Now as we approach the 2018 holiday that preference is even bigger. Shoppers in the digital age expect a quick and easy online shopping experience that is also more consistently available throughout the entirety of the 60-day holiday shopping season.
The Importance of Intelligent Analysis
There is time after each holiday season for every e-commerce business owner to sit back and analyze what worked and what could be improved upon in next year’s marketing plan. And critical analysis of the shopping habits of online users can shed light on many facets of user behavior.
For example, although Black Friday and Cyber Monday are traditionally large shopping days, they’re not the only contributors to holiday revenues. The entire 60-day holiday sprint offers a valuable window within which to gather greater revenue. Such insight as a result of careful analysis and effective data collection can help businesses build promotions and holiday campaigns that garner higher sales for as long as possible.
Also, it is important to keep in mind that the holiday season is not the only time to gain intelligence. As a marketer you can invest in behavioral intelligence for any period you are interested in planning for. Historical digital data can be used as windows into the next period or quarter.
Download Luth Research’s ebook, All Wrapped Up: Shopping Insights To Up Your Game This Holiday Season to view more historical data for this upcoming holiday shopping period.