What are the most important holiday shopping trends in 2020?
As we collectively navigate our way towards the end of what has been a chaotic and unpredictable 2020 (to say the least), the upcoming holiday season offers us all a glimmer of hope, especially when considering holiday shopping trends.
The potential of being able to spend some long overdue time with our families, enjoy delicious, home-cooked meals, decorate our homes, and of course, exchange gifts feels like a light at the end of the tunnel.
But with the pandemic still remaining a cause for major concern, one question mark is exactly what holiday shopping trends will look like this year. Should we anticipate packed stores with hour-long lines on Black Friday?
Are people truly going to feel comfortable battling large crowds to find that perfect gift for a loved one? Or will shoppers look to avoid the stores altogether and focus their efforts on finding gifts online?
According to Forrester, one of the largest and most reputable market research companies in America, online retail shopping is expected to grow by 18.5% from last year.
When broken down further, health and beauty are projected to be up by 23%. Electronics are pegged for an increase of 20%.
Fashion isn’t far behind with an anticipated year-over-year increase of 19%.
The single largest professional services network in the world, Deloitte is even more bullish on their forecast, projecting a surge of 25-35% in holiday e-commerce sales.
That means less people in the stores and significantly more people searching online for gifts over the course of the next two months, and potentially as much as $200 billion being spent in that timespan!
These projections are a breath of fresh air for retailers who already have a strong online presence, but now is absolutely the time to differentiate from the rest of the crowd.
According to CNBC, another byproduct of the pandemic has been holiday shopping getting off to an earlier start than usual this year.
Many people have already begun their holiday shopping, and these trends could prompt the peak of the season to come much earlier than we’ve seen in the past.
With such a large increase in online shopping, the market is going to be more competitive than ever. It’s vital to have a plan in place as soon as possible to maximize your holiday sales.
This is particularly important for companies who are already e-commerce based. Many brick-and-mortar retailers with deep pockets and decades worth of brand recognition will be placing a greater emphasis on their digital marketing efforts in the coming weeks.
The ability to target shoppers who are specifically searching for products offered by those companies, and then gain their attention with advertisements is a strategy that can help level the playing field for small businesses!
Let’s face it; going toe to toe with these retail giants is always an intimidating challenge. Being able to specifically target the types of shoppers who are searching for your products on other websites, search engines, and social media platforms is an absolute game changer.
Having a strong offer is important as well. With the increased focus on e-commerce, shoppers have more time to compare products and deals from the comfort of their homes.
Catching their eyes with a compelling promotion even before most Black Friday and Cyber Monday deals begin can help set your company apart from the competition.
It can also build goodwill with customers and foster an opportunity for repeat business as we get later in the holiday season.
If a shopper finds a great deal on your website, and they are satisfied with the quality of your product, there’s a strong chance they’ll be back again.
Depending upon who you ask, that repeat purchase rate could be as high as 40%. Getting your foot in the door for that first transaction is paramount to building a fruitful repeat-customer relationship.
You may be asking yourself “what type of offer will be compelling enough to drive shoppers to my website?”
You are definitely not alone in that concern, and you certainly don’t have to be alone when figuring out the best options to give your business an edge this holiday season.
At CNV Creative, our main focus is providing you with all the tools and expertise you need to grow your business and maximize cart value.
We take the time to understand all the characteristics of your ideal customer, and then we target those customers in the places they are most likely to be online.
Once we’ve captured their attention with your offer page, we convey the value of your products, so they can fully understand why making a purchase from your website is the best choice for them.
For those who get distracted or leave an abandoned cart sitting in your e-aisle, we retarget them with additional ads to continue building and strengthening the trust between each customer and your company.
Finally, we want to make sure they are aware of all your product offerings, so they can get as many gifts as possible in one stop.
Why settle for Mom buying a gift for Dad from your e-commerce site, when we can use tactfully automated upsells to persuade her to buy gifts for Grandma and Grandpa as well before she checks out?
This time of year is crucial to the success of most businesses every year, but with the craziness we’ve dealt with during the first 10 months of 2020, this holiday season can literally be make or break.
The financial tech company, Kabbage offers a compelling statistic: 33% of small businesses in America enjoy their most profitable quarter in the final three months of the year.
That is the best holiday shopping trend of them all!
With so many companies suffering losses in revenue in the second and third quarters, now is the time to gain some of that ground back.
The stakes are far too high to risk going at it alone. Partnering with a proven expert in e-commerce lead generation could be the difference between a tree surrounded by lavish, beautifully-wrapped gifts versus a stocking full of coal!
Contact CNV Creative today, and we’ll make sure that this holiday season is truly the most wonderful time of the year for your business!