To empower retailers with the intelligence they need to create smart, engaging digital-experience strategies this holiday season, Sitecore commissioned a study to identify some of these behaviors about where, how and for whom U.S. consumers will buy holiday gifts this season. Results from Sitecore’s 2022 U.S. Holiday Report indicate a complicated mindset as consumers continue to struggle with world events, including an expected economic recession.
While half of Americans (53%) expect to spend the same amount on holiday gifts this year as in 2021, many are looking for ways to save this holiday season. Fifteen percent say they would sell possessions, 17% would re-gift a present and another 17% would take on more hours at work in order to pay for holiday gifts. From our survey, we have identified five additional insights retailers need to take into account when planning their holiday campaigns.
1. Retail therapy regrets. The holidays are traditionally a time to focus on friends and family, but nearly one in three respondents (30%) will treat themselves to an expensive luxury item during the holidays. And nearly half (49%) say they partake in some retail therapy to make themselves feel better about or distract them from troubling world events. It doesn’t always work, as more than a third (36%) of self-shoppers admit to hiding a gift because they were embarrassed about or felt guilty shopping for themselves. Retailers that provide content that appeals to value-conscious consumers while also offering little luxuries suitable for self-pampering will secure greater rewards.
2. Online beats “in line. ”Even though it’s possible to shop in person again, fewer than a quarter of respondents (21%) plan to shop in-store. After more than two years of online shopping, consumers show little sign of returning to prior habits, preferring the convenience (56%) and ease (61%) found online. Shoppers also seem to be reeling from the “isolation effects” of the pandemic as more than half (60%) prefer online shopping because they want to avoid crowds of people.
Given these findings, retailers would be wise to double-check their e-commerce capabilities, and ease of shopping and checkout processes, to capture more of these shop-from-home customers.
3. Working hard to find deals during the workday. Consumers aren’t necessarily shopping only when they’re off the clock. In fact, nearly two-thirds (62%) of workers admit to shopping during the workday, with more than a third (36%) using a secret browser to do so. Consumers are also “putting in the work” when it comes to seeking out the best deals, with 16% spending up to four hours researching products before making a purchase.
Retailers would be wise to adjust their content delivery strategies to ensure offers and experiences are consumer-facing throughout the day and not just during traditional peak shopping times to take advantage of this change in traffic patterns.
4. Mindful shopping. When prices are competitive, most shoppers want to make their spending count and will prioritize buying American-made products (71%), shopping with small businesses (74%) and with Black- or minority-owned businesses (57%). And 57% say that it is important that Black- and minority-owned products and services are available. However, when it comes to identifying or finding these products or services, two in five (40%) aren’t sure they are able to recognize these brands or products.
This reveals an opportunity for marketers who offer diverse brands and products to reach new buyers through more personalized offerings or experiences. Brands and retailers that can proudly (and authentically) showcase unique offerings from and to traditionally underserved communities should showcase and support those offerings through all their content-delivery strategies.
5. Free shipping or bust: While shoppers prefer to shop online versus waiting in line at a store, certain perks are more likely to further influence their purchases. For online shoppers, free shipping is the discount they seek out most (45%). Competitive shipping options are so important to consumers that one in three strongly agree they won’t purchase an item that doesn’t come with free shipping (32%), or will buy more to meet a minimum purchase requirement (35%).
Retailers should consider offering discounts early in the buying season to encourage shoppers to treat themselves or provide other perks to get them in the door or on their website. The holiday shopping season is make-or-break for most retailers. Understanding the mindset of shoppers as we head toward year’s end can influence retailers’ strategies for the better.
Source : https://adage.com
