The holiday season is one of the busiest times of the year for brands and retailers. In the United States alone, holiday revenue has more than doubled since 2002, reaching nearly $900 billion dollars in 2021. This season holiday sales are expected to grow to $945 B in revenue. Even with a rough 5% growth rate, this season will bring new challenges with rising inflation, more competition, and increased consumer expectations.
In order to win new holiday shoppers and keep returning ones, brands and retailers need to adapt to consumers’ behavior. In this article we break down three key insights for your holiday strategy to win this season:
Holiday insight #1: Holiday season includes more than just Thanksgiving, Black Friday, and Christmas
Many brands and retailers focus on the most popular holiday moments. It’s important to remember niche holidays can have a big impact on your business.
Holiday insight #2: 78% of all holiday shoppers plan to shop for gifts online*
The majority of consumers this season are planning to shop for gifts online. It’s more important than ever for brands and retailers to have a strong online presence. Consumers expect all ecommerce sites to have a wide assortment of products, discounts, images, and reviews. However, that is not enough to win over consumers. 80% of consumers expect companies to deliver personalized interactions. This may sound like a daunting task but there are a few simple ways to create that personal connection. For example, what is more personal than sharing your holiday traditions? Brands and retailers can connect with consumers by sharing how they are preparing for the holidays. Leverage interactive video experiences to show gift guides, gifts exchanged, and all the festive moments in between. By investing in video and livestream shopping tools that enable emotion-driven shopping experiences, brands can stand out in the crowded online marketplace.
Holiday insight #3: More than 60% of shoppers plan to shop for their children this holiday season*
The holidays are always an important time for children, and this year is no different with children remaining as the top gift recipients. This year, parents are more anxious about finding the right gifts for their children while being mindful of spending. More than ever before parents are relying on online shopping to make purchases. Accelerate conversion and build consumer loyalty by making shopping as hassle-free as possible. Convenience to parents comes in many forms. First, enable parents to shop in the comfort of their own home by bringing interactive shopping to them through livestream and short video. Second, enable parents to find the perfect gift through engaging product guide videos. In order to expand reach to more customers, share these guides through email marketing, across your owned site, and social media.
To learn more about how Firework can help you amplify your holiday season, get started now!
* Source: Kantar Second read on 2022 holiday shopping plans, Nov 2022