The holidays are the most magical time of year. They're also a great opportunity to grow your e-commerce business - especially after a year as rocky as this past one. Customers' needs and demands are ever-changing, and the past year has left them searching for lower prices and more convenient shopping experiences. With that in mind, here are three major trends that should be on your radar as we enter the busiest shopping season of the year.
Cyber Monday will once again steal Black Friday's thunder
Since 2020, Black Friday has seen a decline as shoppers opt to find their gifts online. November is now even being nicknamed "Cyber Month", as deals and exclusive offers are being extended beyond the one day celebrated in the past. Shoppers, especially those doing their prowling online, are now expecting an increase in sales and deals for the entire month.
As we're already making way into November, adding discounts and flash deals when possible will keep customers engaged and interested in your brand. Additionally, having one or multiple deals live on your website, as well as advertised on your social media channels, for Cyber Monday is essential this season.
Customers are on the prowl for discounts
Inflation, recession - whatever you want to blame, it's no secret that pockets are tight this holiday season. As one would guess, tougher economic times mean people won't be spending as much, especially on luxury goods. These price-sensitive consumers will have a higher purchase intent for the holiday season than they have the rest of this year, however deals and prices will be deciding factors as they fill their stockings.
Performing competitive research to see how the coupons are stacking up in your industry is one way to keep a pulse on where your prices should be. Furthermore, with the demand of high-ticket items dropping this year, finding ways to make lower cost and essential items seem just as special is a strong strategy to keep sales up.
Social media will continue to influence shoppers
Almost half of consumers report they'll be likely to make purchases directly off of TikTok and Instagram this year. Gen Z especially will be turning to social media for their gift inspiration, with 87% of shoppers using the apps to find potential gifts for everyone on their lists. Distributing social content featuring your products and holiday deals is essential to reach these customers where they're looking to both shop and explore products. Check out our blog on successful holiday campaigns to learn more about what to post this season.
As we can see, e-commerce is changing every year, especially when considering the holiday season. So how will you keep up with these trends?
It’s important to keep evolving your strategies with these evolving times, even if something you did well last year works just as well this time around. It’s important to stay on top of what people are spending money on, and what they find important, so that you can prepare yourself for any surprises next holiday season.