It’s been a tough year. I know many of you are waiting for this holiday season to stir up some demand, as we all struggled to mitigate the impact of the crisis in the first half of 2020.
To help you out a little, we’ve picked the three most common questions about this holiday season that e-commerce folks discussed on e-commerce forums, and we’ve gathered some insights to clear things out.
Let’s dive in!
How will the holiday sales change amid the COVID-19?
This is what’s on every online retailers’ mind these days. We’ve done the research for you, and here’s what we found.
- Salesforce predicts that the Prime Day event can kick off the holiday season this year, because people’s fear of delivery delays and stock-outs incites them to buy early.
- 20% of shoppers took part in an August survey said they’ve already started their holiday shopping.
- Buyers that shop for the first time from a particular retailer during BF start visiting the store 41 days prior on average.
- That’s why experts say not to wait to let customers know about your holiday deals and promotions. Work with influencers to create hype around your brand, start advertising on social media from early on.
What will sell the most this holiday season?
Well, it’s not easy to say which items will be hot this season. But we know for sure, people will travel much less than they used to in the last three months of the year.
And what’ll happen to those savings?
The home entertainment category will see a surge this year, similar to what electronics retailers experienced during the back to school season.
In fact, research says that there’s a new ‘homebody economy’ first seen in China, then spread to other markets, where people spend more time living, eating, and entertaining themselves at home.
And Google says there’s a drastic increase in searches for goods and services that enhance people’s living and working conditions and spaces.
What are the best Black Friday practices for my online store?
Okay, the holiday season is here already. How do you get your store ready for it before it’s too late?
One thing every single e-commerce expert talks about is curbside pickup. Salesforce even predicted that stores that offer curbside pickup for the first time will see a 90% increase in digital sales over the 2019 holiday season.
And it goes without saying, the consumer has become more price sensitive amid COVID-19.
Nielsen says people are looking for cheaper alternatives to their everyday purchases, wait for deals and promotions.
Shoppers are likely to be short on cash according to Business Insider, and 71% of shoppers in a recent survey said they will reduce spending in anticipation of a financial difficulty.
This holds true for the gifting industry. Sending expensive gifts may be a thing of the past for many people.
What do these tell us about deals and promotions in this holiday season?
This holiday season, people are spending money on a tight budget. Here’s what you do to appeal to this price sensitive audience:
- Add affordable products/brands to your assortment
- Offer larger-size packs (family, economy packs)
- Make sure you’re offering competitive prices, it’s what people are expecting
- Offer custom bundles, where people can choose the products they want at a good price
- Send personalized discounts emails to your email subscribers, with discounts they can use on the products they’ve shown interest before
The bottom line is, the shopping season has already started, and it’s going to last longer this year. And the consumer is different.
Try to understand your customers’ needs and interests. Help them make rational shopping decisions, offer them discounts they actually find useful.
Read about new pricing tactics you can use this season.
Well, that’s all from us. What do you guys have in mind about a holiday season during COVID-19?
How do you think it’ll affect holiday shopping?pricing strategies
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