September 16, 2020
9 Interesting Facts About Holiday Shopping in 2020
WOW! 2020 has been an interesting year, to say the least. From a global pandemic to sky-rocketing ecommerce sales in April of all months, this year has been a rollercoaster for most industries, especially ecommerce. It’s clear that consumer behavior has changed and it’s only going to keep evolving as we approach the 2020 holiday shopping season. For this reason, it’s important for brands to recognize these trends, understand how they should tailor their strategies, and capitalize before the holiday season officially kicks off.
The shift toward online shopping wasn’t a surprise for brands already invested in ecommerce. However, the pandemic has accelerated this shift and many traditional advertisers and companies are still trying to catch up. Even with more people shopping online, consumers will always prefer value and convenience above all, which presents the perfect opportunity for marketers to encourage engaged users to make a purchase.
As you get ready for the holiday season, here are 9 interesting ecommerce facts you should know and keep in mind.
Interesting Facts We’ve Found:
1. Re: tales of online retail success.
COVID disrupted many industries but 4 out of 5 Square retailers report their average sales are comparable to pre-COVID sales. Plus, in Square’s Holiday Selling Guide, they note that 66% of shoppers plan to increase their holiday spending this year.
2. Holiday Shoppers Are on Facebook
According to Facebook Insights, of all U.S. holiday shoppers surveyed, 12% are on Facebook and say they actively search for products to buy for themselves or someone else. If you’re not already, running ads on Facebook should be an integral part of your digital marketing strategy.
3. FOGO (Fear Of Going Out) Will Be a Big Factor This Holiday Season
Not everyone is comfortable visiting brick and mortars this year. In fact, in a Google Webinar, they note 44% of shoppers feel nervous about shopping in-store with 17% noting they won’t shop in-store at all this year.
4. In Difficult Times, Self-Gifting Can Be a Positive Outlet
In a study from Facebook, they found that 60% of US and Canadian shoppers research gifts for themselves during the holiday season.
5. Compared to 2019, 2020 is Already a Big Year for Online Shopping – Up 7%!
6. The Divide Between Physical Sales and Online Sales is Growing
Clothing retailers often have physical locations, and recent reports indicate sales fell 36% between May and July. In that same period, online retailers saw their sales increase by 26%.
7. Older Generations Are Embracing Mobile During the Pandemic
In a recent survey, an average of 72% of Generation X and 50% of Baby Boomer respondents said they’re spending more time on mobile devices throughout the pandemic. Although this was already a trend, the COVID-19 outbreak has accelerated it, which is great news for ecommerce businesses.
8. Along with Embracing Mobile Browsing, Older Generations Plan to Spend Big
In a recent GWI study, authors note that an 80% average of Generation X and Baby Boomers report shopping online. What’s most important to note is that 44% of Gen X’ers and 30% of Baby Boomers say they’re spending more time shopping online than before the pandemic. Expect this trend to continue heading into the holiday season.
9. Even When the Outbreak Ends, Online Shopping Will Keep Growing
In the same study from GWI, 43% of the people they surveyed expect to shop online more frequently even after the COVID-19 outbreak. Online shopping offers value and convenience, and with more people discovering it for the first time, it’s no surprise they’ll want to keep shopping online in the future.
FINAL THOUGHTS:
If 2020 has taught us anything, it’s to be quick on your feet and attentive. Consumer buying behavior has been shifting towards online for a while but the pandemic has accelerated it. The companies that incorporate these previous 9 facts into their advertising mix will be successful in not only the 2020 holiday season but also in the future. There’s still time for your brand to adapt! End the year feeling optimistic about 2021 and contact VELOX Media today.