In this article, we have analyzed the top consumer trends to help you stay on top of the game. Statistics have shown that year on year festive shopping has been on an increase with many factors playing a part in the booming business. So, if you are the new modern retail kid on the block, read on for some insight this season.
Online and mobile shopping are on the rise
This is a no- brainier really, it has becoming ridiculously easy to shop online and almost all retailers are now available at the click of a button, we are seeing more people making purchases than ever. USA the largest consumer market indicates a whopping 93% of consumers planning on making a purchase online.
People are spending more money
This November and December, spending is expected to reach $692 billion. The economy is stabilizing, and people are willing to spend more of their money on gifts for both others and themselves. 41% of consumers plan on spending more money on gifts than they did last year, adding up to the $10 billion dollar increase in total sales from last year. With the entire effect of demonitozation of old currency people have started making payments using credit cards, debit cards. mobile wallets, UPI. It is hence the need of the hour for merchants to partner with a right POS provider and digitise their business.
People are shopping across multiple devices
The online world is expanding, and one device is just not enough for shoppers. That’s why so many consumers are using different devices throughout the purchase path. Shoppers are beginning preliminary research on their desktops and sometimes on their mobiles. During these early stages, consumers have the time to leisurely shop and browse at their own pace. Once they are shopping in-store, they are turning to their mobiles to compare prices and look up reviews on specific products. People are ultimately completing online purchases on their desktops, because they feel more secure making large-ticket purchases on their desktops rather than mobile.
Majority of retailers have started promotions as early as September, and are extending sales into the new year. Western influenced concepts of major shopping days like Black Friday and Cyber Monday are creeping in with China adding on their influence with ‘Singles Day’ sales.
What this means for you
Prepare for a busy season. Foot/web traffic will likely increase so ensure that your store is well-stocked and adequately staffed. Besides the obvious, don’t miss:
- Creating displays / web pages
- Hiring seasonal staff
- Carrying season specific merchandise
- Stocking up on gift cards
- Ensuring you have enough supplies
- Tightening up store and online security
- Laying out your store policies
Your season should be more than cheery if you keep a close eye on revenue, foot/web traffic, and customer sentiment particularly after the US presidential elections. Nip issues in the bud at the right time so that consumer spends are not affected.