What shoppers want in 2024: Holiday data shows changing consumer mindset
2023 holiday data reveals what customers want – and don't want – in 2024. Retailers need to focus on agility, personalization, and changing spending habits.
The economic activity of a country depends on a set of commercial momentum creating a ritualization phenomenon. Celebrations at the end of the year take on specific attributes and temporality: Decoration and animation at points of sales, appearance of the first holiday ads as early as September, traditional wish lists to Santa, and various sales promotions.
How does the emergence of e-commerce and omnichannel disrupt the established ecosystem of rituals and holiday retail sales?
Mission critical: E-commerce and holiday retail sales
For several decades, holiday celebrations and sales have been key moments for commerce, and usually serve as the scene for new marketing trends.
Given the importance of this period for retailers – the last two months of the year represent approximately 45% of additional revenue compared to the other months of the year, according to FEVAD – it’s of the utmost importance that they establish best practices and equip themselves with tools adapted to the new modes of commercialization and consumption, and to client and customer expectations.
The era of omnichannel holiday retail
New constraints have emerged alongside omnichannel commerce: Even more complex logistics, a growing demand from consumers who expect an experience and a service of stellar quality, no matter where and when they make their purchase, as well as an even more complex consumption process.
Customers must get what they need, on time, regardless of whether they plan ahead and make holiday purchases months in advance, or whether they wait until the last minute.
The most successful retailers are those who anticipate this period of agitation by equipping themselves with devices to enhance customer knowledge, thus getting ahead of and responding to their needs. To do this, companies must have flexible tools enabling continuous monitoring before, during, and after the consumer purchasing cycle.
Companies must engage with customers regularly in order to enter into a long-term interactive relationship. It’s essential for a stakeholder operating on several channels at the same time to have a unified vision, enabling the control of all the orders, stocks, prices, and offers in order to be able to provide the customer with a satisfying experience.
Unwrap customer satisfaction
If there is one thing we learn about commercial and marketing strategy from the trials of holiday retail and the sales, it is that these are the moments when consumers are looking for an experience. The key to this experience lies in commercial, omnichannel efficiency, as customers expect expedient service that provides the necessary flexibility to rapidly-changing modes of consumption. It is incumbent upon commercial players not to disappoint consumers during this period.
