The first leaf of fall hasn’t even touched the ground and we are discussing winter holiday trends? Of course! We believe that it is crucial to prepare for the holiday season ahead of time if you wish to attract customers and increase sales.
As you know, Black Friday, Thanksgiving, and Christmas are 3 of the most important shopping occasions for shoppers all over the world. We have gathered some trends and stats you need to know before you prepare your campaigns for this holiday season. We’ll also include some guidelines you can use when you promote your products in the following months. Let’s get started!
Consumer holiday shopping: Winter 2023 trends
53% of customers are willing to change brands if they can save money.
Inflation is still causing problems, especially in the retail sector. This is why shopping habits have changed. Unfortunately, customer loyalty is on the decline. Why? Because customers are looking for the best way to save up a buck. If you are not focusing on providing great products with low prices, then you might be losing customers.
67% of shoppers plan on buying products that are on sale/have a promotion.
No promotion, less sales. More and more customers are focusing on products that have a discount because they want to make the best deal for their money.
42% of shoppers switched to store brands for household care products due to lower prices.
Private label or store brands are becoming more popular. They have lower prices while providing the same value. This is why shoppers are testing out store-brand products, especially when it comes to household care products.
47% of customers are using more coupons and 48% buy less.
Expect 2023’s holiday season to be a bit less profitable compared to last year’s season. Why? Because a lot of shoppers are planning to purchase fewer products due to the cost-of-living crisis. Also, those shoppers who are not changing their shopping lists are planning on using coupons or loyalty programs to save a buck.
80% of shoppers are more likely to make a purchase if they receive a personalized offer/coupon.
Yes, personalization in retail is key. Customers want to feel special and nothing says “we value your business” like a personalized offer.
Tips and tricks for this holiday season
These stats seem grim? Don’t despair! We have some tips and recommendations that can help you make the most of your winter holiday season campaigns:
Emphasize Value and Savings
Given the price-conscious mindset of customers, focus on highlighting the value and savings your products offer. Craft your marketing messages to showcase how your products provide excellent quality at affordable prices.
Strategic Promotions and Discounts
Plan targeted promotions and discounts that align with customer preferences. Capitalize on the fact that a significant percentage of shoppers look for products on sale. Consider bundling complementary items for a bundled discount to encourage larger purchases.
Promote Store Brands and Private Labels
Leverage the trend towards store brands by showcasing the affordability and quality of your private-label products. Highlight the cost savings customers can enjoy without compromising on value.
Coupon Integration and Loyalty Programs
Recognize the increasing use of coupons and incorporate them into your sales strategy. Develop a loyalty program that offers discounts or rewards for repeat purchases, encouraging customers to choose your brand over others.
Personalized Offers
Utilize customer data to create personalized offers and coupons that cater to individual preferences. This approach enhances customer engagement and increases the likelihood of purchase, as 80% of shoppers respond positively to personalized offers.
Enhanced Customer Engagement
Strengthen your connection with customers through interactive and engaging marketing campaigns. Social media contests, interactive videos, and user-generated content can keep your brand at the forefront of customers' minds.
Early Planning for Limited Inventory
Due to the anticipated decrease in sales volume, plan your inventory carefully. Start early to avoid stockouts on popular items, ensuring that you can meet customer demands throughout the holiday season.
Multi-Channel Shopping Experience
Offer a seamless shopping experience across different channels, both online and offline. Customers might research online and purchase in-store, or vice versa. Consistency across channels enhances customer satisfaction and boosts loyalty.
If you are looking for a way to increase engagement and provide an amazing experience in-store, we’ve got you covered! With Tokinomo’s solutions, Shelfobot and Visibubble, you can grab the attention of customers in-store and engage with them at the point of sale. Depending on your budget and the concept of your campaign, choose Shelfobot or Visibubble to delight shoppers this holiday season.
Post-Holiday Engagement
Don't let the engagement drop after the holiday season. Follow up with customers who made purchases, offering them post-holiday deals and exclusive offers. This helps in maintaining customer interest and loyalty beyond the holiday rush.
Keep up with trends this holiday season
As inflation continues to influence shopping habits, customers' unwavering pursuit of value and savings takes center stage. The decline in customer loyalty underscores the urgency for retailers to prioritize affordability without compromising product quality. The data-driven shift towards promotional shopping and the rise of store brands present unique opportunities for retailers to captivate budget-conscious shoppers.
Embracing these challenges and trends, retailers can strategically navigate the winter holiday season. By crafting tailored promotions and discounts, amplifying the allure of store brands, and harnessing the power of personalized offers, retailers can cultivate customer loyalty in a landscape marked by change.
