2022 Holiday shoppers: Key Insights for Businesses
As the holiday season approaches, many businesses are gearing up for the busy shopping season. To help businesses prepare, we have summarized the most important insights from Loqate’s Holiday Shopper Insights Report.
The report provides valuable insights into consumer behavior and spending trends during the holiday season. It also offers tips and best practices for businesses to maximize their sales and provide the best possible customer experience during this busy time.
Expected increase in consumer spending by 4.3% during the holiday season
According to the report, consumer spending is expected to increase by 4.3% this holiday season, with the average consumer expected to spend $1,047 on gifts and other holiday-related purchases. The report also found that the majority of holiday shopping will take place online, with 68% of consumers planning to do at least some of their shopping online.
Importance of a seamless and convenient shopping experience for customers
One key finding of the report is the importance of providing a seamless and convenient shopping experience for customers, for example trough automatic address validation. The report found that nearly half of consumers (48%) will abandon their online shopping carts if the checkout process is too long or complicated. To avoid losing potential sales, the report recommends that businesses optimize their checkout process and offer a variety of payment options to make it as easy as possible for customers to complete their purchases.
Effective management and fulfillment of orders during the holiday season
Another important consideration for businesses is the ability to effectively manage and fulfill orders during the holiday season. The report found that 39% of consumers expect to receive their online orders within two days, and 22% expect to receive their orders within one day. To meet these expectations, the report recommends that businesses invest in efficient order fulfillment and shipping processes, and consider offering options like same-day delivery or in-store pickup to provide added convenience for customers.
Valuable insights into consumer behavior and spending habits
In addition to providing practical tips for businesses, the Loqate Holiday Report also offers valuable insights into consumer behavior and spending habits. For example, the report found that the most popular gift categories this holiday season are expected to be clothing, gift cards, and electronics. It also found that consumers are most likely to shop at department stores, online retailers, and discount stores.
Overall, the Loqate Holiday Report is a valuable resource for businesses looking to maximize their sales and provide the best possible customer experience during the holiday season. By understanding consumer behavior and spending trends, and implementing the recommendations outlined in the report, businesses can set themselves up for success this holiday season.
Link to the full report https://www.loqate.com/de/weihnachtsshopping-2022/