Still-potent economic uncertainty is encouraging consumers to be savvier as they browse and buy. But while there may be more price comparing and deal hunting this holiday season, consumers will still expect stellar experiences as they browse and buy across channels.
Retail TouchPoints interviewed 12 experts who shared their predictions for the 2024 holiday season. In the final interactive report, they revealed how focusing on contextual relevance, culture and value can create a winning holiday strategy across all channels.
During the upcoming Retail Strategy & Planning Series, experts will explore these trends further to identify top tips and tactics for driving holiday sales results. Register to get access to all six sessions, which will dig into:
Trend 1: Economic Forces will Shift Where and How People Shop
Early research from Salesforce revealed that most consumers will seek value this holiday season. Two-thirds of consumers say price will dictate where they shop, which means some shoppers will trade down, while others will strategically hunt for deals and use Chinese shopping apps to find viable “dupes” for coveted products. As a result, global sales for November through December 2024 are expected to reach $1.18 trillion — a soft 3% growth rate over the same period in 2023.
Placer.ai will add more data and context to where, how and why consumers will shop this holiday season. Reflecting on results from the “Summertime Sale Season” and peak back-to-school shopping period, Placer.ai will reveal data on how consumers’ in-store shopping behaviors will change and evolve through Q4, including in-demand categories, top-performing retailers, and the challenges and opportunities that exist for all merchants during the season.
In the key grocery category, Placer.ai data indicates that consumers are increasingly visiting multiple supermarkets to complete their shopping lists. Some shoppers are in search of bargains, accounting for increased trips to Aldi, but others are using different stores to find unique private label products, for example at Trader Joe’s.
A recent Placer.ai report outlined how Costco, Target and Walmart in particular are uniquely positioning themselves in consumers’ lives amid economic volatility. Although all retailers saw growth year over year, Walmart found favor among families, while Costco saw a boost in its Gen Z customer base. Placer.ai will bring more proprietary insights, and tactical takeaways, to its #RSP24 session.
Trend 2: Dynamic Content Will Create Ecommerce Impact
Early predictions from eMarketer point to a 23% year-over-year increase in ecommerce sales for the holiday season. However, given the volatile economic climate, inflation concerns and the looming election, others expect more modest growth.
Regardless of how much they’ll actually spend, consumers will undoubtedly use digital tools and channels to discover, research and compare holiday purchases. That is why brands and retailers need to focus on incorporating compelling content, especially videos, to inform and engage shoppers.
Merchants that do not have the time, money or bandwidth to create images and video content at scale can harness the power of artificial intelligence (AI), something that many experts referred to as a creative enabler for busy marketing teams in Retail TouchPoints’ holiday predictions report. During their session, executives from Cloudinary will discuss how AI can help teams transform and optimize visual content so they can boost their reach and impact across all channels, ultimately driving better ROI.
Brands looking to level up their expansive content arsenal also can embrace interactive video. Experts from Vimeo will break down how dynamic elements and clickable products can drive engagement and enhance storytelling along the entire shopping journey.
Advertisement
Trend 3: Brands Will Need to Communicate Value Across Channels
Early surveys and predictions indicate that 2024 is a year for value-based marketing messaging. But execs will need to think critically about what “value” means for their brand and, most importantly, to their customers — and then communicate that value across marketing channels and communication touch points.
Connected TV (CTV) is becoming an increasingly valuable channel for merchants to engage with audiences based on their distinct behaviors, locations and relationships with brands. Keyword targeting can be especially powerful in helping brands connect and resonate with high-intent customers. During their session, MNTN will reveal creative tips and best practices for creating campaigns that stick — and drive revenue across channels.
Trend 4: Returns Will Create Holiday Hassle…Again
Returns are the proverbial thorn in retailers’ sides, especially during the holiday season. After receiving a surge of sales, many retailers have to manage the countless returns consumers want to process online, creating logistical headaches for internal teams and customers alike. It’s never too early to strategize about Returnuary, which is why experts from Vertex and Kearney will share what brands should be thinking about leading up to the peak holiday shopping period.
Not only do brands need to clearly communicate and promote their return policies across all channels; they also need to ensure their practices for returns and exchanges are accurate and compliant. Speakers will share their best practices to help attendees eliminate the headaches from Returnuary.
Click here to register for the week-long Retail Strategy & Planning Series, which begins on Sept. 23.
