According to a research study, 4,000 consumers in the United States and the United Kingdom, consumer confidence in retailers’ ability to deliver gifts in time for the holidays is at an all-time low, with 51% of UK respondents and 66% of US respondents planning to shop ahead of Black Friday and Cyber Monday to even get their wish-list products in time.
Top Consumer Priorities During the Holidays
Let us take a look at the top priorities for this holiday shopping season
1. The Best Deals
Many Of US and UK Christmas shoppers (69 percent and 56 percent, respectively) expect to employ price comparison websites for your holiday shopping, as consumers are more focused than ever on getting the best deal. In the United States, this amount grew by 9% year on year. Furthermore, 74% of poll participants stated they would switch from their normal shop if they found a lower price elsewhere.
2. Black Friday and Cyber Monday: Holiday Retail Sales Events.
Only a clear majority (56%) of respondents in both the US and the UK said they planned to take advantage of these important Christmas retail discount days, according to our research. Nonetheless, of the various age ranges polled, 72% of 18-24-year-olds stated they would participate, which was significantly higher than the 65 and older respondents (36%).
3. Online Shopping
According to our research, 53% of those who only buy online claimed they would do much more online shopping this Christmas season. This would include those aged 65 and up, with 39 percent making the majority of their purchases online, contrasted to only 15% in 2019. Even consumers who presently solely purchase in person stated they will do more online shopping this year (14%).
The research also investigated what aspects influenced online shoppers’ buying decisions: price, product availability, and delivery timing were all mentioned by 82 % of respondents. It’s worth mentioning that 16% of respondents indicated they’ve contemplated switching to a different online store because of the website’s poor accessibility and appearance.
Information: The Biggest Gift to Retailers!
Particularly at an early start to this year’s (extended) holiday season, and also price-conscious customers, shops will need to go above and beyond to suit customers’ demands and needs – and so differentiate themselves from their competitors. This is where having solid, information pricing schemes will come in in.
“It’s no surprise that when it comes to holiday shopping, the percentage of clients emphasize getting the greatest deal,” said Or Lenchner, CEO of Bright Data. “In this ultra-competitive moment, I expect more firms to wake up to the possibilities of leveraging external or alternative data insights to retain competitive offers and pricing, and those who don’t will fall behind,” said Lenchner.
“Prior to the internet, retailers often send’ mystery shoppers’ to check out their competitors’ products and prices. “However, thanks to real-time web data collecting, all of this can now be controlled online, which helps both businesses and customers,” Lenchner noted.
Meeting customers’ demands necessitates anticipating them. The best method to do that is to have the correct information on hand. According to the poll, more than a third of respondents (35%) indicated they prefer to buy from brands with a stronger reputation. With the proper information, businesses can ensure that their strong brand, price offerings, and consumer demand are always in sync. This will aid them in maintaining a competitive advantage throughout the holiday period and beyond.
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