2015-11-17 09:22:29

Holiday Shopping Numbers Hinge on These Strategies

2015-11-17 09:22:29

A recent study by Accenture determined a number of trends among this season’s U.S. holiday shoppers. Perhaps most encouraging is that 40% of those polled plan to spend more on their holiday shopping this year than last year (up from 25%).   Online is the preferred shopping option as compared to in-store, although one in 10 respondents think they will use a particular channel depending on what they are purchasing. But physical stores still play a role as 65% said they prefer to purchase products from the website of a brick-and-mortar retailer (versus other online stores), due to convenience, trust and security.   Half of consumers are likely to shop on Thanksgiving, while 28% believe Thanksgiving should be spent with family.   In their determination to find the best deals, 51% said they are willing to share personal information with retailers in order to receive personalized offers, which is up from 33% in 2014. Discounts make a difference as 87% said they are persuaded by discounts of 20% or more to purchase an item.   Webrooming (shopping for products online before visiting the retail store to make their purchase) and showrooming (visiting a store to review a product before purchasing it online) will be prevalent among U.S. shoppers, with 69% and 65% likely to participate in each, respectively. These practices provide the convenience of first determining what they want “to touch and feel” and also save shipping charges.   And as to be expected, 61% of shoppers contacted in the Accenture annual holiday shopping survey said they are influenced by social media when making purchasing decisions.   “With consumers willing to spend more on holiday purchases again this year, this holiday season represents a strong opportunity for retailers,” said Patricia Walker, senior managing director, products, and North America retail practice lead at Accenture. “However, in order to capitalize on the opportunity, retailers need to focus on offering a seamless experience for shoppers who will be shopping both online and in-store. As consumers make digital technology a natural part of their lives, their shopping habits have evolved rapidly. If they experience personalization on one channel, they start to expect it across all channels. This represents a great opportunity for retailers who take advantage of new and emerging digital technologies to enhance the shopping experience.”   Online is the preferred shopping option (for 54% of respondents) as compared to in-store where a retailer has a presence in both channels, although one in 10 thinks they will use a particular channel depending on what they are purchasing. Sixty-one percent of consumers surveyed say social media will have some influence on their purchasing decisions, with the 18 - 44 age demographic being the most influenced by social media. Key reasons for social media’s influence included being able to see what’s trending in real-time and what other shoppers are buying (cited by 46%) and feeling the ads and offers on social media are highly relevant to them (cited by 33%).   “Retail is everywhere, and no longer about a location or a channel. Today’s on-the-go nature of consumers has influenced shifts in channel preferences. While we know consumers value content and social media that reflects their lifestyles, our research shows us that social media has very little influence on the purchasing decisions of those aged 45 and over. The younger shoppers who are influenced by social media mostly like to see what’s trending and what others are buying," said Walker.   For consumers planning to visit brick-and-mortar stores this holiday season, the top three factors that would enhance their in-store shopping experience are in-store promotions (cited by 55%), being able to touch, feel and see items in person (46%) and seamless operations such as short lines and quick service (42 percent). When it comes to technology enhancing the in-store experience, most consumers ranked digital coupons as the most important technology, followed by self-service payment options and kiosks with digital set-ups. Methodology: Accenture conducted an online survey using a representative sample of 1,537 U.S. consumers in September and October 2015. 

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