Holiday Shopping Insights
From the desk of FiQ, FUSE has launched a research report to uncover market trends and interests around holiday shopping and gifting.
From the desk of FiQ, FUSE has launched a research report to uncover market trends and interests around holiday shopping and gifting. FiQ is the intelligence that drives our strategy and creative for our clients in a variety of roles within the consumer landscape. It is the consumer-level insight that we capture using data reporting. We want to harness that knowledge and help educate retailers and marketers.
After analyzing over 1 million social media conversations plus 65,000 articles in Canada, we’ve uncovered some of the most up-to-date, real-time holiday consumer shopping data and trends that can immediately impact retail sales, targeting strategies, and even messaging. Here’s a quick look at the key learnings:
Convenience is King
We found that 48% of consumers are open to buying from new retailers if it is more convenient. Retail loyalty is low this holiday season, which means every customer (new or returning) is up for grabs.
Retailers can excel by providing accurate inventory information on their website and to make sure the shopping experience from online to offline is seamless. Many customers start their shopping journey online, so if it is not a convenient process, another brand is just a mobile search away.
Types of Shoppers
There are four types of shoppers when it comes to the holidays. The largest proportion of shoppers, the “Evergreens,” spread out their shopping over the whole holiday season beginning in October all the way until end of December. Then there are the “Early Birds” who get all their shopping done by Black Friday, but aren’t solely focused on getting the best deal.
Other shoppers only buy when things are on sale exclusively during Black Friday/Cyber Monday and these are your “Deal Seekers.” Fun fact: 66% of these shoppers are most likely to shop for themselves in addition to others as gifts. Lastly, we have the “Last Minute” shoppers. We all know at least one person like this – the customer that puts off most of their shopping until the final push before the holidays.
Based on year over year data, 75% of consumers say a company’s ethics matter more this year than previous ones. It’s not just about the gift itself! For example, TOMS shoes give one pair of shoes to a child in need with every purchase. They call it a One-for-One® purchase and have expanded the program to include eyewear. TOMS has given more than 35 million pairs of new shoes to children in need and helped restore sight to over 250,000 people.
Online conversations surrounding holiday shopping show that there is a sentimental value in the gifting ritual and the experiences involved. Using TOMS as the example, the sentimental value of providing for people in need draws consumers to purchase.
Technology is Ever Prevalent
Consumers are increasingly using their phones in-store, with a 15% increase in recent years. Retailers need to find ways to be part of that mobile experience and provide the information consumers are looking for, such as brand recommendations, reviews, checking product availability, and more.
Regardless of the shopper type, over 50% of consumers will spend a large amount of time while in-store researching and browsing online before purchasing. Interestingly, shoppers will use online video to brush up on a product before talking about it with sales representatives. This creates an enormous opportunity for marketers to provide fast and meaningful assistance that augments a customer’s in-store experience. Sephora is one brand doing this well. They invested in digital technologies that serve as personal shopping assistants while customers are in stores. The brand’s mobile app makes it easy for shoppers to scan barcodes to read product reviews, look up their order history, and more. This closes the gap between the offline and online shopping worlds and defends against other brands who aim to intercept shoppers at this stage of the journey.
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