November 16, 2020
2020 is approaching its finish line, which for many brands and retailers means both an optimistic and strenuous time of the year. Add the COVID-19 notorious return, the drama around US elections and Thanksgiving (read Black Friday and Cyber Monday) to the mix and the stress is likely multiplied.
This year, however, Black Friday deals have started earlier than previous years, as American retailers are trying to space out their sales to avoid shipping delays which have been aggravated by the pandemic-driven online demand.
In this edition of our weekly retail digest, read about the emerging trends and what the competition is doing this holiday season to adjust and execute your digital retail and sales strategies accordingly.
The Digital Retail Holiday Season Trends 2020
In 2019, Black Friday online retail sales in the US spiked by 334% when compared to the first four weeks of October. Cyber Monday saw a 330% increase in sales. According to the same report, mobile accounted for 57% of transactions, with app sales increasing by the whooping 146% on Black Friday 2019 compared to 2018. As expected, online retail is going to show an even bigger increase this year.
This year, according to Google’s Consumer Insights, almost 75% of U.S. holiday shoppers said they will shop online this year. The same report shows that the trend of buying local is continuing to rise as 66% of people say that they will prefer to shop at local small businesses. And 47% of shoppers said they’ll use touchless options such as buying online and pickup in store/curbside pickup. All in all, safety, price, convenience, and supporting local businesses will be top of mind for holiday shoppers this season and retailers need to prepare to meet their customers on the platform and device of their choice.
Omni-channel approach is a must, as new generations of shoppers seek to engage with brands on social platforms, research products on multiple and newer digital marketplaces, and shop from brands which align with their personal beliefs, searching to identify with a brand’s personality and values. Modern approach to e-commerce focuses on designing a cohesive user experience at every touchpoint. [BigCommerce & HubSpot]
On a side note, let’s not forget to mention the other goings-on in the retail tech world. Read about Alibaba Group’s new record sales, UK retailers' promise to reach Net Zero carbon emission by 2040, Ocado’s IP investigation in the US, Amazon’s antitrust charges, and more on RTIH.
Green retail race is accelerating in Europe as the UK’s largest retailer, Tesco, now pledges to achieve net zero carbon emissions by 2035. To achieve this ambitious target, Tesco says it will begin rolling out electric delivery vans, with plans to make its entire fleet electric by 2028. In addition, Tesco will install thousands of solar panels across its stores while partnering up with renewable energy investor Low Carbon, to build three solar farms in Anglesey, Essex and Oxfordshire. [Charged]
Do you need to implement a digital dimension into your organization? Visit Retail Reloaded to find out how we can help you create and implement the most optimal digital strategy for your organization.