Hong Kong, China, 23rd July 2024, ZEX PR WIRE, As the holiday season approaches, retailers are gearing up for what could be a make or break period for their businesses. With a major portion of their annual revenue at stake, the pressure is on for retailers to adapt their strategies to meet the ever-changing habits of consumers. To stay ahead of the game, retailers must be prepared to adapt and innovate. This means not only offering competitive prices and promotions, but also providing a seamless and personalized shopping experience for customers.
In a survey of 1,000 U.S. consumers commissioned by Bryj and conducted by Dynata, the new research examines consumers’ opinions and preferences towards shopping during the holiday season and what they’re expecting from the retailers they purchase from.
According to the survey, the top three preferred methods for receiving ads are through email (55%), TV or streaming commercials (49%), and social media (39%). However, the study also found a significant generational divide in these preferences. The survey, which was conducted among a diverse group of participants, showed that Baby Boomers (born between 1946-1964) prefer receiving ads through traditional methods, with 55% of them choosing mailers as their top choice. On the other hand, younger generations like Millennials (born between 1981-1996) and Gen Z (born between 1997-2012) have a strong preference for social media, with 62% of them choosing it as their primary channel for receiving ads.
Another interesting finding from the study is that consumers are more likely to make impulse purchases during the holiday season. 68% of respondents are influenced to purchase items from ads where there is a promotion or discount offer, followed by an ad that is for an item they have viewed before and considered purchasing. This highlights the importance of retailers offering attractive deals and promotions during the holiday season to capture the attention of impulse buyers.
Nearly half (47%) of consumers believe it is appropriate for retailers to begin advertising around Thanksgiving and Black Friday. However, the majority of consumers (63%) do not start shopping for gifts until October or later. 25% of consumers don’t begin their holiday shopping until Black Friday or Cyber Monday. Consumers don’t want to be bombarded with promotions too early, but they also don’t want to miss out on anything. Finding the right balance between engaging customers and driving revenue is a constant challenge for retailers.
“Leveraging data allows retailers to understand their customers’ preferences, optimize their marketing strategies, and deliver personalized experiences that resonate,” said Lawrence Snapp, CEO of Bryj. “In a competitive landscape, the ability to connect with their audiences in a meaningful way during the holiday season is what can set them apart and drive significant revenue.”
In addition to planning and understanding consumer behavior, the experts also stress the importance of prioritizing customer experience. The study also found that consumers are more likely to make a purchase if the promotion is accompanied by free shipping or a discount on shipping costs. This emphasizes the importance of offering competitive shipping options for businesses during the holiday season.
By utilizing data and analytics, as well as implementing an omnichannel marketing strategy, retailers can effectively engage their customers and drive revenue. As consumer behaviors continue to evolve, it is important for retailers to constantly adapt and find the perfect balance to stay ahead of the game.This can be achieved through personalized and attentive customer service, creating a seamless online shopping experience, and offering special promotions or deals.
Overall, the study provides valuable insights for businesses looking to attract and retain customers during the holiday season. By understanding consumers’ preferences towards holiday promotions, businesses can tailor their marketing strategies to effectively reach and engage with their target audience. As the holiday season approaches, businesses should take note of these findings and adjust their promotions accordingly to maximize their sales and customer satisfaction.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Infobeat Today journalist was involved in the writing and production of this article.