Research by MarketLive and E-tailing Group Shows
October 28, 2010 — MarketLive, Inc., a leader in ecommerce software and services for mid-sized specialty retailers, and the e-tailing group, one of the industry's premier shopper-centric eCommerce consultancies, has revealed results from the 2010 Mindset of a Multi-Channel Shopper Survey.
The survey reveals that 44 percent of shoppers plan to do their holiday gift buying on the Internet, compared to 37 percent in 2009. Forty-eight percent of shoppers intend to purchase between six and fifteen gifts, on par with 2009. And, 39 percent intend to complete holiday purchasing by early December, indicating a potentially strong start to the season. The survey also shows that 64 percent of shoppers plan to spend between $100 and $500 on holiday gifts.
These trends, and other insights into the holiday shopper mindset, were revealed through polling of 1,000 consumers during September 2010. The insights allow multi-channel retailers to refine their marketing, merchandising and promotions strategies to effectively reach holiday shoppers. Retailers that are in tune with the mindset of their shoppers are poised to achieve the strongest results during the 2010 holiday shopping season.
"This important survey offers a unique view of the holiday season because it is completely focused on the consumer mindset," said Ken Burke, founder and chairman of MarketLive. "It offers useful consumer insights that can inform retailers and drive greater results. It's clear that even though retailers are experiencing momentum as the holiday season approaches, it is critical to engage customers with relevant offers and compelling shopping experiences to entice them to make a transaction. One-to-one marketing, segmentation, sophisticated email promotions and new avenues of reaching shoppers such as social sites and smartphones will draw shoppers to retail sites. The most compelling on-site experiences will then convert browsers into buyers, and will deliver optimal results this season."
Online Spending Trends for
In the areas of holiday spending projections and timing, 48 percent of shoppers stated that they intend to purchase between 6 and 15 gifts -- which is equal to last year. Many shoppers (39 percent) plan to complete the majority of their holiday purchases in early December, slightly later than in 2009 (34 percent). The majority of holiday purchases will be transacted online and gift cards will be purchased by 74 percent of shoppers. They are projected to account for about half of online holiday spending.
Locating hard-to-find products and saving time are the two most frequently cited reasons for buying gifts online according to consumers polled during the survey. Online shoppers state that avoiding crowds, saving money and shipping ease are also important motivators for shopping online this holiday season. Finally, 67 percent stated that they plan to research gifts online prior to purchasing -- indicating the critical role of branding and consistent and compelling customer experiences across channels. Books, clothing, music, gift certificates, toys and consumer electronics are the top product categories shoppers are likely to purchase online this holiday season.
Promotions and Merchandising Must Represent Value
Promotions and merchandising strategies should consider the 45 percent of respondents who stated that they would not pay full price for gifts this holiday season. However, 38 percent of respondents also emphasized that they would make an exception for hard-to-find items that a friend or family member has specifically requested. Free shipping (92 percent) and free returns (81 percent) remain the promotional features with the highest ratings for influencing shoppers to make a purchase and must be strategically factored into merchant offerings.
Although consumers state that they would prefer to receive emails with less frequency, 40 percent of shoppers who have opted in still prefer to receive emails weekly versus 43 percent last year. Relevant, value added offers remain compelling for holiday consumers. Free shipping (87 percent) and sales or markdowns (83 percent) are still the most desirable type of email offer, while coupons (75 percent) and in-store promotions (61 percent) increased in favor this year.
Mobile Commerce Will Play a Role in 2010
Thirty-six percent of shoppers will take advantage of their mobile devices for shopping this holiday season. Shoppers will use them to look up competitive products (17 percent) and prices (16 percent) ensuring they get a good deal anytime, anywhere. Also worth noting is that some shoppers stated a desire to remain loyal to retailers or brands. However, research also shows that most (61 percent) will be lost to competitors' websites when they encounter out-of-stock products this holiday season.
"Despite the caution that still pervades the minds of consumers, their willingness to spend online is powerful and speaks to the web's ability to deliver from both a time and money saving point-of-view," emphasizes Lauren Freedman, president of the e-tailing group. "We once again challenge cross-channel merchants to creatively merchandise, actively inspire and support shoppers to ensure that the shift toward online shopping continues. Vigilant performance monitoring throughout the season and timely adjustments should deliver the bottom-line profits for which all are striving in 2010."
The e-tailing group offers over 16 years of e-retailing experience and has learned that putting customers first and differentiating through merchandising can set retailers on the right course this holiday season. Freedman further elaborated, "In 2010 having the right products in stock, smartly priced and available for timely delivery is even more critical as retailers target procrastinating shoppers. Gifting services that conveniently assist consumers will result in destination-driven shopping. The embrace of mobile selling will also set retailers apart and fuel cross-channel purchasing while social marketing investments will also better meet the demands of connected consumers."
"Key performance indicators for the first nine months of 2010 indicate that retailers are going into the 2010 peak season with growth in traffic, overall revenue and strong conversion trends," offered Burke. "This momentum, tied with a strong understanding of consumer trends, will help retailers hone their strategies for a successful holiday 2010."
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