As we gear up for Cyber Weekend 2023, the annual shopping extravaganza comprising Black Friday, Cyber Monday, and beyond, the retail landscape is set for yet another transformative year. With shifting consumer behaviors, technological advancements, and economic factors at play, it's crucial for businesses to anticipate the trends and adapt to the evolving eCommerce landscape. Here are some top predictions and forecasts for this year’s holiday spending.
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Extended Cyber Weekend Sales
- In recent years, the traditional concept of Cyber Monday has blurred into an extended shopping period that spans several days or even weeks. This year in particular, holiday shopping kicked off even earlier than usual with Amazon’s Prime Big Deal Days in October. Last year, Amazon saw sales increase of up to 185% in the week leading up to the Cyber 5, and this trend is expected to continue this year, with retailers launching their deals well in advance of Cyber Monday. Starting the deals early helps retailers manage logistics, reduces website crashes due to overwhelming traffic, and spreads out consumer demand.
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An Emphasis on Omni-Channel Shopping
- Brick-and-mortar stores are not going anywhere, and savvy retailers understand that the future lies in seamless integration between physical and online retail. For this year’s Cyber 5, we can expect more retailers to focus on creating an omni-channel shopping experience. This might involve services like "buy online, pick up in-store" (BOPIS) and offering exclusive in-store deals for online shoppers. Last year, stores that had BOPIS offerings brought in on average seven times more in sales than stores that did not. This trend is expected to continue through this year’s holiday season.
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Brands will Create a More Personalized Shopping Experience
- Consumer expectations for personalization have risen significantly in recent years. Retailers are increasingly relying on data analytics and AI to offer personalized shopping experiences, including tailored product recommendations, exclusive discounts, and curated product bundles. Shoppers are 40% more likely to spend more when they feel the shopping experience has been personalized to better fit their needs. It’s crucial for brands to find ways to make the shopping experience the best it can be for each shopper in order to increase the likelihood of sales.
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Brands will Pivot Toward Sustainability and Ethical Shopping
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- Consumers are becoming more conscious of their environmental impact, and they're actively seeking out eco-friendly and ethically produced products. In fact, 55% of consumers are willing to pay more for eco-friendly brands. Cyber Weekend 2023 will likely see an increase in retailers promoting sustainability efforts and highlighting their ethical business practices as a way to attract conscientious shoppers. In line with this, many retailers should focus on environmentally friendly shipping practices and packaging. This might involve using biodegradable materials or carbon-neutral shipping options.
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Mobile Shopping will Dominate
- Mobile shopping has been on the rise for years, and it's expected to be the dominant platform for online shopping during Cyber Weekend 2023. Mobile commerce sales are expected to make up 6.5% of total retail sales in the United States this year, as can be seen in the graph to the right. In 2022, 73% of Black Friday-Cyber Monday sales happened on mobile devices. Retailers will continue to optimize their mobile apps and websites for a seamless mobile shopping experience.
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Brands will Expand Use of Social Commerce Platforms
- Social media platforms continue to evolve into shopping destinations. Retailers will invest in creating shoppable posts and ads on platforms like Instagram, Facebook, and TikTok. These platforms will play a significant role in driving sales during Cyber Weekend. Including social media and social commerce in your marketing efforts is a great way to ensure a larger audience sees your content. Particularly, if you’re looking to target Millennials or Gen Z, as they utilize social media the most, as can been seen below.
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Shoppers will Continue to Engage Post-Cyber Weekend
- Cyber Weekend is no longer a standalone event. Smart retailers will focus on post-sale engagement, nurturing relationships with customers through email marketing, loyalty programs, and exclusive post-sale promotions. By continuing to remarket to your shopper base, you will be more likely to increase sales while improving brand visibility and staying relevant during the holiday shopping rush.
Cyber Weekend 2023 promises to be a dynamic and transformative period for eCommerce. Retailers that embrace these predictions and adapt to changing consumer behaviors and expectations will be well-positioned to thrive in this competitive landscape. Stay ahead of the curve, prepare for these trends, and make the most of Cyber Weekend to drive sales and build lasting customer relationships.
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