70% of U.S. Consumers Will Actively Seek Promotions and Coupons When Holiday Shopping This Year

According to the new survey from Revionics, an Aptos Company, consumers are shopping smarter this holiday season and retailers must price accordingly to maximize sales

Revionics LLC, an Aptos Company, a provider of retail pricing, promotions, markdowns and advanced analytics solutions, today announced findings of its “Holiday Report: 2020 Pricing and Shopping Trends” based on a survey of 1,041 U.S. consumers. The survey illuminates holiday consumer behaviors and pricing trends to help retailers prepare their pricing, promotion and markdown strategies for a successful season.

According to the survey, 70% of respondents will actively seek promotions and coupons when holiday shopping, and 45% said that discounts will be one of the most important factors in deciding where to shop. To meet these consumer expectations and drive sales, retailers must offer the right promo mix and strengthen their pricing strategy this holiday season.

Make the holidays as usual as possible

After an unprecedented year of pandemic and economic uncertainty, consumers are largely anticipating and desiring a sense of normalcy this holiday season. The survey found that 56% of respondents plan to spend the same amount of money holiday shopping this year as last, despite 29% of respondents saying their personal finances have decreased since the beginning of COVID-19.

Over half of consumers said that compared to last year, they would spend the same amount of time looking for better deals, the same amount of money on their Thanksgiving meals, and the same amount of money holiday shopping online versus in person.

“We’re glad to find that despite the many setbacks and unpredictable sales trends for retailers this year, the holidays are looking hopeful as consumers strive for festivities not all that different from the past,” said Steve Leven, COO, Revionics, an Aptos Company. “Consumers aren’t going to let the pandemic affect their typical holiday experience, and retailers have a big opportunity to make this possible by meeting their expectations.”

Price smarter and start promos earlier

With more time and less money, consumers are shopping smarter and earlier for the holidays by looking for the best prices, expecting more promotions and extending the shopping season.

  • 77% of survey respondents said pricing was a top consideration when choosing where to do their holiday shopping.

  • 74% of respondents say they plan to compare prices while shopping online, and 69% plan to compare prices while shopping in person.

  • 45% of consumers have more free time to shop this year, and 35% say they will use that extra time look for better deals and discounts.

  • 46% of shoppers plan to start their holiday shopping before the weekend of Black Friday and Cyber Monday.

“Pricing will be key this holiday season as consumers search for the best prices during this extended holiday season,” said Leven. “To stay ahead of competitors and drive sales, retailers will need to determine the most effective promotional strategy across every channel, both online and in store. They must also start promotions and markdowns now while demand is up, keeping up with

Majority Indian consumers consider online, physical stores for shopping: Survey

New Delhi, Oct 16 (PTI) With the onset of festive season, 80 per cent of Indian consumers are looking forward to shopping, with both online and physical stores coming into consideration, reflecting the rise of omni-channel purchases, according to a survey by RAI.

As per the Festive Shopping Index 2020 by the Retailers Association of India (RAI) and LitmusWorld, 75 per cent of consumers are shopping online but 66 per cent of them are also considering shopping in stand-alone stores as well as malls (37 per cent).

‘While online is the primary mode of discovery, consumers are looking forward to purchasing at physical stores,’ it said.

Having been confined to their homes for so long away from relatives and friends, there seems to be some excitement around gifting, highlighting the need to rekindle relationships and reconnect, it added.

‘About 23 per cent of respondents have expressed their intent to purchase gifts along with items for their personal use,’ the survey said.

In terms of consumer interest, apparel topped with 53 per cent, followed by home appliances and electronics (47 per cent), work-from-home products (37 per cent) and home furniture (34 per cent).

The survey, which interviewed over 800 consumers across different cities in India, also found that these consumers prefer paying through digital modes of payment such as credit cards, debit cards, mobile wallets and UPI.

Commenting on the findings, RAI CEO Kumar Rajagopalan said,’Customers do feel the need to reconnect with a sense of cheer and are slowly coming out to shop. However, they may not shop in the same way they have been shopping all these years. There is a lot of reliance on what is being shown to them digitally.’ Retailers are looking at the festive season with some amount of cautious optimism. We believe that all formats of retail will see a resurgence but on an omni-channel basis, he added.

In spite of the pandemic, the Indian consumer is still very excited for the festive shopping season and that’s a big positive for retailers, LitmusWorld Head of Marketing & Partnerships Khushaal Talreja said.

‘However, the industry will need to respond with interesting value propositions and superior customer experience across offline and online channels to boost festive demand and increase the wallet share of consumers,’ Talreja added. PTI RKL RUJ RUJ

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Consumers Continue a March Toward Online Shopping | Economy

The coronavirus pandemic has accelerated a shift toward e-commerce this year amid lockdown orders that kept people home and a lingering wariness of in-person shopping, and recent data foreshadows a holiday season driven by online sales.

Online retails sales as a percentage of total sales skyrocketed from April through June, jumping to 16.1% from 11.8% during the first quarter of the year – easily the most dramatic jump in the last two decades of steady increases, according to Census Bureau data.

And the latest numbers from Amazon’s Prime Day event reinforce the trend, kicking off what’s likely to be an e-commerce heavily holiday season.

Amazon has not released sales data from the two-day event, but estimates from third-party firms – though varied – indicate that purchases were up significantly over last year.

In the U.S., Prime Day sales jumped 36% from last year, according to research firm Edison Trends. The jump, while significant, is less than the 42% increase in Prime Day sales from 2018 to 2019, according to the firm’s estimates.

Amazon said third-party businesses that sell through the platform sold more than $3.5 billion in products during the 48-hour period, a jump of 60% from last year.

Other online retailers also saw huge sales figures Tuesday and Wednesday, with more than half of the top-100 e-commerce sellers offering competing sales in an attempt to lure shoppers away from the Amazon event, analysis from Digital Commerce 360 shows. Online sales for non-Amazon sites jumped 76% in the U.S. on Tuesday compared to the first day of Prime Day last year, according to Salesforce.com Inc. and Digital Commerce 360.

The Week in Cartoons: Oct. 12-16

Amazon postponed this year’s Prime Day after struggling to handle the influx of orders earlier this year. Prime Day is typically held in the summer.

Retail sales have rebounded after plummeting at the outset of the pandemic. Sales rose by 1.9% in September compared to the previous month, the Census Bureau said Friday.

While the forecast for the holiday shopping season remains unclear as the economy struggles to recover from the coronavirus-induced recession, consumer surveys show that Americans will be shopping online more than ever.

About 7 in 10 consumers said they’ll primarily shop online during the holiday season, according to a survey by CreditCards.com, up from about half of consumers last year.

Another survey, from Accenture, found that 75% of shoppers said they’ll do at least some of their buying online, an increase from 65% last year.

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