5 Retail Trends That Will Shape the 2020 Holiday Season
It is undeniable how the COVID-19 pandemic changes the way we shop. This has also forced retailers to accommodate innovations like cashless payment and online shopping.
In relation to this, brand experience firm Big Red Rooster listed down seven ways the pandemic the way people buy and consume products.
1. Consumers are Wary to Touch Things
Due to the virus, customers are now wary of touching products. The same things go when using ATM or credit card readers and pushcarts in groceries.
2. Consumers Practice Physical Distancing
Much like with touching things, consumers are also wary of their personal space. They tend to maintain a distance of six feet from one another. That’s because the virus spreads among people who are in close contact.
3. Consumers are Supporting Local Businesses
There is no denying that COVID-19 has affected many businesses. This has instilled in consumers a great interest in supporting local businesses. This is to help uplift the local economy.
4. Consumers Spend More on Essentials
Last March, consumers stocked up on groceries and household essentials. This is partly due to preparing for the mandated lockdown.
5. Consumers are Going Online
With the decrease in human intervention and close contact, consumers started doing their business online. And this is not limited to online shopping. Nowadays, people do their meetings, classes, and workout sessions online. Some even date online!
6. Consumers Support Sensitive Brands
Other than supporting local businesses, consumers are also supporting companies who are sensitive to the crisis. This includes brands that support frontliners or emphasizes cleanliness and sanitation.
7. Consumers are Considering Product Sources
The pandemic has brought people to think globally. That’s because this is a health issue on a global scale. As such, consumers are becoming wary of where their products are sourced.
The fear of getting infected has kept us indoors. It has also changed the way we conduct our business. Hence, it is safe to say that new retail trends will emerge this holiday.
Retail Trends That Will Shape the 2020 Holiday Season
It is evident that the COVID-19 pandemic has played a role in this year’s consumer spending.
That said, we have listed down five retail trends you should check out this holiday:
E-commerce Will be Every Retailers’ Lifeline
As early as April, many brick-and-mortar stores closed. This led to an increase in unemployment worldwide.
Nonetheless, you can salvage your business with the help of e-commerce. For one, it allows retailers to create a safe shopping environment for customers. Second, this can be an excellent opportunity to make up for lost revenue.
It is just a matter of developing a robust online marketing and ecommerce fulfillment strategy.
Holiday Shopping May Start Earlier
No need to wait until Thanksgiving before you move your operations online.
According to a survey conducted by Radial, shoppers are less likely to change their holiday spend. Moreover, 66% of shoppers are expecting that they will increase their online purchases.
So, if you have not already, it would be best to start moving your business online.
Think of Expanding Your Market Reach
Aside from moving your business online, you should also consider expanding your market reach. After all, this is one of the advantages of having an e-commerce business.
That said, you will need to think outside the box and run other seasonal sales. This is to accommodate the cross-cultural market.
Aside from Thanksgiving, Black Friday, and Cyber Monday, you might also want to include the following:
- New Year
Mind you; people will still celebrate Thanksgiving and Christmas despite the economic downturn. Albeit it might be different this year.
Self-gifting Maybe Bigger Than Ever
As mentioned earlier, people will still celebrate the holidays. Hence, self-gifting may be more significant than ever.
For one, consumers will look for little luxuries. Second, many are capitalizing on #SelfCare, especially in these trying times.
After all, we need to do a thing or two to keep our sanity during the pandemic.
Consumers Prefer Companies With Values
Due to COVID-19, people are looking at how companies help uplift their community. More than product price and discount offers, consumers are willing to buy from businesses to address this crisis.
From your end, it can be as simple as sharing your proceeds to your employees or the less fortunate. Google also has a brief post on how you can incorporate your values through marketing.
Bonus: Ecommerce Shipping 2020
Ecommerce has become more popular than ever. With people not being able to go and buy products physically in a store, they go online to meet their needs. As a leading ecommerce order fulfillment provider we have seen a steep increase in demand for worldwide shipping solutions.
At Floship, we can help you store, pick, pack, label and ship your ecommerce orders worldwide with over 70 different courier options and 65+ integrations. If you’re running for instance a Shopify Plus, Magento Enterprise, BigCommerce or Demandware store, reach out today for a custom shipping solution.Get Holiday Season Shipping Solution
As the holiday season approaches, we understand if you are wary of the economic downturn. But COVID-19 does not have to be your business’s kryptonite.
The best thing you can do is understand and adapt to your customers’ changing needs. It does not have to be perfect from the get-go.
After all, consumers and businesses are becoming more welcoming with feedback and changes.
Remember: We will emerge from this pandemic with new ways of doing things, especially with the way we cater to our customers.
Jake Rheude is the Director of Business Development & Marketing for Red Stag Fulfillment, an ecommerce fulfillment company with fulfillment houses across the U.S. Red Stag was established when the owners of an ecommerce store couldn’t find a quality fulfillment partner and set out to establish a world-class fulfillment operation for ecommerce stores.