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37 Holiday Shopping Statistics & Key Marketing Insights [2023]

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37 Holiday Shopping Statistics & Key Marketing Insights [2023]

Beyond the fun festivities, the holiday season is an incredibly significant time for both businesses and consumers alike, shaping economic landscapes year after year. In this post, we’ll discover how the art of gifting fuels retail sales and steers supply chains. We’ll also highlight the impact of online vs. in-store shopping as well as key seasonal sales for brands (Prime Day, Black Friday, etc.)

From the early-bird shoppers who meticulously plan to the last-minute buyers looking for a steal, we’ll dive into the interesting ways consumers interact with the market in the months leading up to the festivities. Let’s unwrap the top statistics behind the most anticipated shopping season of the year.

 

Check out our webinars covering the 2023 Playbook for Q4 and Holiday Success.

 

The Most Important Holiday Shopping Statistics for 2023

 

Let’s dive into the key holiday shopping statistics that are shaping how we shop in 2023.

 

Holiday Consumer Spending Statistics

 

  • Consumers spent $211.7 billion online over the 2022 holiday season , an increase of 3.5% year over year, per Adobe Analytics (Source).

 

  • Roughly 30% of shoppers gear up to kick off their holiday shopping as early as October or even before (2022 holiday shopper study).

 

  • 57% of consumers will begin holiday shopping on or before Thanksgiving (Source).

 

  • Just 15% of consumers plan to wait until December to begin holiday shopping (Source).

 

  • 60% of U.S. holiday shoppers plan on spending more than $250, with 10% planning to spend more than $1,000. (2022 Tinuiti Holiday Shopper Study).

 

 

  • The top influences for holiday purchase decisions include: Price (50%), sales or discounts (22%), free shipping (13%), fast shipping (7%), BOPIS (4%), easy returns (4%) (Tinuiti 2022 Holiday Shopper Study).

 

  • When making last minute gift purchases – 58% go in store and purchase, 39% get physical gift cards, 24% BOPIS, 23% get electronic gift cards, 21% will order products online even if it means a late gift, 15% will buy supplies to make a gift (Tinuiti 2022 Holiday Shopper Study).

 

  • As of 2021, 60% of consumers have reported using a Buy Now Pay Later (BNPL) service (Source). 

 

  • In 2022, consumers prioritized smaller purchases, with 72% stating they spent under $200 on a mix of holiday gifting and everyday essentials (Source). 

 

  • Across the 2022 holiday season, consumers spent a total of $1.14 trillion online globally and $270 billion in the U.S. (Source).

 

  • In 2022, holiday season retail sales grew by 4.8% YoY, following two years of surging retail and ecommerce growth. We expect a similar gain of 4.5% for the 2023 holiday season (Source). 

 

  • On average, 46% of global consumers preferred Buy Now Pay Later (BNPL) in comparison to a quarter of consumers who said they would opt for credit cards (Source). 

 

  • Households earning over $150K actually plan to spend 21% – almost $327 more – than they did last year on holiday purchases (Source). 

 

  • Shoppers look at social media for inspiration during the holiday season with 56% of Gen Z respondents saying they look at TikTok and  38% of Boomers check out Facebook (Tinuiti 2023 Holiday Report).

 

 

Online Holiday Shopping Statistics

 

Online shopping has essentially become a holiday tradition of its own. In our digital age, more people are turning to their screens to find the perfect gifts, making online shopping a dominant force in the holiday season. Let’s check out some of the top online shopping stats. 

 

  • 62% of shoppers plan to “buy mostly online” (Source).

 

  • Paid search remained the biggest driver of sales for retailers, with 29% of online sales attributed to that channel. Direct web visits (19%), organic search (17%), affiliates/partners (16%), and email (15%) were also major drivers (Source).

 

  • According to a September 2022 survey, more than half of GenZ consumers in the U.S. expected to buy more online and in-store this holiday season than last year (Source). 

 

  • 75% of respondents to our Holiday Survey said they will do at least some of their gift shopping on their phone (Tinuiti Holiday Study, 2021).

 

  • Only 14% of customers plan to shop online only (Tinuiti 2022 Holiday Shopper Study).

 

  • 70% of online shoppers foresee making purchases on their phone, 31% on tablet, 55% on desktop, and 8% using voice assistant devices (Tinuiti 2022 Holiday Shopper Study).

 

  • 85% of Gen Z plans to use a phone or tablet to holiday shop compared to 87% of millennials (Tinuiti 2022 Holiday Shopper Study).

 

  • 86% of shoppers will holiday shop on Amazon, 60% on Walmart.com, and 47% on Target (Tinuiti 2022 Holiday Shopper Study). 

 

  • Roughly 57% of U.S. consumers plan to shop online during the holiday season (Source). 

 

  • More than 80% of shoppers 40 and under will use their phones to find gifts, as will 66% of those over 40 (Tinuiti Holiday Shopping Report, 2021). 

 

In-store Holiday Shopping Statistics

 

While online shopping dominates, don’t count brick-and-mortar stores out. Let’s explore key statistics that shed light on the popularity of in-store shopping during the holiday season. 

 

  • 85% of holiday shoppers plan to do at least some of their shopping in-store, the majority saying they will first check availability/stock before going to stores. (Source)

 

  • Only 8% of customers plan to shop in store only with 39% majority online and some in store (Tinuiti Holiday Shopping Report, 2021).

 

  • According to a survey, in both 2021 and 2022, 43% of shoppers in the U.S. planned to go to stores (Source). 

 

  • 47% of respondents stated that they plan to make their holiday purchases at a department store (Source). 

 

  • 44.1 million people are expecting to shop exclusively in stores on Super Saturday (Source). 

 

  • More than 122.7 million people visited bricks-and-mortar stores over the 2022 Thanksgiving holiday weekend, up 17% from 2021 (Source).  

 

Black Friday, Cyber Monday, & Early Prime Day Statistics

 

From the frenzy of Black Friday and Cyber Monday to the anticipation of The Prime Early Access Sale, these events set the stage for incredible deals and mark the beginning of a shopping extravaganza. Let’s check out some of the top statistics for these major shopping holidays. 

 

  • 28% plan to start shopping on Black Friday or Cyber Monday (Source).

 

  • Cyber Monday 2022 was the largest retail ecommerce sales day in U.S. history with consumers spending $11.3 billion online—a 5.8% increase over 2021 (Source). 

 

  • 29% of Prime Early Access shoppers used the sale to purchase holiday gifts. Of those who purchased gifts, 69% say they completed less than half of their holiday shopping, and 95% say they’re likely to shop on Amazon again for additional holiday items in the next three months. (Source).

 

 

  • Consumers spent a record $9.12 billion while online shopping last Black Friday, which tracks more than 85% of the top 100 U.S. online retailers. That’s an increase of 2.3% over a year ago (Source). 

 

  • U.S. retail sales on Black Friday rose 12% year-over-year (Source). 

 

Conclusion

 

Preparation is the cornerstone of holiday success for brands. Understanding the intricacies of consumer behavior, harnessing the power of seasonal sales, and embracing the surge of online and in-store shopping can make all the difference in your bottom line. If you need assistance in getting prepared for the fast approaching holiday season, we can help. Contact us today and make sure to check out our webinars covering the 2023 Playbook for Q4 and Holiday Success.


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Why We Are Always ‘Clicking to Buy’, According to Psychologists

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Why We Are Always 'Clicking to Buy', According to Psychologists

Amazon pillows.

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A deeper dive into data, personalization and Copilots

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A deeper dive into data, personalization and Copilots

Salesforce launched a collection of new, generative AI-related products at Connections in Chicago this week. They included new Einstein Copilots for marketers and merchants and Einstein Personalization.

To better understand, not only the potential impact of the new products, but the evolving Salesforce architecture, we sat down with Bobby Jania, CMO, Marketing Cloud.

Dig deeper: Salesforce piles on the Einstein Copilots

Salesforce’s evolving architecture

It’s hard to deny that Salesforce likes coming up with new names for platforms and products (what happened to Customer 360?) and this can sometimes make the observer wonder if something is brand new, or old but with a brand new name. In particular, what exactly is Einstein 1 and how is it related to Salesforce Data Cloud?

“Data Cloud is built on the Einstein 1 platform,” Jania explained. “The Einstein 1 platform is our entire Salesforce platform and that includes products like Sales Cloud, Service Cloud — that it includes the original idea of Salesforce not just being in the cloud, but being multi-tenancy.”

Data Cloud — not an acquisition, of course — was built natively on that platform. It was the first product built on Hyperforce, Salesforce’s new cloud infrastructure architecture. “Since Data Cloud was on what we now call the Einstein 1 platform from Day One, it has always natively connected to, and been able to read anything in Sales Cloud, Service Cloud [and so on]. On top of that, we can now bring in, not only structured but unstructured data.”

That’s a significant progression from the position, several years ago, when Salesforce had stitched together a platform around various acquisitions (ExactTarget, for example) that didn’t necessarily talk to each other.

“At times, what we would do is have a kind of behind-the-scenes flow where data from one product could be moved into another product,” said Jania, “but in many of those cases the data would then be in both, whereas now the data is in Data Cloud. Tableau will run natively off Data Cloud; Commerce Cloud, Service Cloud, Marketing Cloud — they’re all going to the same operational customer profile.” They’re not copying the data from Data Cloud, Jania confirmed.

Another thing to know is tit’s possible for Salesforce customers to import their own datasets into Data Cloud. “We wanted to create a federated data model,” said Jania. “If you’re using Snowflake, for example, we more or less virtually sit on your data lake. The value we add is that we will look at all your data and help you form these operational customer profiles.”

Let’s learn more about Einstein Copilot

“Copilot means that I have an assistant with me in the tool where I need to be working that contextually knows what I am trying to do and helps me at every step of the process,” Jania said.

For marketers, this might begin with a campaign brief developed with Copilot’s assistance, the identification of an audience based on the brief, and then the development of email or other content. “What’s really cool is the idea of Einstein Studio where our customers will create actions [for Copilot] that we hadn’t even thought about.”

Here’s a key insight (back to nomenclature). We reported on Copilot for markets, Copilot for merchants, Copilot for shoppers. It turns out, however, that there is just one Copilot, Einstein Copilot, and these are use cases. “There’s just one Copilot, we just add these for a little clarity; we’re going to talk about marketing use cases, about shoppers’ use cases. These are actions for the marketing use cases we built out of the box; you can build your own.”

It’s surely going to take a little time for marketers to learn to work easily with Copilot. “There’s always time for adoption,” Jania agreed. “What is directly connected with this is, this is my ninth Connections and this one has the most hands-on training that I’ve seen since 2014 — and a lot of that is getting people using Data Cloud, using these tools rather than just being given a demo.”

What’s new about Einstein Personalization

Salesforce Einstein has been around since 2016 and many of the use cases seem to have involved personalization in various forms. What’s new?

“Einstein Personalization is a real-time decision engine and it’s going to choose next-best-action, next-best-offer. What is new is that it’s a service now that runs natively on top of Data Cloud.” A lot of real-time decision engines need their own set of data that might actually be a subset of data. “Einstein Personalization is going to look holistically at a customer and recommend a next-best-action that could be natively surfaced in Service Cloud, Sales Cloud or Marketing Cloud.”

Finally, trust

One feature of the presentations at Connections was the reassurance that, although public LLMs like ChatGPT could be selected for application to customer data, none of that data would be retained by the LLMs. Is this just a matter of written agreements? No, not just that, said Jania.

“In the Einstein Trust Layer, all of the data, when it connects to an LLM, runs through our gateway. If there was a prompt that had personally identifiable information — a credit card number, an email address — at a mimum, all that is stripped out. The LLMs do not store the output; we store the output for auditing back in Salesforce. Any output that comes back through our gateway is logged in our system; it runs through a toxicity model; and only at the end do we put PII data back into the answer. There are real pieces beyond a handshake that this data is safe.”

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Why The Sales Team Hates Your Leads (And How To Fix It)

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Why The Sales Team Hates Your Leads (And How To Fix It)

Why The Sales Team Hates Your Leads And How To

You ask the head of marketing how the team is doing and get a giant thumbs up. 👍

“Our MQLs are up!”

“Website conversion rates are at an all-time high!”

“Email click rates have never been this good!”

But when you ask the head of sales the same question, you get the response that echoes across sales desks worldwide — the leads from marketing suck. 

If you’re in this boat, you’re not alone. The issue of “leads from marketing suck” is a common situation in most organizations. In a HubSpot survey, only 9.1% of salespeople said leads they received from marketing were of very high quality.

Why do sales teams hate marketing-generated leads? And how can marketers help their sales peers fall in love with their leads? 

Let’s dive into the answers to these questions. Then, I’ll give you my secret lead gen kung-fu to ensure your sales team loves their marketing leads. 

Marketers Must Take Ownership

“I’ve hit the lead goal. If sales can’t close them, it’s their problem.”

How many times have you heard one of your marketers say something like this? When your teams are heavily siloed, it’s not hard to see how they get to this mindset — after all, if your marketing metrics look strong, they’ve done their part, right?

Not necessarily. 

The job of a marketer is not to drive traffic or even leads. The job of the marketer is to create messaging and offers that lead to revenue. Marketing is not a 100-meter sprint — it’s a relay race. The marketing team runs the first leg and hands the baton to sales to sprint to the finish.

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via GIPHY

To make leads valuable beyond the vanity metric of watching your MQLs tick up, you need to segment and nurture them. Screen the leads to see if they meet the parameters of your ideal customer profile. If yes, nurture them to find out how close their intent is to a sale. Only then should you pass the leads to sales. 

Lead Quality Control is a Bitter Pill that Works

Tighter quality control might reduce your overall MQLs. Still, it will ensure only the relevant leads go to sales, which is a win for your team and your organization.

This shift will require a mindset shift for your marketing team: instead of living and dying by the sheer number of MQLs, you need to create a collaborative culture between sales and marketing. Reinforce that “strong” marketing metrics that result in poor leads going to sales aren’t really strong at all.  

When you foster this culture of collaboration and accountability, it will be easier for the marketing team to receive feedback from sales about lead quality without getting defensive. 

Remember, the sales team is only holding marketing accountable so the entire organization can achieve the right results. It’s not sales vs marketing — it’s sales and marketing working together to get a great result. Nothing more, nothing less. 

We’ve identified the problem and where we need to go. So, how you do you get there?

Fix #1: Focus On High ROI Marketing Activities First

What is more valuable to you:

  • One more blog post for a few more views? 
  • One great review that prospective buyers strongly relate to?

Hopefully, you’ll choose the latter. After all, talking to customers and getting a solid testimonial can help your sales team close leads today.  Current customers talking about their previous issues, the other solutions they tried, why they chose you, and the results you helped them achieve is marketing gold.

On the other hand, even the best blog content will take months to gain enough traction to impact your revenue.

Still, many marketers who say they want to prioritize customer reviews focus all their efforts on blog content and other “top of the funnel” (Awareness, Acquisition, and Activation) efforts. 

The bottom half of the growth marketing funnel (Retention, Reputation, and Revenue) often gets ignored, even though it’s where you’ll find some of the highest ROI activities.

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Most marketers know retaining a customer is easier than acquiring a new one. But knowing this and working with sales on retention and account expansion are two different things. 

When you start focusing on retention, upselling, and expansion, your entire organization will feel it, from sales to customer success. These happier customers will increase your average account value and drive awareness through strong word of mouth, giving you one heck of a win/win.

Winning the Retention, Reputation, and Referral game also helps feed your Awareness, Acquisition, and Activation activities:

  • Increasing customer retention means more dollars stay within your organization to help achieve revenue goals and fund lead gen initiatives.
  • A fully functioning referral system lowers your customer acquisition cost (CAC) because these leads are already warm coming in the door.
  • Case studies and reviews are powerful marketing assets for lead gen and nurture activities as they demonstrate how you’ve solved identical issues for other companies.

Remember that the bottom half of your marketing and sales funnel is just as important as the top half. After all, there’s no point pouring leads into a leaky funnel. Instead, you want to build a frictionless, powerful growth engine that brings in the right leads, nurtures them into customers, and then delights those customers to the point that they can’t help but rave about you.

So, build a strong foundation and start from the bottom up. You’ll find a better return on your investment. 

Fix #2: Join Sales Calls to Better Understand Your Target Audience

You can’t market well what you don’t know how to sell.

Your sales team speaks directly to customers, understands their pain points, and knows the language they use to talk about those pains. Your marketing team needs this information to craft the perfect marketing messaging your target audience will identify with.

When marketers join sales calls or speak to existing customers, they get firsthand introductions to these pain points. Often, marketers realize that customers’ pain points and reservations are very different from those they address in their messaging. 

Once you understand your ideal customers’ objections, anxieties, and pressing questions, you can create content and messaging to remove some of these reservations before the sales call. This effort removes a barrier for your sales team, resulting in more SQLs.

Fix #3: Create Collateral That Closes Deals

One-pagers, landing pages, PDFs, decks — sales collateral could be anything that helps increase the chance of closing a deal. Let me share an example from Lean Labs. 

Our webinar page has a CTA form that allows visitors to talk to our team. Instead of a simple “get in touch” form, we created a drop-down segmentation based on the user’s challenge and need. This step helps the reader feel seen, gives them hope that they’ll receive real value from the interaction, and provides unique content to users based on their selection.

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So, if they select I need help with crushing it on HubSpot, they’ll get a landing page with HubSpot-specific content (including a video) and a meeting scheduler. 

Speaking directly to your audience’s needs and pain points through these steps dramatically increases the chances of them booking a call. Why? Because instead of trusting that a generic “expert” will be able to help them with their highly specific problem, they can see through our content and our form design that Lean Labs can solve their most pressing pain point. 

Fix #4: Focus On Reviews and Create an Impact Loop

A lot of people think good marketing is expensive. You know what’s even more expensive? Bad marketing

To get the best ROI on your marketing efforts, you need to create a marketing machine that pays for itself. When you create this machine, you need to think about two loops: the growth loop and the impact loop.

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  • Growth loop — Awareness ➡ Acquisition ➡ Activation ➡ Revenue ➡ Awareness: This is where most marketers start. 
  • Impact loop — Results ➡ Reviews ➡ Retention ➡ Referrals ➡ Results: This is where great marketers start. 

Most marketers start with their growth loop and then hope that traction feeds into their impact loop. However, the reality is that starting with your impact loop is going to be far more likely to set your marketing engine up for success

Let me share a client story to show you what this looks like in real life.

Client Story: 4X Website Leads In A Single Quarter

We partnered with a health tech startup looking to grow their website leads. One way to grow website leads is to boost organic traffic, of course, but any organic play is going to take time. If you’re playing the SEO game alone, quadrupling conversions can take up to a year or longer.

But we did it in a single quarter. Here’s how.

We realized that the startup’s demos were converting lower than industry standards. A little more digging showed us why: our client was new enough to the market that the average person didn’t trust them enough yet to want to invest in checking out a demo. So, what did we do?

We prioritized the last part of the funnel: reputation.

We ran a 5-star reputation campaign to collect reviews. Once we had the reviews we needed, we showcased them at critical parts of the website and then made sure those same reviews were posted and shown on other third-party review platforms. 

Remember that reputation plays are vital, and they’re one of the plays startups often neglect at best and ignore at worst. What others say about your business is ten times more important than what you say about yourself

By providing customer validation at critical points in the buyer journey, we were able to 4X the website leads in a single quarter!

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So, when you talk to customers, always look for opportunities to drive review/referral conversations and use them in marketing collateral throughout the buyer journey. 

Fix #5: Launch Phantom Offers for Higher Quality Leads 

You may be reading this post thinking, okay, my lead magnets and offers might be way off the mark, but how will I get the budget to create a new one that might not even work?

It’s an age-old issue: marketing teams invest way too much time and resources into creating lead magnets that fail to generate quality leads

One way to improve your chances of success, remain nimble, and stay aligned with your audience without breaking the bank is to create phantom offers, i.e., gauge the audience interest in your lead magnet before you create them.

For example, if you want to create a “World Security Report” for Chief Security Officers, don’t do all the research and complete the report as Step One. Instead, tease the offer to your audience before you spend time making it. Put an offer on your site asking visitors to join the waitlist for this report. Then wait and see how that phantom offer converts. 

This is precisely what we did for a report by Allied Universal that ended up generating 80 conversions before its release.

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The best thing about a phantom offer is that it’s a win/win scenario: 

  • Best case: You get conversions even before you create your lead magnet.
  • Worst case: You save resources by not creating a lead magnet no one wants.  

Remember, You’re On The Same Team 

We’ve talked a lot about the reasons your marketing leads might suck. However, remember that it’s not all on marketers, either. At the end of the day, marketing and sales professionals are on the same team. They are not in competition with each other. They are allies working together toward a common goal. 

Smaller companies — or anyone under $10M in net new revenue — shouldn’t even separate sales and marketing into different departments. These teams need to be so in sync with one another that your best bet is to align them into a single growth team, one cohesive front with a single goal: profitable customer acquisition.

Interested in learning more about the growth marketing mindset? Check out the Lean Labs Growth Playbook that’s helped 25+ B2B SaaS marketing teams plan, budget, and accelerate growth.


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