Chain Store Age (CSA) reports that Accenture’s 18th Annual Holiday Shopping survey shows that consumers are “cautiously optimistic” and expect they’ll spend more this holiday season than they did last year. There’s more good news for in-store retailers: 48% of consumers report preferring to shop in-store this season so they can “assess products first-hand.”
The survey also reveals that 68% of consumers say price and value are two of the most important factors when deciding what retailer to buy from. And 30% say they’ll shop when they’re offered promotions and discounts.
“Buyers’ Block”
Of course, small retailers can’t compete on price with the big box stores, so don’t try. If you have a small business, focus on providing value to your customers. For instance, according to Accenture, 60% of shoppers don’t know where to start when it comes to finding the perfect holiday gifts, and 68% of consumers could face “buyers’ block”—feeling overwhelmed by the number of options to choose from, and 69% worry they’ll make the wrong purchasing decision and regret it.
Those afflicted with buyers’ block will abandon their shopping carts due to frustration or indecision (82%), and almost one-third will shop elsewhere. And 73% say they’d welcome inspiration.
Accenture suggests in-store retailers should position their associates as “inspiration champions.” This means “empowering store associates to display their expertise and help inspire and advise shoppers.”
Carefully curating items, creating bundles, and using personalized marketing can relieve a lot of that stress for holiday shoppers and is effective for in-store and online sellers.
Accenture suggests that using Gen AI as a personal shopping advisor—suggesting gift ideas or advice on wrapping can help. Most (93%) consumers say Gen AI could help them find better gifts, and 89% value the recommendations from Gen AI.
How Gift Cards Can Accelerate Your Sales
Consumers love gift cards and this year 40% of holiday shoppers plan to buy gift cards. However, half of people getting gift cards don’t redeem “the full balance of the card, resulting in an unspent balance of $120, on average, per consumer.”
Accenture says, “Unredeemed cards represent a significant missed opportunity for retailers, which could gain new, lifelong customers and incremental sales.”
Retailers need to make gift cards easy to purchase, use, and manage, advises Accenture. How? Gift card recipients told, “Accenture that simplifying balance check options (36%), regular reminders of unspent balances (35%), and an easier redemption process online and in-store (32%) would help ensure they use their gift cards.”
Source: Currents