As summer approaches, retailers are gearing up for the hottest holiday season yet. With sales expected to skyrocket, it’s crucial for businesses to start planning early to maximise this lucrative period.
Let’s dive into the shifts expected to alter shopping for this year’s holiday season and explore additional winning strategies for retailers.
Seamless payment options drive flexibility
One of the most significant trends this holiday season is the evolution of payment options. With the rise of buy now, pay later (BNPL) services and alternative currencies, shopping has never been more frictionless. These innovations make it easier for consumers to purchase what they need, when they need it, enhancing the overall shopping experience.
AI-driven personalisation and creativity
AI has become more than a buzzword, it’s a practice that’s here to stay. An overwhelming majority of ad creatives already use machine learning tools, allowing for deeper customisations of creative assets. This makes iterations of various messaging and offers as easy as a click of a button, enabling marketers to quickly reach customers throughout the buyer journey and run experiments to find what most resonates.
The rise of distributed commerce
The age of distributed commerce is here, and brands that embrace non-traditional customer touchpoints are the ones who will rise to the top. Today’s customers are shopping everywhere: on social media platforms, retail media networks, pop-up shops, and partner sites. Brands need to adapt to this new reality to stay competitive.
Giving as the new gifting
Social good is at the forefront of consumers’ minds. Many shoppers expect their personal brands to reflect their values, prioritising donations and charitable contributions as part of their holiday traditions. Brands that team up with nonprofits or seamlessly integrate fundraising campaigns into the buying experience will help align themselves with the personal interests of their audiences.
In addition to these five shifts, there are ongoing opportunities for retailers to engage with their consumers to ensure they engage them past the point of the holiday hustle and bustle. Here are a few things to consider when engaging customers beyond the holiday hustle and bustle:
Unlock the power of the transaction moment
The moment customers hit “buy” is one of the most valuable in the customer journey. At this high-engagement point, e-commerce brands can earn significant incremental revenue by unlocking the transaction moment. Teaming up with partners like Rokt allows technology to reach customers with a buying mindset by leveraging first-party data combined with AI and advanced machine learning. This powerful combination delivers highly relevant offers that resonate with each customer.
Measure success
There’s nothing more valuable for advertisers than being able to measure outcomes. AI-driven tests can result in substantial improvements in conversions per impression (COPI). This allows advertisers to directly link campaign investments to tangible business results.
Balancing AI and creativity
While AI and machine learning play crucial roles in optimising customer interactions, creativity remains essential. Ads powered by technology connecting real-time purchase data with valuable complementary offers can see engagement rates as high as 5-7 per cent, significantly outperforming traditional advertising methods.
As e-commerce competition intensifies, early holiday shopping preparation becomes essential. By leveraging key insights, you can enhance your customers’ experience and drive sales during this crucial period. With the right approach, you can unlock the biggest e-commerce opportunity ever and make this holiday season a gift that keeps on giving.
The post Future-proof your retail strategy for the holiday season and beyond appeared first on Inside Retail Australia.
