Ecommerce retailers brace for big holiday weekend
The United States economy has continued to fight back from one of the worst recessions in history, driven by a resilient small business sector and the resurgence of consumer spending that has taken place over the past few years. Now, the combination of online and brick-and-mortar retail stores, along with increased health in the housing and consumer spending arenas, are helping to fuel even more positive financial performances among private sector competitors this year than last.
In many ways, these improvements can be viewed as a double-edged sword, as they have simultaneously yielded more opportunities to progress as there is simply more revenue to be had, while they have also strengthened competition. This means that retailers need to ensure that they are putting their best feet forward going into the busy holiday shopping season through the deployment of ecommerce platforms and other initiatives that can drive loyalty and prospect conversion higher.
Big aspirations
A recent comScore study forecast retail spending through online channels to hit roughly $61 billion this holiday shopping season, representing significant growth compared to the same period last year. As a note, this figure is the combination of both desktop and mobile ecommerce derived sales, which are expected to hit $53.2 billion and $7.9 billion, respectively, through the next few weeks.
Retailers should not need much more proof that the digital landscape is becoming increasingly important in the grand scheme of financial performances, yet there is plenty more to be had. For example, the researchers pointed out that desktop-driven sales are expected to rise 14 percent compared to last year – an accelerated increase in juxtaposition to the 10 percent growth in 2013 – and mobile will represent 25 percent higher rates of involvement this holiday season.
"The 2014 online holiday shopping season is shaping up to be a bright one with more than $61 billion in spending expected, representing a year-over-year growth rate of 16 percent across desktop, smartphones and tablets," said Gian Fulgoni, executive chairman emeritus of comScore, affirmed. "Although some lasting effects of the great recession still provide some overhang on the economy, many of the latest indicators point toward signs of optimism for consumer spending during the holidays. Negative economic sentiment is at a five-year low, the stock market is near all-time highs, and inflation has been kept in check. The one negative is that real wages for many middle-class Americans have not grown and in fact may have declined slightly. That said, the recent trends we've seen in online consumer spending suggest that American consumers are ready to open their wallets and embrace the spirit of giving this holiday season."
Get moving now
Although the holiday shopping season begins only a few days from now, it is never too late to get the ball rolling on unique strategies to bring more prospects and loyal customers into digital and physical storefronts. By deploying email marketing campaigns and refining ecommerce platforms for optimal functionality, retailers can get the most out of this highly opportunity-rich time of year.
