‘Tis the Season for Convenience
With Black Friday weekend over, customers are hustling to wrap up their shopping. Retailers who emphasize convenience and make finding the perfect gift easy will be well-positioned for a merry season. This brings us to the next trend in our Holiday 2019 series:
Multiline retailers dominate both online and in-store
Last year, Multiline retailers like Target, Walmart, and Amazon not only accounted for 60% of all online spend, but they also made up 45% of all spend at physical stores. This indicates that consumers prefer to check all the items off their shopping lists at one location—regardless of whether they’re doing so in person or at the click of a button. Specialized retailers who sell one category of goods must give customers a reason to make that extra trip.
Which categories are winning specialty share?
While Multiline took the lion’s share of holiday spend, several categories drove customers to make more specialized trips. Runners-up for biggest share of online spend include Apparel (15%), Home & Garden (9%), and Electronics (5%). Several categories of specialized stores are faring a bit better at their physical stores. Apparel (19%), Home & Garden (17%), and Beauty & Health (8%) picked up the largest share after Multiline.
To protect their share, both Multiline and specialized retailers should consider offering sales on exclusive brands or products and highlighting them in any promotional materials.
Remember to emphasize the unique convenience factors of all your shopping channels. For instance, verifiable quality and knowledgeable staff for physical retailers, shoppable gift guides for online retailers, and easy in-store pickup to foster valuable omnichannel shopping behavior.
Want more Holiday insights?
Check out our other holiday spend trends, and check back weekly for new holiday insights.