2024 Holiday eCommerce Predictions
November 14, 2024
Holiday eCommerce Trends to Watch in 2024
Unsurprisingly, more shoppers are turning online for holiday shopping, avoiding crowded malls and traditional shopping experiences. Currently, over 60% of consumers shop online during the holidays, with digital sales projected to grow by 7-10% from last year. Here’s what eCommerce businesses need to know to tap into this expanding consumer base:
The Rapid Rise of Buy-Now, Pay-Later
With tighter budgets, consumers are increasingly drawn to BNPL options, which allow them to defer payments without accruing interest. This option appeals especially to holiday shoppers looking to stretch their budgets without relying on credit cards. Experts at Practical Ecommerce predict that BNPL will represent 9% of total online shopping in the U.S. this year. Grand View Research estimates the global BNPL market, currently valued at around $6.13 billion, will grow by 26.1% by the year 2030. Integrating BNPL options can attract new buyers seeking flexibility.
Mobile Shopping Gateways for Young Consumers
Around 40% of Gen Z consumers begin their product searches on platforms like TikTok and Instagram. Ensuring products are mobile-friendly, visually appealing, and easily shareable is essential for reaching younger shoppers. Conveniently, Instagram and TikTok enable seamless integration with Amazon, allowing users to purchase products directly from an Amazon store while browsing.
Email Marketing Surges
Email volume is expected to increase by 25% during the 2024 holiday season. To stand out, businesses must optimize their email timing—too many emails risk being marked as spam, while too few may not gain enough attention. Businesses using CRM software like HubSpot or Salesforce can analyze the best open rates and tailor email timing to maximize visibility. While conventional wisdom suggests sending emails during work hours, experimenting with weekend emails may provide an edge.
Strategic Timing for Discounts
Many consumers plan their holiday shopping around discount schedules, starting as early as October and peaking during Black Friday and Cyber Monday. Offering limited-time promotions during these high-traffic periods can help boost sales. Consider gradually increasing discounts as the season progresses, encouraging early purchases while maintaining compelling offers closer to the holidays.
Preparing Infrastructure for Demand
While capitalizing on holiday trends is essential, ensuring a robust infrastructure to handle potential demand surges is equally important. Use data to forecast demand and stock popular items accordingly. Preparing for returns is also critical; a staggering 42% of holiday shoppers return some or all of their purchases. A poor return experience can be costly, as 56% of shoppers who encounter issues with returns are unlikely to purchase from the brand again.
Maximizing Holiday Opportunities
This holiday season, eCommerce brands can excel by adopting trends like mobile-optimized shopping, smart email marketing, and flexible payment options. By timing discounts strategically and preparing for returns, businesses can not only meet customer expectations but also foster loyalty, positioning themselves for a successful season.