Cyber Monday is the new Black Friday
New research shows that as we move towards the holiday season, shoppers are more excited about the prospect of Cyber Monday than that of Black Friday.
A study by retail analytics company Euclid finds that Cyber Monday leads the way in consumer excitement (72 percent) followed by Black Friday and the day after Christmas (62 percent and 55 percent, respectively).
The findings also show that eCommerce continues to build momentum, but also that physical stores maintain a key role in the buying process. In fact, 75 percent of consumers aged 18 to 34 visit a store on a regular basis to see a product and then purchase it online later. As the lines between physical and digital continue to blur, therefore, retailers should strive to become more channel-agnostic.
"Retailers that still think online and offline don't influence each other are deluding themselves," says Brent Franson, CEO of Euclid. "If you're still looking at individual store performance, stop. Want to nail it? Figure out how online and offline channels feed each other -- and which marketing campaigns are reinforcing that path to purchase."
The report also looks at what drives the consumer’s choice of retailer. While price is the main factor convenience matters too, 82 percent of shoppers value getting in and out quickly when shopping in-store over the holidays.
There are, unsurprisingly, differences between the sexes when it comes to shopping, male shoppers are more inclined to visit a retailer if it has made gift-giving simple with curated and personalized gift selections available in-store (46 percent of men compared to 27 percent of women). Men are more inclined to visit a store if they see a great deal displayed in the window (60 percent of men versus 55 percent of women). Men are also more likely to be drawn to visit a particular retailer by an online advert (61 percent as compared to 54 percent of women).
"Give the people what they want -- and this holiday season, that's convenience," adds Franson. "You don't have to be Amazon to deliver the perfect gift with no hassle. Bricks-and-mortar can still pull off a holiday win -- but they'll need to couple new in-store experiences with the convenience factor to get it done."
If you want to find out more, the full report is available from the Euclid website.