Online Sales Take Center Stage This Season
Several key trends have emerged in Coresight Research and Bolt’s latest digital shopping update for the holiday season. Two are tightly intertwined: As consumers embrace flexible payment options, retailers and brands are responding by onboarding platforms to meet that demand.
Other trends include more investments in e-commerce management, personalization, and experiential retailing this year. On the front end, the authors of the report said retailers and brands have slashed prices on top categories such as apparel, toys and electronics.
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Meanwhile, the report noted that the rate of growth of online sales for the season is expected to come in around 20 percent, which compares to total retail sales growth for the holiday season of 6 to 7 percent. Earlier this week, Mastercard SpendingPulse said U.S. retail sales (minus automotive) grew 7.6 percent year-over-year this holiday season, which the company measures from Nov. 1 through Dec. 24. More sales data is expected this week from other firms.
And whether they buy online or in-store, the report found that consumers are leaning into online product searches for information, price and inspiration. The survey found that 82 percent of shoppers polled went online to search for holiday gift ideas, while 74 percent are using online search platforms to make gift purchases. This is occurring even as shoppers go to physical stores to make purchases.
Coresight Research and Bolt also deeply analyzed online sales for Thanksgiving, Black Friday and Cyber Monday in their report. The results showed that more consumers spent Black Friday shopping online as compared to in a store. The data also showed that the average cart size for the five-day period (Thanksgiving through Cyber Monday) came in at 3.2 items per order — which was the same as last year.
And despite concerns over inflation, shoppers doled out more this year than last year during the five-day period. The average order value showed a year-over-year gain of 15 percent, while gross merchandise value rose 2 percent year-over-year.
By category, electronics, sporting goods, fitness and hobbies, arts and crafts had the largest year-over-year gains in gross merchandise value, rising 33, 26 and 25 percent, respectively. This compares to food and beverage and home and garden products, both falling 18 percent.
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