Inmar Intelligence, a leading data and technology company, released its Pre-Holiday E-Commerce Survey Report. This survey, which included responses from 1,000 shoppers and 300 retailers, sheds light on the evolving landscape of holiday shopping and the critical need for alignment between consumer expectations and retailer strategies.
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Despite the challenges of economic uncertainties such as inflation, an election year, geopolitical instability, and fluctuating employment rates, consumers are entering the 2024 holiday season with optimism. In fact, 85% of shoppers plan to spend the same or more this holiday season, and in addition to spending more, only 6% intend to reduce their online shopping.
Key themes of the survey include:
- A rise in bracket purchases, particularly among younger consumers. A notable 73% of 18-24 year olds are somewhat-to-very likely to buy several items in advance, then decide what to keep and what to return. This shift in shopping habits is partly driven by the rise of “fast fashion” and the pandemic, which transformed home environments into virtual fitting rooms.
- Heightened consumer expectations for discounts this season. Consumers expect retailers to increase sales and discounts by 42% compared to the 2023 season, with only 16% anticipating fewer discounts. This shift indicates a growing trend where shoppers are more likely to seek out the best deals, putting pressure on retailers to meet these demands.
- Appetite for store credit grows, but only when incentivized. Consumers are more open to receiving instant store credit versus refunds when the offer is supported by additional incentives. When asked if they would opt for instant store credit if offered 120% of the original purchase price, 87% indicated they were very or somewhat likely to choose this option.
- Returns are increasingly vital in shaping the customer experience. A significant 84% of respondents reported they always or sometimes review a retailer’s return policy before making a purchase, reflecting growing wariness of practices that complicate their buying experience and increase costs. Notably, over half of respondents would likely shop elsewhere if faced with return or restocking fees, a 10% increase from last year.
- Overall misalignment between consumers and retailers. Ease throughout the purchasing and return process is more important than ever, but many retailers are falling short of consumer expectations. While 87% of consumers want the option for package-free and label-free returns at third-party locations, only 44% of retailers are currently offering it.
“Traditionally, price has been the dominant factor influencing online shopping behavior; however, our latest findings demonstrate that convenience has emerged as a critical driver, holding equal weight in consumer decision-making,” said Thomas Borders, Vice President and General Manager of Product Lifecycle Solutions at Inmar. “Retailers must proactively align their offerings with consumer preferences—especially when it comes to convenience and the returns experience—to thrive in an increasingly competitive landscape.”
Inmar’s Pre-Holiday E-Commerce Survey Report underscores the importance of convenience and flexibility in the online shopping experience. Retailers who can adapt to these evolving consumer preferences and offer seamless shopping and return processes will be well-positioned to thrive this holiday season and beyond.
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Source – Globenewswire
