The holiday trading season, spanning from November's Black Friday to December's Christmas, is the period in UK when consumers eagerly prepare for some of the most enticing shopping deals of the entire year. It's a day when retailers and online stores offer jaw-dropping sales and promotions that make shopping enthusiasts' dreams come true.
But, what if you could take your Holiday Trading season shopping game to the next level, ensuring you make the most of this shopping extravaganza?
Preparing for a successful Black Friday marketing campaign in the world of e-commerce requires careful planning, a clear marketing strategy, and the use of various marketing and media channels.
As per Holiday Seasons forecast 2023 of Boston Consulting Group
· Shopping Starts Earlier: Shopping will happen earlier in 2023, with 60% of holiday shopping complete by the end of November, making earlier deal ; early marketing campaigns, and event moments critical to win.
· Younger Consumers Drive Holiday Growth: Gen Z and Millennials have seen disproportionately higher wage gains, and are expected to be the driving force for sales growth this holiday season relative to their Gen X and Baby Boomer counterparts.
BCG Holiday Spend Survey Oct 2023
What this means for Ecommerce retailers is that e-commerce companies should better prepare for the trend of earlier holiday shopping and create a successful marketing campaign that captures the attention of shoppers and drives sales throughout the extended holiday season.
As per Nielsen’s Power of seasonal events report 2023 ; Intense competition characterizes seasonal events, demanding that brands distinguish themselves both in physical and digital shelf spaces.
The key take aways from Nielsen Power of seasonal events report 2023 :
Retailers’ product pages are an important step in seasonal marketing strategies. With the increase of e-commerce, shoppers have more and more choice when shopping online — the content on product pages can help them make up their minds.
Seasonal product content is the extra mile brands can take on the digital shelf to implement high converting product pages during an event and transform their sales.
Product photos are critical for building confidence and giving the shopper a strong grasp of what it is they are buying; in fact, they are one of the most powerful components of your product page. UK supermarket chain Sainsbury reported a 47% increase in interaction on product pages when showing 5 additional images and videos.
Singular Intelligence’s CatmanAi’s Ecommerce solution can help ecommerce retailers stand out in the Holiday Season.
One of the initial challenges within the e-commerce sector is effectively drawing customers to the ecommerce product page leveraging Media. This highlights the need for accurate estimation of Digital Media and Performance Marketing ROI, a challenge substantiated by both Boston Consulting Group and Nielsen. According to Nielsen 2023 Annual Marketing Report 70% of Global Marketers find it easy to estimate Total Media ROI, but confidence in ROI measurement at the individual media channel level is notably lower.
Following a customer's arrival on the e-commerce product page, the subsequent challenge is to facilitate their decision-making journey, ensuring a smooth transition from product exploration page to the final purchase and sale. According to Boston Consulting group, 20% to 50% of price discounts generate only a negligible uplift on sales, sometimes even having negative impact. About 20% more of the promotion spend may not even generate enough sales to make up for the promotion costs.
As per Nielsen Power of seasonal events report 2023 , 95% of shoppers are more likely to purchase after watching video or interactive product tours on a product page.
Singular Intelligence offers an AI-based Dynamic new agile and future proof E-Commerce MMM solution which has the ability to address the two most significant challenges faced by the e-commerce industry.
Following were the key holiday season data driven recommendations provided by CatmanAi to one of the largest Food Brand of a CPG/F&B market leaders with UK operations.
Key Business Metrics delivered:
11.6% uplift in total media ROI by optimising media spending.
Improved Product Reviews can generate a potential sales uplift of 4.9% by brand. Product Reviews benefit the Niche and Premium Products the most.
By Optimising product rank a 3% sales uplift can be generated for an individual brand portfolio. Multipacks could benefit the most from higher ranking.
Promotion optimisation can generate a 5.2% increase in Brand revenue with nearly no loss in sales.
Make the most of the Trading Season.
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