{"id":3900,"date":"2022-11-04T01:28:49","date_gmt":"2022-11-04T05:28:49","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2022\/11\/04\/how-to-capture-holiday-e-commerce-growth-despite-economic-uncertainty\/"},"modified":"2022-11-04T01:28:49","modified_gmt":"2022-11-04T05:28:49","slug":"how-to-capture-holiday-e-commerce-growth-despite-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/how-to-capture-holiday-e-commerce-growth-despite-economic-uncertainty\/3900\/","title":{"rendered":"How to Capture Holiday E-Commerce Growth Despite Economic Uncertainty"},"content":{"rendered":"\n

By Brian Walker, Chief Strategy Officer, Bloomreach<\/em><\/p>\n\n\n\n\n\n

The call for consumers to begin their shopping early was a consistent refrain during the last holiday season. With limited inventory, retailers made the message clear: \u201cshop early or it may be gone.\u201d<\/p>\n\n\n\n\n\n\n\n

As we approach the coming holiday season, calls to shop early still remain, but now, they\u2019re driven by different concerns. Supply chain challenges may have been front and center last year, but now, retail\u2019s focus has turned to plunging consumer confidence \u2014 reinforced by rising interest rates, bear markets, and slow downs in the housing market. In fact, a recent CommX Holiday Outlook report<\/a> found that 63% of retailers rank shrinking consumer confidence as a top concern this holiday season. Supply chain challenges didn\u2019t even make the list.<\/p>\n\n\n\n\n\n\n\n

Coupled with over-inventorying challenges many retailers are contending with, the push to shop early this year largely boils down to the fear that consumers may not be quite as likely to splurge on gifts for others (and let’s be honest themselves) this holiday season. Yet despite these trends, there is still positive sentiment to be found in e-commerce. The CommX report found that more than 60% of retailers expect this year\u2019s online sales to be the same as or better than last year, and nearly 80% expect online sales to be the same as or better than 2019.<\/p>\n\n\n\n\n\n\n\n

Capitalizing on this e-commerce potential ultimately comes down to preparation. As retailers look to a rapidly approaching holiday season ahead, here are the steps they should be taking now to drive success.<\/p>\n\n\n\n\n

1. Ensure your digital channels are prepared for an influx of early shoppers. <\/strong><\/h2>\n

Last year, retailers encouraged customers to shop early to help avoid the impact of supply chain disruption. But how people shop has been shifting<\/a> earlier for years.<\/p>\n\n\n\n\n\n

The pandemic accelerated online shopping, but even after stores reopened, many people continued their e-commerce habits. Retailers took advantage of this pattern, reaching consumers sooner with holiday promotions and marketing campaigns launched on digital channels, and that trend certainly continues today. For retailers, stimulating early demand often leads to more overall dollars being spent as consumers get caught up in the spirit and later buy last-minute gifts on top of what they bought for gifts earlier in the year.<\/p>\n\n\n\n\n\n\n\n

While most holiday shopping doesn\u2019t really begin in earnest until November 1, Amazon and other retailers plan to run holiday sales beginning in mid-October<\/a>. This will put holiday shopping on customers\u2019 minds, stimulating demand across the market (including for smaller businesses competing for market share against larger aggregators).<\/p>\n\n\n\n\n\n\n\n

Start by verifying your website\u2019s infrastructure can handle increased demand. Test third-party integrations to verify they\u2019re current and can also manage increased load. Check all of your website pages and features for load page times and test your site speed. Now\u2019s a good time to refresh your site with some updates or a new feel reflecting your brand. But keep customer experience (CX) and easy navigability in mind. Finally, since many people browse and shop on mobile devices, check your website\u2019s look and performance on tablets and phones, too.<\/p>\n\n\n\n\n

2. Prioritize CX on every step of the buying journey.<\/strong><\/h2>\n

With economic challenges on their mind and endless choice at their fingertips, consumers are being incredibly selective right now. This means it’s up to retailers to provide a compelling reason for a customer to shop with them. Much of that comes down to the customer experience \u2014 not only on the e-commerce site but across every channel in the buying journey. A few ways retailers can begin to hone in on the omnichannel customer experience include:<\/p>\n\n\n\n\n