The 2024 holiday shopping season is upon us, and we are just a few days away from the gift-giving season. It’s the time of year when shopping for the perfect gift means shopping for the best price. With Thanksgiving kicking off the most wonderful time of the year, holiday shopping nowadays has more options than a few decades ago. There was once a time when the day after Thanksgiving, Black Friday, was the biggest shopping day in the world. While it still is, long gone are the days when people have to camp outside their favorite store to get the year’s biggest deals. These days, shopping on Black Friday has become more of a nostalgic tradition than a necessity. Considering the many technological advances and changes in the shopping landscape, so many competing options are available, and consumers have plenty of choices. That’s why Credico’s In-Store Holiday Guide serves as an insider’s resource for enhancing the experience for your customers, your sales team, and your brand during this busy time of year.
The magic of this season is the excitement and joy in the air among the influx of people anticipating their next purchase but, more importantly, their next deal. The holiday season is an excellent time of year for businesses because it provides so many opportunities to connect with current and future customers. The holiday season is also prime time for brands to shine, learn, prepare, and grow. If brands don’t end the holiday season with increased sales, more happy customers, and stronger brand loyalty and visibility, then your brand has not done the holiday shopping season right. This guide is to help your brand navigate this time of year so that you can end the year off strong while starting the next fiscal year well-equipped. That’s what makes the holiday season so great – while it’s a stress test, it’s the kind of stress that should motivate your team so that you can identify areas where you can improve and areas where you’re strongest.
In all the countries where Credico works to help companies grow their customer base and coordinate their sales efforts, here’s the 2024 breakdown of what in-store shopping may look like this holiday season in your part of the world:
In-Store Shopping: Canada
Despite financial challenges and the rising cost of inflation, Canadians intend to visit stores this holiday season and are prepared to spend, though with caution.
- 71% of Canadians are changing their shopping habits to find the best deals. They do this by prioritizing sales, budgets, planning, and making the best purchase deals. (Retail Council)
- Forty-eight percent of Canadians believe Black Friday is the most important shopping day during this year’s holiday season, while thirty-eight percent will wait for peak sales, an increase from thirty-four percent compared to last year. (Retail Council)
- In Canada, holiday spending is expected to increase by about 10% this season, reaching $1,478. This figure marks a recovery from last year’s decline, although it remains lower than recent years ($1,520 in 2022, $1,706 in 2019). (Retail Council)
- 38% of Canadian prefer to shop online while 62% prefer to shop in-store shopping during the holiday. (Deloitte)
In-Store Shopping: South Africa
- The total retail sales for this holiday season are projected to be 19% higher in November and 48% higher in December compared to the average of the first 10 months of the year. (Capital Connect)
- November sales are projected to reach nearly R136 billion, representing a 17.3% increase in nominal terms from R116.1 billion in November 2023. (Capital Connect)
- Retailers in South Africa are expected to generate an additional R22 billion in direct revenues from Black Friday sales. (Capital Connect)
In-Store Shopping: United Kingdom
- About 50% of UK shoppers plan to buy gifts during the holiday season, while 19% still need to decide. (LoopMe)
- 14% of UK shoppers say that they plan to make purchases during Black Friday and Boxing Day sales. (LoopMe)
- 48% of UK shoppers say they plan to shop in-store and online, while 26% say they will shop exclusively in-store. (LoopMe)
In-Store Shopping: United States
- 45% of US shoppers plan to make in-store purchases for their holiday shopping. (KPMG)
- Shoppers in the US are expected to spend 4% or more on holiday gifts this year compared to 2023. (KPMG)
- This year’s average holiday spending is set to reach $948, whereas in 2023, the average spending amount was $911. (KPMG)
For businesses looking to capitalize on the energy of this time of year but need help knowing where to begin, here are three tips to guide your team while being strategic.
1. Prepare your team
Businesses cannot underestimate the expectations of the shopping season. Every year is different and should be well planned in advance of the season. Setting practical expectations for traffic flow, inventory, scheduling demands, and the like are standard for reasonable expectations and also sales. It’s okay to want your bottom line to expand during this sales season, but knowing the value of your product and the market is how to reasonably prepare your team and your expectations at the end of this fiscal season.
2. Implement an omnichannel sales strategy
Omnichannel marketing involves the integration and coordination of multiple communication channels to create a consistent brand experience. With online shopping increasing during the holiday season, providing multiple interconnected channels is essential to meet demand, stay competitive, and deliver an outstanding customer experience.
Enhance your customer shopping experience by implementing an omnichannel sales strategy. Every interaction a customer has with your brand — whether online or in-person — should be seamless and memorable. This strategy should encompass in-store experiences, your business website, social media platforms, a mobile app, and a responsive, self-sufficient call center. Implementing an effective omnichannel sales plan during the holiday season means “having all hands on deck” and being ready 24 hours a day so your brand will be accessible anywhere, anytime to assist customers.
3. Have fun
The holiday season is a joyous time of year; everyone who enters your store and engages with your brand should feel that same energy. Consider decorating your store or wearing festive colors. Offer holiday treats for customers to enjoy while they shop. Set the mood in your store for the experience you want them to have and leave with so that your brand’s impression lingers with them throughout this holiday season and into the following year.
Brick-and-mortar stores can take advantage of this time of year to compete with online retailers and strengthen their position in the market. It’s important to communicate to the industry that in-person sales remain a profitable business strategy and one that is still a go-to shopping preference. In-store sales play a crucial role in the holiday shopping season. Make the most of this opportunity, and if you need assistance navigating this fiscally important holiday season, contact Credico today. We are here to help you grow.