By now, you’ve heard the term “millennial” a million times over — and with good reason. They represent 25% of the US population and hold $1.3 trillion in spending power, which has turned them into quite a powerful consumer group.
Millennials have mostly been given the credit, for better or worse, for redefining consumer expectations. These expectations now go well beyond millennials, prompting retailers to change how they engage and market to consumers of all ages.
The holiday season exploded, much like a shot fired from a Red Rider carbine action, 200-shot, range model air rifle, with a compass in the stock and this thing that tells time. Back in October, I laid out my predictions for the 2017 holiday season. Now it’s time to take aim at my predictions and see whether I had Black Bart in the crosshairs or ended up shooting my eye out.
This holiday season was predicted to be the best yet for online retailers – and it was. Fifty-eight out of 61 days drove over $1 billion in online sales, including every single day in November. Gray November, the month-long period of deep discounts, is now commonplace. But do people buy more or simply buy earlier?
Many in the industry called 2017 a “retail apocalypse” and there were certainly strong elements of this. There were hundreds of store closings and several major bankruptcy filings as companies felt the ongoing pain of retail’s evolution. But the year ended on a high note with loads of anecdotal evidence of stronger-than-expected holiday sales; final figures will be in later this month.
Below, some industry experts provide their predictions on where retail, and B2C commerce in general, will be headed in 2018.
As 2017 finds itself in your rearview mirror, ask yourself a question. What changes did I make to my email program in 2017 that had a significant impact? It’s a simple question, but I bet many of you won’t have a good answer. Some of you are likely doing the same thing now at the end of the year that you were at the start of it, possibly due to the rush of day-to-day execution or limited internal resources.
Here’s a checklist to help you plan for 2018:
Cash is king. Well, actually, Amazon is king. And it certainly creates a lot of cash. Not only does Amazon continue to dominate e-commerce, but it also impacts almost every line of business—from supermarkets to web services. Now it’s even getting into pharmaceuticals.
The folks over at Amazon are not dumb. They test, and they try. Often times, they even fail. But while they push the limits of getting to market, they’ve also proven to be patient. More importantly, they’re very calculated.
With email continuing to be one of the top-performing online marketing channels, I guess it shouldn’t be a surprise that my inbox is overrun with bland, generic emails. Why change what seems to be working? But change is inevitable. If you don’t believe me, just look at what evolving consumer expectations have done to many legacy retailers.
The fact is, while some strategies require larger resources or investments, many do not – and those that don’t can pay huge dividends. Make 2018 excuse-free. Roll up your sleeves, and improve your email program. Here are three ways to get started.
Commerce marketers seem to start preparing for the holiday season earlier and earlier each year – and with good reason. Consumers now start their holiday shopping earlier than ever. Getting ready for such an early shopping season can come with great challenges, but there’s no need to reinvent the wheel. Take a look at the trends over the past couple of years, especially those from last year, and identify opportunities for success. Here are two of the trends I noticed last year that can help you set the stage for a successful season.
The holiday shopping season is the ecommerce version of the Boston Marathon’s Heartbreak Hill. It’s a season that will challenge retailers, stress them, push them to their limits and, many times, either make or break them. Effectively planning for the final stretch requires not only looking at last year’s results, but considering what went well for your peers. Let’s look at three trends from last year that will keep you from hitting the wall this year.
