With coronavirus going around and doing its damage to society, it may feel nearly impossible to accurately anticipate much of anything.
But somehow, industry experts always manage to come through and have at least some gauge of what will happen.
So take a look at some of the most credible predictions for the 2020 Christmas retail season:
1. Products that Will Enhance Social Distancing Will Win
Inc.com interviewed Jack Kleinhenz, chief economist for the National Retail Federation.
He believes that home entertainment products like tablet PCs, TVs, and laptops will do quite well because they suit the at-home lifestyle.
At the same time, he believes that groceries won’t do as well because people won’t be allowed to gather in large groups.
It’s hard to disagree with what he thinks because it seems quite sensible.
What if your company doesn’t make sophisticated electronics?
No problem. What accessories can you resell that increase their function for consumers?
2. Keep Working on Personalization
If you’ve read our posts over the years, you’ve heard us talk about personalizing the shopping experience over and over again.
That’s because consumers want it.
And the internet makes it possible to personalize to greater degrees than ever before.
Salesforce notes that consumers want “…thoughtful, responsive engagements that respect context, anticipate needs, and demonstrate empathy from moment to moment.”
A simple example lies in Amazon’s “Frequently Bought Together” section, which you can see just below the main product image on many Amazon product pages.
Just below that, you can also find a “Customers who bought this item also bought” section.
And finally, at the bottom, you see “Sponsored products related to this item.”
So, Amazon shows consumers what they might also like based on what they’re looking at. It shows customers what they might want first, and not what Amazon wants their customers to buy.
Are you doing the same both at your website and in your store when customers do come in?
3. Online Demand Will Continue to Boom
Seriously, how can this not continue? It’s unsafe, and even deadly, for many people to go out to stores.
So that leaves them with only one option if they want to get something: the internet.
In fact, baby boomers, who have shown reluctance to shop online, are heading there in droves now. And after all, they fall into the “high-risk” category for getting coronavirus and possibly losing their lives.
Despite all the coronavirus uncertainty, a survey by Radial found that 66% of consumers expect to increase their online buying this year.
So there you have it: 3 likely trends for the 2020 holiday retail season.
Which affects your strategy the most?