Americans plan to spend more than $1,000 for their purchases during the holiday season in 2018, and retailers may notice the first wave of shoppers during the days leading up to Thanksgiving.
Based on Deloitte’s survey of 4,000 people, online retail will comprise almost 60% of the respondents’ per-household budget of $1,536 on average. On the other hand, the National Retail Foundation’s (NRF) survey showed that Americans would spend an average of $1,007.
The forecasted increase in consumer spending means e-commerce firms should be aware of their competitors’ pricing for their products through a price tracking tool. Most people may plan to spend more this year, but that doesn’t mean they won’t be looking for cheaper items.
Online shoppers, however, rank free shipping as more important than discounted products based on the NRF survey of more than 7,300 adults. Almost all of them plan to buy from an online store that offers discounted items, while 16% and 11% plan to pay for expedited shipping and same-day deliveries, respectively.
E-Commerce on Black Friday
Cyber Monday used to be a busy time for e-commerce companies, but this year’s Black Friday could be a bigger day for retailers. More people would likely prefer staying at home and avoiding a bustling crowd lining up on stores, where some people even do so in the early morning hours.
Amazon will continue to be the favorite shopping destination among Americans. That said, it’s important that businesses know how their products are priced on the online retail giant’s cyber shelves, particularly if they observe minimum advertised pricing policies.
Thanksgiving and Christmas are just a few weeks away, but retailers already know their pricing strategies to make the most out of the consumers’ holiday budget. Some of the available solutions on the market include online price trackers and competitive intelligence reports.