It is expected for the 2021 holiday retail sales to increase between 7 percent and 9 percent, with e-commerce sales forecasted to grow by up to 15 percent. Even though this year’s holiday shopping season has presented some ample opportunities for businesses to capture a share of consumers’ discretionary spending dollars, the landscape has become far more complex given the privacy-related changes that have been associated with iOS 14.5 and iOS 15. These changes have limited and impacted third-party data and has made acquiring new customers costly.
If you are a business with limited marketing dollars, then don’t worry- being adaptable and implementing a few key strategies ahead of the holiday shopping rush can help your businesses capture its share of the market and create authentic connections that will keep on giving for many more holiday seasons to come.
Build Authentic Relationships
While consumers are increasingly shopping online versus in-store, the desire for authentic relationships has not gone away. In fact, technology has made impulse buys less likely and made it easier for consumers to compare and contrast across different brands. These days, it is far too easy to close a shopping window when the experience or product is undesirable and head over to shop with a competitor.
This holiday shopping season, businesses should place a renewed focus on optimizing the entire customer experience. It is time to double down on creating an authentic relationship and using every touchpoint with customers to tell a powerful story about what the brand stands for.
Combine First Party and Third Party Data
These new iOS updates have marketers across industries grappling with the realities of living in a cookie-free world.
Given this new challenge you will want to make sure there is a focus on acquiring first-party data and information directly from customers. These can include customer-provided data like emails and contact information or transactional data that tell a holistic story about their purchasing behaviors. You will use this first-party data as the foundation and then add third-party data into the mix to assist in helping find buyer behavior patterns.
Using a combination of first and third-party data can be incredibly powerful as it provides a more well-rounded view of buyer personas that includes information on purchasing behavior, spending power, interests and demographics, and much more.
So for the upcoming holiday season this will be important for businesses that are trying to rebuild or grow their customer base, especially in a post-pandemic world.
Quality Over Quantity
The holiday shopping season should not be treated only as a time to bring as many people through the door as possible, but rather, should be an opportunity to attract high-quality prospects who can then be converted into loyal customers. Marketers should consider leveraging data analytics and business intelligence tools to figure out who exactly those loyal customers are.
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