Topic of the Week – Black Friday and Festive Season Shopping Trends
As Black Friday and the festive season approach, consumers are gearing up for a shopping extravaganza, with a significant proportion relying on artificial intelligence (AI) to support their shopping activities. A recent survey of 3,300 consumers and software professionals across key retail markets highlights the importance of AI, social media, and flexible payments in driving festive shopping.
One of the key trends emerging from the survey is the increasing reliance on AI in shopping. A staggering 69% of shoppers are willing to let AI agents carry out their shopping, while 60% plan to use AI to locate deals. Furthermore, 56% of consumers expect to ask AI for gift recommendations, indicating a growing trust in AI-driven shopping. This trend is set to continue, with retailers needing to adapt to a world where AI is increasingly involved in the customer journey.
Social media continues to play a significant role in shaping consumer behaviour, with 57% of consumers intending to shop via social platforms. Instagram is the most popular channel for conversions, driving 68% of social purchases, followed by Facebook (63%) and TikTok (53%). This highlights the importance of having a strong social media presence and leveraging these platforms to drive sales.
The survey also reveals a significant shift towards flexible payment options, with 78% of shoppers planning to use buy-now-pay-later (BNPL) services. Interest rates and fee structures are the top priority for 43% of consumers, followed by repayment timelines (36%), credit limits (15%), and refund policies (6%). This trend is set to continue, with retailers needing to offer seamless and convenient payment options to drive customer loyalty and retention.
In terms of omnichannel expectations, 90% of respondents expect to make purchases at physical locations, while 92% intend to shop online. 41% of consumers expect to increase their online spending, highlighting the importance of having a seamless and convenient online shopping experience. Furthermore, 33% of consumers anticipate returning holiday gifts or purchases, while 78% will abandon a purchase if their preferred payment method is unavailable.
Retailers need to take note of these trends and insights to position themselves for success in the Black Friday and festive season. By investing in AI, improving omnichannel offerings, and prioritising localisation, retailers can drive customer loyalty and retention. It is also essential to test and refine AI agents and omnichannel experiences to alleviate risks and ensure smooth customer journeys.
In conclusion, Black Friday and the festive season are set to be a busy and competitive period for retailers. By understanding these trends and insights, retailers can position themselves for success and drive customer loyalty and retention through AI-driven shopping, social commerce, and flexible payments.
eCommerce Market Stats
See some statistics relating to this week’s topics in the eCommerce market below.
Black Friday eCommerce stats
- 55% of Black Friday shoppers are between 25-44 years old.
- 20% of Black Friday shoppers prefer to shop in-store.
- 30% of Black Friday shoppers start shopping at midnight.
- 40% of Black Friday shoppers use credit cards to make purchases.
- 33% of Black Friday shoppers return at least one item.
That’s all for this week…
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