The COVID-19 pandemic and the subsequent growth of eCommerce will substantially impact how consumers shop this holiday season, according to new research from retail price intelligence platform Intelligence Node. The study, which polled more than 1,000 consumers across the U.S., underscores that despite the economic downturn, consumers are excited for the holiday season.
According to the research, 83% of respondents plan to opt for online shopping and/or curb-side pick-up. Results also showed that 55% of respondents are planning to buy gifts from eCommerce giants such as Amazon, Walmart and Target. Consumers’ plans to favor these stores indicates that the ease and convenience digital commerce offers will win big this year.
While a majority of consumers said they are planning to spend about the same amount of money on holiday shopping this year as they did last year, this year they are looking to get more bang for their buck. In fact, 71% plan to do their shopping before December 15. With this earlier start to holiday shopping, consumers will be on the lookout for deals.
"Permanent shifts in consumer behavior driven by the pandemic mean that consumers will be more cognizant than ever of price this holiday season," said Sanjeev Sularia, CEO, Intelligence Node. "It’s not surprising that 77% of respondents would stray from their favorite brand in favor of better deals from another retailer. Brands cannot rely on loyalty or having a superior product – consumers will look for the best price."
To read the full report, visit: https://info.intelligencenode.com/a-retail-guide-to-winning-customers-this-2020-holiday-season
Intelligence Node is sponsoring the Women in Retail and Total Retail Virtual Exchange on November 18. Join in to learn more: https://bit.ly/3mViyjO
About Intelligence Node
Intelligence Node is a real-time retail price intelligence platform that empowers businesses to drive product level profitability and grow margins using data-driven competitive insights. As a premier independent data powerhouse, it has created the world’s largest pricing dataset with unmatched accuracy - feeding the growth of more than $600 billion in retail revenue globally. It is the platform of choice for hundreds of retailers and brands worldwide, including Jockey, Macy’s, Li & Fung, GFG, Tesco, Reliance. Please visit www.IntelligenceNode.com and Twitter @bigdataNODE.
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