eCommerce to continue expansion as 61% of consumers plan to stick with online retail after the pandemic.
Luminati Networks, a leading online data collection provider, has today released new data insights that show over half of consumers (55%) will be participating in major online discount days such as Black Friday and Cyber Monday this year.
The number of consumers planning to do all or the majority of their holiday shopping online has also doubled from 24% in 2019 to 51% in 2020, spanning all age groups including those aged over 65. The research, commissioned by Luminati Networks and carried out by the leading market research experts Vanson Bourne, highlights a clear increase in demand for online shopping during the 2020 holiday season and beyond with 61% of shoppers stating their shopping habits will predominantly be online even after the pandemic.
The findings also revealed the importance of securing the best price as consumer finances are impacted due to the COVID-19 pandemic. Over three-quarters (78%) of respondents noted that it’s important they secure the lowest price with a third (32%) of respondents admitting that securing the best price is the most important factor influencing their choice to holiday shop online. This means it’s more critical than ever for retailers to have a strong, data-driven pricing strategy this holiday season to ensure they remain competitive.
Further key findings from the survey carried out across the US & UK found:
- An online surge is predicted for the 2020 holiday shopping season, as over a third (37%) of shoppers stated they are unlikely to carry out holiday shopping in-person this year.
- Consumers aged 65+ have seen an increase in the number that do a majority of their shopping online, jumping from 15% a year ago to 39% today. A majority cited increased convenience as a leading factor in their shift online, with 69% including this in their top three reasons.
- 32% of respondents chose securing the best price as the most important factor influencing their holiday shopping online, followed by pandemic concerns related to in-person shopping (25%) and increased convenience (15%).
- Over a third of shoppers (37%) said they are unlikely to carry out holiday shopping in-person in 2020. This is more pronounced in the UK (44%) than the US (30%).
- More than half of shoppers (55%) use comparison sites to help them shop for the most attractive deal.
“eCommerce adoption has skyrocketed this year, and we now have the data to support that this shift will continue well beyond the end of the pandemic,” said Or Lenchner, CEO of Luminati Networks. “We also know that holiday shopping days like Black Friday have changed significantly, and likely permanently, due to the pandemic, as the majority of customers now prefer to shop online. The key for retailers hoping to excel in the new retail landscape – where competitive online pricing is vital – is online data collection, which will allow them to continue attracting price-conscious shoppers who are armed with price comparison tools.”
The survey asked 2000 customers evenly split between the US and UK about their online shopping preferences for the holiday shopping season. The group was representative across age, gender and income level.