Adobe has released it annual online shopping predictions for the 2020 holiday season. The predictions are based on Adobe Analytics data, which analyzed over one trillion visits to retail sites across the United States. It also looked at data from 100 million Stock Keeping Units (SKUs) from 80 of the 100 largest US retailers.
Adobe Predicts Cyber Months, Not a Cyber Week in 2020
Adobe predicts that online sales in the US this holiday season will total $189 billion. With a 33% year-on-year (YoY) increase, this total will surpass all previous records.
Adobe’s predictions are important for small businesses which may feel apprehensive and unsure about what lies ahead during these uncertain times. It reiterates the importance for small businesses to have an active online presence, to sell goods online, and adapt to consumer demands.
Here are some of the key findings from Adobe’s annual online shopping predictions for the 2020 holiday season.
Black Friday and Cyber Mondays to Witness Huge Sale Growth
If you’ve yet to prepare your business for impending Black Friday and Cyber Monday, now’s the time to do so. These key consumer dates are vital for online retailers, and none more so than this year.
According to Adobe, Black Friday will generate $10 billion in online sales, a 39% YoY increase. Cyber Monday will be equally as prevalent, projected to be the biggest online shopping day of the year with $12.7 billion in sales, a 35% YoY increase.
With such projections in the pipeline, now’s the time to start making ‘Black Friday’ and ‘Cyber Monday’ announcements on the likes of social media, in mailers to subscribers, and in press releases.
Smartphone Shopping on the Rise
Smartphone shopping has reached unprecedented levels as we spend more time at home and less time in physical stores. This trend is set to continue over the holiday season. Adobe predicts that Americans will spend $28.1 billion more on their smartphones this holiday season compared to 2019. Smartphones will account for 42% of all online sales, a 55% increase YoY.
It’s not too late to prep your small business to accommodate for the surge in smartphone sales. You could start by ensuring your website is mobile user-friendly.
If you’re wondering what items to add to your stock this holiday season, Adobe sheds light on the most anticipated gifts and toys. The research points to LEGO sets, Star Wars toys, Little Live Pets, Rainbocorns and Cutetitos, as the best-selling toys this year. Games consoles are also primed to sell well, with PlayStation 5, Xbox series X, Nintendo Switch in the pipeline to be best-sellers this holiday season.
Affordable and Free Shopping in High Demand
According to Adobe’s predictions, 64% of customers say they are not going to pay for expedited shipping this year. This suggests that retailers should offer free shipping. Not only should free and affordable shipping be offered, but retailers should communicate free shipping cut-off dates with customers early.
Curbside Pick-Up to Remain Popular
Curbside pickup has proven popular during the pandemic, enabling customers to collect goods safely and conveniently. The demand for curbside pickup is on track to remain high over the holiday season. According to Adobe, BOPIS (buy online, pickup in store), including curbside pickup, will have over 40% more orders this year compared to 2019.
If you’re a small business retailer not yet offering BOPIS with curbside pickup services, now’s the time to do so. Furthermore, you should shout loud and far about the fact you’re offering such services.
Cyber Month not Cyber Week
With a surge in online sales projected, Cyber Week is being hailed as Cyber Month, as consumers opt to shop online for the duration of the holiday season.
John Copeland, head of Marketing and Customer Insights at Adobe, reiterated the importance for retailers to adapt to consumers’ demands.
“As retailers adapt to consumers’ new behaviors in this pandemic, we expect earlier discounts, more shipping?and?pick-up options and uncertainty around in-store purchases to drive this year’s online holiday sales to record highs,” said Copeland.
“This year is unlike any in the past, and?for the first time we are no longer referring to peak holiday sales as Cyber Week – it’s now Cyber Month,” Copeland continued.
Get the latest headlines from Small Business Trends. Follow us on Google News.
More in: Cybersecurity