The mobile revolution has radically transformed shopping and selling. The statistics are staggering:
- During the 2018 holiday season, almost 40% of all sales were made on a smartphone.
- Eighty percent of all shoppers use their smartphone inside a store to comparison shop, get reviews or price items.
- Mobile shoppers browse 61% more, making 106% more orders, and spending 121% more money.
Several trends are affecting this sea-change and it would behoove you to know them so you can use them to your advantage this holiday season.
1. Delivery times are getting much shorter: Amazon Prime has made next day delivery a standard in the industry and as such, given Amazon’s deep reach, this has become what consumers expect.
Your delivery must be free and quick if you are to compete. Indeed, for the small business that wants to sell more this holiday season, offering mobile shoppers same-day delivery (in the store) or at least next day delivery, is essential.
Option: UPS’ new program Ware2Go offers small business the chance to have UPS store and ship orders directly, and practically immediately.
2. Last minute shopping is booming: With the rise of overnight and same-day delivery, consumers feel safe shopping at the last minute. The key then is to cater to these procrastinators.
Remember, the two most powerful words in all of marketing are:
- Sale! and Free!
Strategy: Have a sale. Offer free shipping. Give a discount to last-minute shoppers. Here where I live, every year, a local outdoor marketplace has a “Festival of the Last-Minute.” That’s the ticket.
3. Delayed products sell. Last year, “We saw electronics purchases spike at midnight on both Thanksgiving Day and Cyber Monday, and toy purchases spike on Cyber Monday. Consumers clearly began browsing and shopping for toys after getting those electronics deals and continued throughout the holiday season.”
Idea: Put expensive grown-up items on sale early and offer less expensive kid items on sale later.
“The on-the-go nature of mobile purchasing enables these spur-of-the-moment decisions,” According to TotalRetail.
4. Power users are your magic 20%: The 80-20 Rule says that 80% of your sales come from your top 20% of customers.
Something similar is occurring in online and mobile shopping. One-third of new cyber shoppers last year came back to shop again after Cyber Monday ended. Moreover, they:
- Accounted for 22% of sales generated over the holiday period, and
- Completed purchases twice as often as average shoppers
Secret: Incentivize power users so that they make your online store their desired spot for late-in-the-game shopping. Market to them, give them deals, make them feel special.
Because they are special.
5. Hop on board early: Last year, top retailers like Walmart, Best Buy, Target and Kohl’s started offering holiday deals as early as November 1, according to PYMNTS.com.
Learn from the pros. Do what they do. No need to reinvent the wheel.
Bottom line: Work to capture and convert those late-buying, procrastinating, power shoppers and you will have a very Merry Christmas indeed.
About Steve Strauss
Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business Success.© Steven D. Strauss
Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice. Bank of America, N.A. Member FDIC. ©2019 Bank of America Corporation