Get Ready For the Biggest Online Shopping Season of All Time
Take those pumpkins off the porch and put your costumes back in the closet, Halloween is behind us and the Holiday shopping season is in full swing. More consumers than ever are doing their holiday shopping online, in fact 15% of all commerce in the world is done online. 15% may not seem like much, but when you consider that Canada is one of the most “plugged-in” countries in the world, that number spikes.
We have put together some surprising facts for you and if there’s one thing they all show us, it’s that your business simply cannot miss out on these opportunities.
The Busiest Time of the Year
It’s been predicted that consumers will spend $124.1 billion online this holiday season, that works out to be about a sixth of all shopping. That makes the 2018 season the biggest ever. What about the biggest day ever? That title goes to Cyber Monday - $7.8 billion will be spent on that day alone. It’s followed closely by Black Friday ($5.9 billion) and American Thanksgiving ($3.3 billion). Spending in the 5-day shopping period around American Thanksgiving is going up almost 20% over last year.
As you may have guessed, mobile plays a huge role when it comes to online shopping – it’s bigger than ever. 57% of all e-commerce store visits will come from mobile devices as well as 37% of all e-commerce transactions. But what’s the best way to reach people on mobile? Well, consumers are twice as likely to make their purchase through a mobile app than through a mobile web browser. If you don’t have an app for your business, many don’t, consider selling your products through a service like Amazon Marketplace or Best Buy Marketplace.
Getting your products on social media platforms is also a good idea, however, referral traffic from social has decreased by 11% over the last 2 years. Social media is still a great channel, it sees the most traffic of any channel for consumers seeking inspiration.
The Right Inventory
Probably the most striking fact of all, 1% of SKUs will account for 70% of all sales. It’s more important than ever to get your hands on this year’s hottest items. Amazon released their list of the 25 hottest holiday toys, as have eBay and Walmart. These lists are a great place to start to ensure you have the best inventory in stock. If you need additional capital to stock up on these hot products, a Small Business Loan might be perfect for you.
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