COLORADO SPRINGS, Colo., November 18, 2021 / PRNewswire / – Inventory issues and heightened holiday expectations have led 53% of consumers to purchase gifts that don’t even have an intended recipient. That’s according to new data from the inaugural Holiday Retail Benchmarks Series on the changing holiday buying habits of continuous product design (CPD) pioneer, Quantum Metric.
The results show that 62% of consumers have already experienced more out-of-stock issues than in 2020. In response, 63% are forgoing holiday discounts and paying full price holiday gift items this year to get them sooner. . The Quantum Metric platform saw spikes in ecommerce conversions starting in mid-September and conversion rates twice as high in October 2021 than in 2020. The results support projections that sales will peak in November, when 56% of consumers plan to complete their holiday shopping.
“The stakes for the holidays are higher than ever as consumers seek to offset minimum holiday celebrations in 2020, ”said Elissa quinby, director of retail insights at Quantum Metric. “Having experienced inventory problems at the height of the pandemic, consumers expect the worst. This means higher sales for retailers, but also a higher potential for frustration. It is important for retailers to continually understand the needs of their customers to make the holiday shopping experience. as fluid and personalized as possible. “
Other takeaways from Quantum Metric’s vacation retail benchmarks include:
- The holiday season has started earlier than ever. The survey results revealed that 58 percent of consumers have spent at least 30 minutes a day shopping for vacation since August. In October, 41% were already spending two or more hours a day. With consumers making more purchases earlier, 31% already had a monthly spend of $ 500 or more by the end of October.
- Consumers are anxious, but not frustrated. The majority (77%) feel behind on holiday shopping before November. This is likely due to the fact that half of consumers have made 25% or less of their purchases, and 38% plan to purchase at least 50% more holiday gifts this year. Despite concerns, Quantum Metric customers are seeing lower customer frustration rates than in 2020.
- Mobile will drive holiday sales and customer frustration. The Quantum Metric platform shows that mobile generates an average of 62% of e-commerce sessions in Q4, up from Q4 2020 (54%). With more traffic, there is more frustration, as mobile experiences frustration rates at least 1.5 times higher than desktop experiences.
- Consumers will pay for fast shipping. With inventory delays likely, 67% of consumers said they would be willing to pay more to make sure their gift arrives on time. Almost half of consumers (45%) would pay more than 25 $ for shipping to make sure they received their gift on time. If an item is late, 40 percent of consumers give retailers only 3 to 5 days before asking for a refund.
- The checkout experience has evolved. With the majority of consumers (76%) making smaller, sporadic holiday purchases, the average order value fell 35% between August and October 2021. Consumers are also more likely to pay primarily for holiday gifts via PayPal and Google Pay (34 percent), installment plans (17 percent) or even cryptocurrency (15 percent) compared to credit cards.
Quantum Metric’s vacation retail benchmarks combine anonymized customer data with consumer survey information. Today’s report is the first in a three-part series that will examine consumer buying behaviors during the holiday season. For more information visit: https://www.quantummetric.com/holiday-retail-benchmarks-series/
The Holiday Retail Benchmarks included the results of a survey of 2,000 US consumers (aged 18 and over) and anonymized data from retail customers using the Quantum Metric platform.
About quantum metrics
As a pioneer in continuous product design, Quantum Metric helps organizations put customers at the heart of everything they do. The Quantum Metric platform reinforces a customer-centric culture, using quantified empathy to align sales and technical teams to effectively prioritize customer needs based on business impact. Today, Quantum Metric collects information from 20% of the world’s internet users, supporting nationally recognized brands in e-commerce and retail, travel, financial services and telecommunications. In January 2021, Quantum Metric secured its place as the first tech unicorn of the year with a $ 1 billion evaluation and a $ 200 million Series B round table. For more information on Quantum Metric, visit www.quantummetric.com.
SOURCE Quantum Metric