Due to inflation levels and high demand, consumers will likely pay more this year compared to 2020, according to Adobe’s Digital Economy Index report.
The holiday shopping season has arrived, and this year consumers are poised to spend big for holidays. But, delays and backlogs will be felt throughout the global supply chain, impacting consumers shopping experience.
Because many cargo ships are held outside of ports worldwide, there may be delivery delays and inventory shortages. To address this problem, retailers are launching holiday sales earlier than before, and 59% of consumers expect to finish their holiday shopping before Thanksgiving. Additionally, online shopping is expected to exceed $200 billion for the first time this year, as more consumers prefer convenience.
Since consumers are looking to shop with brands that offer convenience, investing in omni-channel could help businesses attract more consumers and boost sales this holiday season. Additionally, Deloitte predicts holiday advertising will be up 5% in 2021. Further, with uncertainty still looming, retailers should continue to invest in online channels, as curb-side pick-ups have reached an “all-time high”.
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[6 minute read]