NEW YORK, NY November 26th, 2018 It should come as no surprise that consumers are shopping more online than ever before and that nearly all major retailers (80%) expect to see more sales this Cyber Monday than last, said Robert Passikoff, founder and president of Brand Keys, Inc. www.brandkeys.com, the New York City-based brand loyalty and consumer engagement research consultancy.
Cyber Monday To Subdue Black Friday
Earlier holiday shopping became the new normal, noted Passikoff. More shoppers (55%) indicated they shopped before Black Friday. Retailers have acknowledged these shifts in the consumer-shopping paradigm, and promoted Pre-Black Friday-like sales. We called it, Black November.
Black Friday still represents a retail raison dêtre, and even a tradition or ritual in some families, but it is fast becoming a relic of 20th century retailing, noted Passikoff. Cyber Monday is taking over that role and will be reaping the benefits this year.
Which Online Retailers Made Mondays List
Looks like the Usual Suspects will be the beneficiaries of the expected Cyber deals and increased consumer traffic, noted Passikoff. Top retailers mentioned most by consumers as:
3. Best Buy
7. Neiman Marcus
9. Home Depot
What Consumers Want
Consumer expectations for on-line shopping have increased more that traditional retail (28% versus 19%). Traditional may be precisely the term for brick-and-mortar. While expectations always increase, noted Passikoff, Consumers expect less from physical stores than online retailers. That noted, consumers are looking for retailers to deliver the following for Cyber Monday:
Free Shipping 81%
Fast Shipping 79%
Easy-to-Navigate site 76%
In-stock Inventory 75%
Customer Service 72%
What Worries Retailers
With increased customer expectations and traffic, online retailers and sites are preparing for the challenges of 2018s Cyber Monday, said Passikoff. Retailers have four main concerns:
1. Avoiding website problems
3. Shipping fulfillment
4. Providing acceptable shipping options
Top 7 Tips for Cyber Monday
1. Have your gift list ready
2. Set budgets
3. Bookmark targeted websites
4. Track deals with Twitter or Social Networking
5. Access a price comparison tool, like PriceGrabber
6. Use a rewards credit card
7. Dont let the hype make you crazy. There will be deals right up to December 24th!
Brand Keys (www.brandkeys.com) is the only research consultancy that specializes in customer loyalty and consumer emotional engagement metrics that accurately predict future consumer behavior. These measures enable companies and brands to anticipate shifts in what has become a consumer-driven, rapidly changing marketplace. Survey was run from 10/20-10/31/18