Cyber Monday sales dropped by 1.4% from last year, falling for the first time since Adobe Analytics started tracking spending on major shopping days. The statistic has perplexed many pundits who expected that online spending would only continue to rise. Retail experience agency Stellar, were unsurprised by the drop, citing it as evidence that some form of physical retail is still vital for brands.
Cyber Monday wasn’t the only major shopping day that saw a reduction in online spending. According to Adobe Analytics, Black Friday also saw a deceleration in purchases from the previous year.
So what’s the reason for these declines? Award-winning retail experience agency, Stellar, cites that online shopping fatigue may have taken hold for some consumers.
🏆
The 2024 Creative Retail Awards are open for entries.
The Creative Retail Awards are much more than a mere accolade; they represent the pinnacle of achievement in the retail industry. Garnering a nomination or winning one of these awards is a testament to innovation, excellence, and leadership.
www.creativeretailawards.com
Stellar believes that after almost two years of having no choice but to do most of their shopping online due to COVID-19 restrictions, consumers are craving face-to-face interaction. They are missing the chance to create tangible relationships with representatives from the brands that they love.
The question that remains is how do brands go about fulfilling this renewed demand whilst not totally neglecting their digital presence. Well, Stellar has the answer to that too: omnichannel retail experiences.
Stellar have, over the course of 2021, deployed several incredibly successful omnichannel retail strategies for some of the biggest brands in the world including Samsung, Bosch and Genesis, showing businesses how to do it well.
Retail experiences, and specifically product demonstrations, are proven to boost brand sentiment and advocacy for consumers as evidenced by Stellar’s own research. They conducted a survey of 300 high street shoppers in the UK and found that 84% would feel more inclined to buy from a brand in the future after a demonstration experience.
The limitation of offering consumers immersive experiences delivered by knowledgeable brand experts is that only a certain amount of customers can fit in a physical retail space at any time. By integrating omnichannel practices such as a live stream Stellar points out that brands can deliver the same personable demonstrations whilst reaching hundreds if not thousands more customers.
Emma Ede, Founder & CEO at Stellar, had this to say: “It’s clear that since consumers have had the choice taken away from them in terms of where and how they shop in the last two years many have started to crave face-to-face interaction that brands have relied on for so long.”
She continued, “I think in 2022 we could potentially see online sales during major shopping days continue to trend downwards. And in response a lot of brands incorporate some form of omnichannel experience into their strategies. After all, brands then have the chance to meaningfully connect with their customers while not totally losing the convenience of online shopping. That’s what the modern consumer wants, choice.”
