7 Tips To Successfully Conquer the 2023 Holiday Season

Boost Your Holiday Sales With 7 Insights From Google Think Retail

Recently, I had the privilege of attending Google Think Retail 2023 My objective? To decode this information, apply context, and lay down actionable tips for you to navigate the holiday season with success

It’s pivotal to understand that while the allure of the Cyber 5 sales the five-day period between Thanksgiving and Cyber Monday is undeniably robust, the true potential lies beyond it

According to the insights derived from the Google Think Retail event, the window of opportunity isn’t restricted to this short burst Instead, it seamlessly extends through the festive season, spilling over into the two weeks following the Christmas holiday

Here are seven noteworthy insights from the Google Think Retail event and practical tips you can take from them to help improve your sales during this holiday season

1. Holiday Sales Expectations Are -0.5% Lower Than the 2022 Season

The forecast indicates a growth of 4 5% YoY as opposed to 5% YoY in 2022 While inflation has seen improvements, external factors such as rising interest rates and the resumption of student loan payments might make shoppers more conservative with their spending

Tip for Success: Clearly Define Your Business Objectives

Make the most of your holiday strategy by defining business objectives for the holiday season For example will you promote a product, drive to in-store locations or have a specific revenue goal?

2. The Extra Weekend Phenomenon

With an additional weekend squeezed in between Thanksgiving and Christmas this year, how might this affect overall shopping patterns? Historically, extended weekends have meant an uptick in sales, especially for retail

Tip for Success: Adapt Your Marketing Strategies in Anticipation

With an extra weekend for consumers to browse and shop, marketers should consider adjusting strategies to support this timeframe including changing ads to call out in-store availability through the last weekend before the holiday

4.5% YoY

The predicted growth in holiday spending in 2023

3. Early Bird Shoppers Have Become the Norm

By October’s end, half of Americans are already deep into their holiday shopping, and 28% wrap it up entirely by then Even for those waiting to buy, a whopping 74% of holiday purchases were deliberated and decided upon well in advance

Tip for Success: Don’t Wait To Launch Your Ads

Start drawing in shoppers by sharing your brand message and product differentiators now

4. Influencers Impact Purchasing Decisions

Online shoppers especially those actively engaged on social platforms on average rely on 10 touchpoints when evaluating influencer-inspired purchases Examples of these touchpoints include influencer testimonials, user reviews, unboxing videos, Instagram stories, affiliate links, interactive polls, Q&A sessions, product demonstration videos, comparison blogs and interactive live sessions

Tip for Success: Level Up Your Influencer Game

Don’t wait to get in on influencer marketing Want tips on how to get started or advice on how to expand your strategy? Check out our user-generated content (UGC) guide

74%

of holiday purchases are decided on by the end of October

5. Post-Cyber Monday Sales Opportunities

Consumers’ spending three days after Cyber Monday equals the sum they splurge on Black Friday and Cyber Monday together

Tip for Success: Maintain Communication During This Crucial Time

To get the most sales during this short window of time, continue to speak to consumers looking to finish their shopping lists before the shipping cuts off

6. The Power of Paid Search

Before making 95% of in-store holiday shopping purchases, consumers turned to paid search Omnichannel shopping takes place through the entire season from early product research in September, deal seeking through Cyber 5, and “ near me ” terms at the end of the season for those last-minute gifts

Tip for Success: Leverage SEM in Your Media Mix

You should definitely consider using paid search as a key part of your omnichannel marketing strategies during the holidays If incorporating SEM, ensure ads are placed from September throughout the end of the season

95%

of in-store holiday purchases are influenced by paid search prior to the purchases taking place

7. Post-Christmas Spending Sprees

Post-12/25 saw a surge in spending, with consumers shelling out a staggering $47B in retail

Tip for Success: Focus on Brand Loyalty

This period is a golden window for building brand loyalty with consumers The rise in shopping during this period might be due to returns, the use of gift cards, or perhaps the age-old tradition of self-gifting to reward oneself for surviving the holiday chaos

What’s Next?

You can delve deeper into these insights including details on holiday shopping personas, ways to harness Google’s AI solutions, nuances of omnichannel measurement and maintaining shopping feed hygiene by scheduling time to speak with your Goodway Group rep or contacting us directly Also, check out Google’s best practices to multiply your holiday performance this year

Stay informed and leverage these insights for a successful holiday season!

$47B

The amount consumers spent in retail during the 2022 holiday season