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Daily QuickWit (11/23) – Top Retail News of the Day

Photo Courtesy of Waldon University

Want a quick history lesson on Black Friday?  Waldon University has you covered. 

Deloitte forecasts strong Black Friday sales

According to Deloitte’s “2021 Pre-Thanksgiving Pulse Survey (released yesterday), Black Friday will be back this year with in-store sales to regain lost ground during the Thanksgiving period, as pandemic concerns continue to wane.

According to the survey:

      • 56% of consumers are planning to shop in-store (up from 41%)
      • Online spending will be 60% of budgets, compared to 40% for in-store
      • Consumer Spend average of $448, a 12% increase from last year and surpassing pre-pandemic levels.
      • 56% percent of shoppers (versus 41% last year) plan to shop in-store as safety concerns are waning. 
      • The top reasons to shop in-store on Black Friday are:
        • to take advantage of the best deals (70%)
        • and to experience the excitement of the day (35%).
      • As consumers continue to encounter higher prices, mass merchants (57%) and online retailers (54%) are the most preferred venues for shopping over the Thanksgiving period.

But Supply chain challenges and inflation continue to disrupt:

      • 63% of holiday shoppers have already experienced stockouts,
      • 54% are reporting higher prices, and
      • 37% are reporting fewer discounts this season.

This has resulted in consumers shopping earlier, with 70% beginning their shopping season by the last week of October.

“As supply chain challenges continue to snowball, holiday shoppers have quickly realized that a turtle dove in the hand is worth two in the bush,” said Stephen Rogers, executive director, Deloitte Insights Consumer Industry Center. “While spending during the Thanksgiving period will be on the rise, overall participation will be down slightly. Many shoppers have already secured their wish-list items and taken advantage of retailers’ ‘rolling Black Friday’ offers. That said, early holiday shoppers are still set to spend more over Thanksgiving, demonstrating a merry opportunity for both in-store and online retailers.”

Walmart enlists Jason Derulo for first shoppable livestream on Twitter

Walmart is kicking off Cyber Week (11/28) with a shoppable livestream event featuring Jason Derulo. This will be beta testing Twitter’s shoppable livestream function, allowing customers to shop products straight from the platform.

“This will be the first time a brand in the US has leveraged this capability on Twitter and I’m excited to bring customers incredible deals on a platform they already love during the most joyful shopping season of the year,” 

“Twitter is a platform where we consistently see high return across top-and middle-of-funnel content, so it’s a natural next step for us to explore this new functionality.”

- William White, Chief Marketing Officer, Walmart U.S.

5 online shopping trends you can’t ignore

GWI (Global Web Index) shares their 5 trends “that you can’t ignore” that were caused by COVID but here to stay.   

      1. Older consumers are coming of age online
      2. Online groceries are booming
      3. Younger consumers are driving social commerce
      4. More consumers are using more devices
      5. Older consumers have data privacy concern

RetailWit Take – We are aligned with all of these, but would say all consumers, not just older consumers, have a data privacy concern. 

 

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