Holiday shoppers were expected to spend up to $859 billion in 2021, according to data from the National Retail Federation. That’s an increase of nearly 10% compared to the already impressive $777 billion spent during the same period in 2020.
Running a successful holiday campaign isn’t easy in today’s complex retail environment. Competition is incredibly fierce, shoppers have more options, and COVID-19 continues to impact buyer behavior.
According to a report published by Statistica, $2.53 billion was spent on holiday retail advertising in 2019. The same report reveals that advertisers spent $613 million on online retail advertising, up nearly 40% compared to just a few years prior. Increased competition has led to higher placement rates and fewer impressions, clicks, and conversions per dollar.
Holiday shoppers now have more buying options than ever before. Consumers can easily browse, compare, and purchase products with a few taps of a smartphone—which are now present in 84% of American households, according to the United States Census Bureau. That’s good news for shoppers, but it also presents challenges for advertisers. Inundating consumers with too many messages can lead to a negative experience, but being too passive could cause conversion rates to fall below 1.96%—the average eCommerce conversion rate in the United States, according to data compiled by Growcode.
Seeking to move beyond the noise of me-too offers and deals, brands are increasingly turning to live commerce. This eBook explores the nascent field of live commerce and how brands are using it during the holiday shopping season.
In this ebook, you will learn about: