With the holiday season approaching, some countries are going into lockdowns while others are opening borders. Either way, massive changes in consumer behavior are about to occur worldwide. From bulk shopping to going local, consumers are rapidly preparing for whatever may come.
In this podcast, we go deeper into understanding these radical consumer behaviors in the market with three major trends. Exploring consumer sentiment about gifting, shopping local, and adopting sustainable shopping choices.
Tune in and augment your strategy for the holiday season.
Hi, welcome to Driven e-commerce at work the podcast where we bring in conversation with e-commerce experts. And I'm your host, Chaitanya Mohan Product Marketer at CLORAS. Each week, I'll bring you interesting topics in -commerce, marketing and operations for your distribution business, so that you can go and implement it in your day to day life. Tune in every Tuesday, and never miss an episode.
Hello, listeners. Welcome back to another episode of 10 Minute Tuesdays with your host Chai. I hope all of you who are listening to this episode right now, no matter where you're tuning in from, I hope you're having a great day. It's been a crazy roller coaster of a year. And it's hard for me to even believe that we're already in November, just a month more, and 2020 will pass hopefully to bring in good tidings with the new year.
But one interesting thing is about to happen before 2020 goes away for final consumer behavior is about to change in the end of the year retail worldwide. So whether we go into extended lock downs, or vaccine results come out successful, which frankly, I hope they do, we can be absolutely sure that it will drastically impact the way markets will respond. So let's jump right into it. The number one trend I see happening around me on a global level as well. And frankly, I have been a victim of it myself is the I deserve it mindse.
Now what we're seeing is that consumers are split into two groups by the time Christmas arrives. A are those consumers who are struggling with the negative financial impact and have reduced their spending this year. And we are those consumers who are financially stable and are diverting their disposable income into gifting and self gifting this holiday season. We've all heard this right. We're seeing a growth of this trend in self gifting as well with the tagline such as I deserve it. Do something for me to make up for these months of being locked down at home other than something to cheer up my spirits.
Now, this could directly translate into a high demand for retailers in the self care domain, such as beauty fragrance and aesthetic handmade accessories. So if you're in that region, prepare for some high demand and make sure that you're optimized well enough to cater to such demand. The second trend which we're observing is kind of a social one, which is about taking a stand for sustainability, in Zoomers focusing on buying products that have a high return on investment in these uncertain times. And they are basically the products which are essentials. So the shift away from mass consumerism acts as a precursor as to why Black Friday sales will be smaller this year than in the past. And this is something that I'm predicting I'm not really sure. But given how the behavior is in the market and the sentiment that is going around. I do think that Black Friday sales will be smaller this year than it has been in the past. But what does this mean? It means that buying into products that might be unsustainable in terms of both manufacturing or packaging could appeal less to the cost commerce in the wider context of the whole COVID-19 pandemic going around.
So if you're in the luxury margin space, chances are your inventory will eat dust, unless of course you run a sale and get it out before this end of the year sale occurs. And lastly, it's a cause more than it's a trend, which is going local for local. And we are seeing a resurgence for this both for a social but more of a practical reason. Now, shoppers are highly likely to support their neighborhood local businesses and supermarkets considering consumers are migrating away from cities into smaller pockets, you know, just to avoid crowds and be safe from COVID-19.
So since shoppers are not commuting into town, and they're living locally away from the cities, they're going to also shop locally into the region that they have traveled to and they're living. In fact, this could be a perfect time to set up an e-commerce infrastructure with a supermarket or a local business to cater to your customers online with minimal digital expertise. And by the way, just a simple plug you can actually visit CLORAS for e commerce development and integrated solutions. But keeping that aside with customers both willing to shop online and from small and independent retailers, I think now is the time for many more to react and adapt to the e-commerce boom, which if they haven't already, since March is a great time to do so for 2021. So I hope these insights combined in a larger context will give you a some direction or insight that can be converted into business intelligence and can be used as actionable steps for your game plan for the end of the year sale. So I hope this helps, and stay tuned for more content. Thanks for listening, and have an amazing day.
Thank you for tuning in. This episode is brought to you by Cloras. Cloras is an integration platform built for B2B distributors, a leader in Epicor Profit 21 integration, go visit our email@example.com that is www.cloras.com Subscribe to the show on Apple podcasts or Spotify and leave us a review there. Until then, stay safe, and I'll see you in another episode.
Sign up to receive email updates
Enter your name and email address below and I'll send you periodic updates about the podcast.