Halfway to Holiday: Key Strategies To Start Now for 2024 Holiday Success

As the summer heat peaks and Amazon’s Prime Day approaches, retailers prepare for the shopping event that has become the rehearsal for Black Friday Cyber Monday. Success on this day can set the tone and identify gaps for the latter half of the year.   

• In 2023, British people spent a total of 217 billion GBP online.
• Black Friday has been the most significant online shopping day in the UK for 2023, with a record spend of 1.04 billion pounds.   

With these numbers in mind, here are three crucial strategies brands need to adopt to ensure a successful 2024 holiday season:  

Embracing the Era of Instant Gratification 

In the progress of rapid delivery, consumer expectations are shifting. Amazon originally paved the way with its 48-hour Prime delivery, which has now evolved into an expectation for same-day or even same-hour delivery. This shift, accelerated by the pandemic, has set a new standard: consumers now view ultra-fast delivery as a baseline service rather than a luxury.  

To stay competitive, and keep up with the fast-paced demand, businesses must invest in advanced address verification technology. Accurate location data, address verification, international coverage and geo-locating are essential in facilitating precise and swift deliveries globally and at scale.    

Leveraging Voice and Mobile Commerce 

The way consumers shop online is constantly evolving, and the rise of voice and mobile commerce is a testament to this transformation. Smart home assistants like Alexa and Siri have normalised voice-activated shopping, making it easier for consumers to browse and purchase products without lifting a finger. 

These transactions are made through previously saved customer data, either directly in the retailer’s system or through digital wallets. It’s important that with the adoption of these payment methods that data is as clean as possible to reduce failed deliveries which can lead to poor customer retention.   

According to PwC’s 2024 Global Consumer Insights Pulse Survey, 60 percent of shoppers use mobile devices for pre-purchase research, and 45 percent rely on their phones for accessing product information and comparisons. Retailers need to ensure their online platforms are optimised with verification software for both mobile and voice interactions, providing a seamless and intuitive shopping experience that meets consumers where they are. 

Proactive Customer Retention Strategies

Customer expectations are at an all-time high, and meeting these expectations is critical for retaining shoppers. An exceptional customer experience can turn one-time buyers into loyal patrons, while a single negative experience can lead to lost customers and damaging reviews. Understanding and preempting the reasons why customers might abandon a purchase or leave a negative review is vital. 

Simplifying the checkout process with tools like address autocomplete can reduce friction and build trust. Ensuring accurate and timely deliveries through robust technology solutions, such as Loqate, which can reduce failed deliveries by up to 70%, is equally important. By focusing on these areas, retailers can enhance customer satisfaction and foster long-term loyalty.

Strategising for the Future 

As we approach key shopping events like Prime Day and gear up for the holidays, it's clear that retailers must adapt to a rapidly changing landscape. Embracing rapid delivery, optimizing for voice and mobile commerce, and implementing proactive customer retention strategies will be critical. These approaches not only meet current consumer demands but also position retailers for sustained success throughout the holiday season and beyond. 

Staying ahead in the competitive retail environment requires continuous innovation and a deep understanding of evolving consumer behaviors. By adopting these strategies, retailers can ensure they are not only ready for the 2024 holiday season but also well-positioned to thrive in the years to come.