Tapcart reposted this
Two major trends that will change your holiday approach were just confirmed in Tapcart’s 2024 BFCM report: 1) Shoppers are taking longer than you think to buy your product. This is aligned with our database of 4.6 million holiday shoppers. At Kno, we saw that 61.3% of consumers in 2023 reported taking longer than a week to make their first purchase. What this means: Waiting until Q4 to launch your campaigns is too late. How to address this: Start educating customers now, especially for high AOV brands with longer consideration periods. With your ads, you don’t necessarily need to optimize for conversion at this point in the year. You’re optimizing for brand awareness. Since you've spent time building up these relationships, focusing on brand building and awareness will increase conversions for the BFCM period. Tl;dr: if you’re on time, you’re late. 2) People spend more on others than themselves. From November 24th to December 20th, the average revenue for purchases for significant others nearly doubled. In fact, their AOV is substantially higher — around $127 compared to $99 for self-purchases. These buyers also procrastinate, often making purchases close to the holiday. What this means: Each type of buyer must be treated differently during the holiday season. How to address this: Post-purchase surveys help you understand which buyers purchased gifts for others rather than themselves. Use tags to segment these shoppers in your email and customer data platforms and customize messaging to their shopping intent. For example, you know gifters will spend a lot more, so create content on giftable products, such as bundles like “gifts for her” and “gifts for him.” These are just two of many takeaways. The Tapcart team surveyed 1,161 consumers and compiled 7 chapters of data that will inform your strategies this holiday season. Thanks, Tapcart, for including me on this With 12K+ words, I recommend downloading the PDF version at the top so you can access it from your inbox and read it when you have time.
Honestly so much untapped potential for brands with gifting IMO. People will spend more on a gift for SO/Family member, so lean into that psychology.
Oh, I am the type of person who buys at the last minute, even if I knew I should buy sooner.
Love, love, love your insights as usual, Bar. Especially your point about optimizing for the brand and not conversion right now. I think this can be a difficult conversation for anyone managing a brand's ads to have with C-Suite to say, "We're investing $$ in this but not expecting conversions right away." But the way you've put it makes a lot of sense!
So amazing to have you a part of this Bar - You shared some incredible GOLD here 🙌
Awesome content, as per usual 👏
Paradox of choice is so real for me personally! I’m for sure in that 61%. Thanks for contributing to our report this year!
Speaking of holidays - love the Christmas lights behind you. Great points though too! Love working with Tapcart, not many folks better than Jon Knott
I always enjoy spending more -- but don't like to do it without an impending deadline.
Stop fighting attribution. Start understanding it.
1moDownload the report here: https://www.tapcart.com/report/bfcm-consumer-trends-2024?utm_source=Partner&utm_medium=Partner%20Marketing&utm_campaign=2024-bfcm-report&utm_content=KnoCommerce