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5 Game-Changing Market Research Trends for the 2023 Holiday Season
The holiday season seems far away right now, but it’s never too early to plan. This period is one of the busiest times of the year, with shoppers scouring the market for the perfect gifts for their loved ones. To make the most of this opportunity, retailers must stay up-to-date with the latest market research trends to help them understand consumer behavior and preferences.
In this blog post, we will discuss five market research trends that retailers can expect to see in the upcoming 2023 holiday shopping season. These trends can potentially revolutionize the shopping experience for consumers and give retailers a competitive edge in the market. So, buckle up and get ready to learn about the latest and most innovative market research trends that can help you take your business to new heights this holiday season.
Market Research Trends For The 2023 Holiday Season
After experiencing two years of exceptional pandemic-related growth, consumer spending during the 2022 US holiday season returned to more traditional levels. With ongoing economic uncertainty, what can retail marketers anticipate for the upcoming 2023 holiday season?
In the previous year, retail sales during the holiday season increased by 4.8% year-over-year (YoY), which followed two years of significant growth in both retail and e-commerce. It is projected that the 2023 holiday season will experience a similar increase of 4.5%
Augmented Reality (AR) And Virtual Reality (VR) In Market Research
The use of augmented reality and virtual reality technologies in market research has been a growing trend over the past few years, and it is expected to continue gaining momentum during the upcoming 2023 holiday season. These technologies offer a unique opportunity for retailers to create immersive experiences for their customers, allowing them to visualize products in their homes before purchasing. By using AR and VR, retailers can provide an engaging and interactive shopping experience that helps customers make informed decisions and enhances their overall shopping experience.
The benefits of utilizing AR and VR technologies in market research extend beyond just creating an immersive customer experience. These technologies allow retailers to collect valuable consumer behavior and preferences data. Retailers can track which products are being viewed the most, how long customers spend on a particular product, and what product features customers emphasize. This data can be used to improve product design and marketing strategies, leading to increased sales and improved customer satisfaction.
Lastly, AR and VR technologies can be used to create customized shopping experiences for customers. For example, retailers can use AR and VR to create virtual stores where customers can browse and purchase products. Customers can personalize their shopping experience by choosing their preferred virtual environment, product placement, and product display. Retailers can use this data to create tailored marketing campaigns and promotions catering to individual customers, increasing customer loyalty and repeat business.
More Emphasis On Personalized Experiences
Personalization has grown recently, and this holiday season is no exception. Retailers focus more on creating personalized customer experiences, such as tailored recommendations based on past purchases and browsing history. A brand that offers customized experiences is favored by 80% of consumers based on recent research.
Using data analytics tools to understand customer behavior and preferences, companies and retail brands can create personalized marketing campaigns, recommendations, and promotions tailored to customers.
The Rise Of Voice-Assisted Shopping
Voice-assisted shopping has been on the rise for several years, which is expected to continue this holiday season. With devices like Amazon Echo and Google Home, customers can use voice commands to search for products and make purchases. The number of people using voice search is rising in the United States. According to recent reports, approximately half of the US population utilizes voice search features daily, and over one-third (34%) use them at least once a week.
Companies can tap into this trend by optimizing their product descriptions and keywords for voice search. Retailers can also create custom voice apps for popular voice assistants like Amazon Alexa and Google Assistant, which can help them stand out from the competition.
The Growing Importance Of Social Media Influencers
Social media influencers have become a critical part of the marketing landscape in recent years, and this trend is expected to continue this holiday season. Influencers have the power to sway consumer behavior and can help businesses reach new audiences.
By utilizing market research, businesses can identify influencers that appeal to their target market and understand their customer’s expectations and preferences. By collaborating with influencers, companies can enhance their brand awareness, improve their credibility, and increase their reach to potential customers. Consequently, leveraging social media influencers can be a powerful marketing strategy for businesses this holiday season.
Greater Focus On Sustainable And Ethical Shopping
Sustainability and ethics are becoming increasingly critical considerations for consumers in recent years, and this trend is set to continue throughout the upcoming holiday season. Consumers are now more aware of how their purchases impact the environment and society and seek products that align with their values.
Brands can leverage market research to capitalize on this trend by understanding the values and expectations of their target market, highlighting their sustainable and ethical practices, and offering eco-friendly and socially responsible products. By doing so, brands can cater to their customers’ desires, improve their reputation, and contribute to a better world.
The 2023 holiday season presents an excellent opportunity for retailers to leverage the latest market research trends and gain a competitive edge. With the increased use of augmented and virtual reality, retailers can create immersive experiences for shoppers and increase customer satisfaction.
Personalization is another trend gaining momentum, and businesses can tailor their marketing campaigns, recommendations, and promotions to individual customers using data analytics tools. Optimizing product descriptions and keywords for voice search and collaborating with social media influencers can help retailers reach new audiences and enhance their brand awareness. Finally, incorporating sustainable and ethical practices into their business models can improve brands’ reputations and contribute to a better world.
By staying up-to-date with these market research trends, retailers can create a successful and satisfying shopping experience for their customers this holiday season.
For more information on market research for retail brands, check out our latest whitepaper, Understanding Consumer Behavior in Retail: Factors Driving Preference, Social and Political Issues, and Shopping Channel Expectations.