New data reveals smaller establishments are poised to win big this holiday season, as early-bird shoppers prioritize buying from SMBs
Cin7, the industry-leading inventory and order management software provider, released the findings of their Winning The Holiday Dollar report, which surveyed over 600 consumers on their holiday shopping plans and preferences. The data found that while shoppers claim to be sticking to a tight budget this holiday season, they’re willing to pay for convenience and the right deal.
According to the report, 69% of consumers plan to stick to a well-defined shopping list this holiday season, with 74% on a set budget for holiday shopping this year. That said, buyers made it clear there are several exceptions to the rule. Of note, 77% of those planning to stick to a well-defined shopping list this holiday season say a deal would cause them to deviate from their list. And over half (54%) reported a flash sale, in particular, would get them to exceed their planned spending – while 43% said limited-time offers would do the trick.
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Additionally, consumers are prioritizing availability and the convenience of a timely delivery above budgets this year. More than half (54%) of respondents reported they would be willing to pay more for items if they were guaranteed to be in stock and available for immediate delivery or pickup. Despite the desire to stick to a budget, almost all respondents (94%) agreed that item availability influences where they shop, and 70% have abandoned an entire purchase due to stockouts. But having sufficient inventory is only the tip of the iceberg. Consumers also reported that quick shipping, real-time communications, and transparent processes are key to winning their loyalty. These findings underscore the importance of proper inventory management in winning consumer favor.
“While consumers continue to be budget-conscious heading into the holiday shopping season, our research makes it clear: businesses must be strategic with their inventory planning,” said Ajoy Krishnamoorthy, CEO of Cin7. “Retailers that implement AI-powered inventory management and forecasting technologies are already ahead of the curve. With rich insights into their customers’ shopping preferences and budgets, they have the greatest potential to meet demand with in-stock items and timely delivery – giving them a competitive edge this holiday season.”
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Additional key findings include:
- Over half (56%) of consumers plan to begin checking items off their holiday lists before December
- 39% of consumers say they plan to purchase items from small businesses this year, and early bird shoppers were 51% more likely to say this
- 67% of those who plan to shop at small businesses this holiday season say they discover small businesses through local markets, while two-thirds say they discover small businesses through social media
