Online Channel Seen Paying 20% More for Holiday Goods as Costs Soar
Consumers will pay 20% more for their holiday gifts this shopping season as retailers face an additional $223 billion cost of goods, Salesforce forecast Friday. It advised retailers to “get ahead of margin and price pressure by communicating clearly and…
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often” with customers. After record online sales in 2020, the global online shopping spend will rise 7% to $1.2 trillion this holiday season, said the report, with U.S. e-commerce customers expected to spend 10% more at $259 billion. Citing scarce inventory and global supply chains that are “still playing catch-up,” the customer relationship management service firm predicted consumers will be hungry for pre-sales. Black Friday will “give way to something like a pre-Cyber Week” with multiple Black Friday-like sales events forecast to bring in $31 billion in U.S. online spend, $141 billion globally, before Cyber Week even begins, it said. With Apple and Google phasing out cookies and third-party ad-tracking, brands will need first-party data to find and engage customers, said the report, recommending loyalty programs, social and influencer engagement and personalized email marketing.