Peak Season 2023 has arrived. After the upheaval of the pandemic, cost-of-living hikes, supply chain disruption and industrial unrest in the delivery sector during last year’s peak, we await to see what the final quarter of 2023 holds for online retailers and brands.
ShipEngine – the API shipping software of choice for marketplaces, 3PLs and merchants – has published new research on the latest consumer attitudes and spending plans for the holiday season, analysing responses from 8,000 consumers and 2000 ecommerce players across 8 international markets and taking a deep dive into their latest expectations, concerns and preferences.
Although the cost-of-living pressures that have eroded spending power across the globe persist, there are some headline stats that might make you feel festive. For instance, although three quarters of consumers plan to spend less this year than they did last, value-brands and retailers will benefit, while 57% of shoppers plan to do most of their seasonal shopping online– an 8% increase over 2022. There are some distinct regional variations too – consumers in the US and Germany are modifying their behaviour the least compared to last year, while British shoppers will be cutting back the most.
Current consumer sentiment contains health warnings for some merchants. Although consumers will be spending less and more cautiously – setting a budget, shopping earlier and making the most of Black Friday offers – a net 13% of the merchants surveyed expect sales volumes higher than last year. Those who expect an increase may do well to double-check their assumptions to avoid ending up with excess stock that will have to be sold at a discount in the sales.
As well as providing further insight into the evolving spending habits of different demographics, the benefits they value and shifting channel splits, the report also highlights the key delivery benefits that consumers are looking for in their online holiday shopping. This will enable merchants to differentiate their offer and delight and retain their customers throughout the holiday season and beyond. Working with multiple delivery partners not only optimises the options available to customers, but also ensures you avoid disappointing them in the event of any unforeseen disruptions.
The Peak Season Report 2023 will provide you with this and much more data and insight, as well as the tools you need to build a risk-resistant strategy to overcome any unexpected challenges.