Using Data to Understand Thanksgiving Shopping Trends and Consumer Preferences
Thanksgiving is about turkey and gratitude, but it’s also a golden opportunity for retailers to shine. As millions of Americans prepare their feasts, the day kicks off a shopping frenzy that defines the holiday season, leading right into the iconic Black Friday sales.
According to the National Retail Federation, Thanksgiving weekend in 2022 saw over 196.7 million shoppers, breaking previous records. This surge clearly shows how Thanksgiving has become a critical milestone for businesses looking to capitalize on consumer enthusiasm and spending habits.
Interestingly, consumer preferences and shopping trends shift every year. From the rise of eco-conscious buying to a preference for early deals, you must understand these changes to mint maximum revenue. However, understanding these dynamic behaviors without analytics is like cooking Thanksgiving dinner without a recipe - messy and inefficient.
Let's break it down for you. Learn how you can use data to explore Thanksgiving shopping trends, refine your promotional strategies, and tailor your product offerings to align perfectly with market demand. Keep reading to turn this holiday season into your most profitable one yet!
Check Whether You Should Go Online or Offline
It's arguably true that online shopping has officially taken the crown from traditional in-store retail, and the numbers back it up.
Last Thanksgiving, eCommerce sales hit a staggering $5.6 billion, nearly doubling since 2017. This meteoric rise shows just how much consumer behavior has shifted toward the digital space during the holidays.
Now that the online vs. offline debate is settled let’s dig into what makes Thanksgiving spending remarkable.
Boost More Sales With Predictive Consumer Insights
Consumer shopping behavior is becoming dynamic day by day, and understanding these shifts is more important than ever. As reported by Forbes, the major influencers are economic anxiety, upcoming elections, and post-COVID spending adjustments, all shaping how and where people shop today.
However, that's not all.
Deloitte’s latest holiday retail survey found that shoppers plan to increase their spending by 8% this year compared to last.
How did Deloitte know this? Predictive analytics. Beyond sporting general trends, this powerful tool helps businesses reveal patterns and preferences unique to their customers to create personalized recommendations that boost engagement and sales. So, it’s about seeing and acting on trends before your competitors do.
Create Personalized Retail Experiences with AI
Ever feel like the ads you see or the recommendations you get are speaking directly to you? That’s no coincidence. AI reshapes how businesses connect with you.
By segmenting customers based on spending habits, AI digs deep into data to find once-visible patterns. It turns raw, meaningless numbers into actionable insights.
As a result, retailers understand your needs before you even voice them and create an experience that makes you feel like you’re their only customer. That’s the smart move to stay ahead of the changing shopping trends.
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Personalized Discounts - A Clear Example
Sure, discounts and flash sales are everywhere, but what makes a deal irresistible? Personalization. AI doesn’t just throw offers at random, it carefully identifies:
For example, you get an offer tailored to your favorite product category instead of a general sale. Suddenly, it’s not just a discount, it’s your discount. And that’s what seals the deal.
So, if you’re in retail, the question isn’t “Should I use AI?” It’s, “How fast can I start?” Because in this space, the brands that lead with personalization win.
Spot Cross-Selling Opportunities
Cross-selling has existed forever but is now being completely redefined by AI and data analytics. In regards to Thanksgiving, it’s about tapping into cross-sell opportunities through AI-powered predictive analysis to bring in some extra revenue for the holidays.
Predictive analytics will show you what’s likely to be bought or paired with a particular product.
For instance, if a customer buys a roasting pan, predictive analysis may suggest some gourmet turkey seasoning. If the cart has pick-up holiday décor, AI may suggest matching table settings or candles to complete the vibe.
Such recommendations increase basket size without overwhelming your customers and make the shopping experience seamless and thoughtful for your new users.
Want to know how you can leverage these insights during the holidays? Check out our latest Holiday eBook.
The Big Data Verdict
The holiday season is hectic for businesses and equally exhausting for customers. So, how do you turn this chaos into a win-win? By delivering a seamless, data-powered shopping experience that keeps everyone happy.
Seamless Experiences Matter
Customers are looking for ease, and businesses need efficiency. Here’s how Lumenore’s automated dashboards simplify things:
Beyond predicting what customers will buy, you need to manage the entire shopping journey. Lumenore helps you:
Let data be your guide this holiday season. Predict, respond, and succeed, because predictive analytics is all you need to crush it this Thanksgiving!
Hi Lumenore Happy Thanksgiving to you and your entire team! This season, we’re reflecting on gratitude, and as a team, we’re incredibly thankful for the opportunities and growth this year has brought. As a token of appreciation, we’ve created a special Thanksgiving gift for you and your team, a 70% coupon using the code LUMENORE for our premium training at SexyDataMaster.com. Let’s join forces to make data sexy again! Wishing you continued success, and may you keep thriving in all you do.