The 2022 Holiday Shopping Season is Set to Shatter Records
Consumers ended 2022 on a high note, spending generously on friends and family during the holidays. Despite rising costs, holiday sales are expected to reach a record high of $1.47 trillion from November to January, with e-commerce sales increasing 12.8-14.3%!
Consumers also expect to buy fewer gifts. This is due to rising costs and increased purchasing of gift cards, with consumers wanting to wrap up their shopping quicker. What does this mean for sellers? There will be a narrower window to attract shoppers to new deals.
This holiday season, customer experience is more important than ever. In a recent survey, 57% of shoppers shared they’d be willing to abandon a brand entirely when provided with a poor post-purchase experience.
Holiday shopping doesn’t stop in December of course. Consumers are back in stores through the end of January spending gift funds and returning items. This is not only an opportunity for new sales, but also a potential fraud risk. $816 billion in 2022 holiday merchandise is expected to be returned, with at least 10% of that lost to fraud. This risk is almost equal in store and online.
Is your business ready to capitalize on record growth, while dealing with rising consumer expectations? Make your own records this year — keep your profits AND your customers with Verifi’s Total Dispute Management suite of solutions.
Holiday sales are expected to reach $1.47 trillion
$816 billion in merchandise is expected to be returned, with at least 10% of that lost to fraud
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Sources:
https://chainstoreage.com/survey-returns-impact-online-customer-retention
https://www.bain.com/insights/2022-holiday-shopping-outlook-infographic/
https://nrf.com/research/2022-consumer-returns-retail-industry
