The holiday season is not just a festive spree; it’s a goldmine for marketers. The stakes are higher, and the rewards are richer.
For the business world, it’s an intense period that requires a strategic blend of paid media, high-impact advertising, and consumer psychology. We reviewed 2022’s holiday shopping just in time to offer you actionable insights to amplify your 2023 holiday marketing strategies.
Check out the 2022 recap infographic (and more!) at Skai’s Holiday Hub
Skai’s Senior Director of Media Research, Chris ‘Coz’ Costello, has meticulously analyzed the data from last year’s holiday shopping season to provide you with invaluable insights. In this infographic, discover key takeaways that will empower you to optimize your upcoming holiday campaigns.
Visit Skia’s Holiday Hub for this infographic and other great holiday shopping season resources to maximize your 2023 Q4 results.
Find this infographic at Skai’s Holiday Hub
Reviewing the 2022 holiday shopping season
Here are just some of the insights that can be found within the 2022 recap infographic.
A surge in ad spend and sales
Ad prices & spending: Last year, the ad prices spiked considerably in the month leading up to the “Cyber Five” weekend, which spans Black Friday to Cyber Monday. This elevated spending was a general trend across all channels: retail media, paid search, and paid social.
Marked increases in spending: Three in ten brands increased their retail media spend by at least 50% in Q4 2022. One in five advertisers raised their paid search spending by the same margin.
Daily spending in November: Compared to October 2022, the average daily spending in November 2022 increased by at least 25% in all channels.
Return on Ad Spend (ROAS): The ROAS was notably higher on Black Friday than on Cyber Monday.
Black Friday vs. Cyber Monday: 2022’s Black Friday saw a 17% higher retail media spend and 28% higher retail media-driven sales than Cyber Monday.
Consumer behavior insights
Early start: The holiday shopping momentum starts earlier each year, with nearly 23% of consumers commencing before October.
In-depth research: Over 75% of consumers will meticulously research their buys, especially for high-priced items.
Hunt for deals: The majority (56%) will actively search for holiday deals and discounts.
Significance of Cyber 5: The period from Black Friday to Cyber Monday continues to be important, with 87% planning to shop during this window.
Q1 opportunities: If you missed a customer in Q4, all is not lost. About 66% are open to waiting until January for better deals.
What to expect in 2023?
According to Skai’s Consumer Pulse Survey, 2023 promises to be a challenging yet rewarding landscape for marketers.
Regardless of the economy, most will be shopping: Even though only 30% of consumers report feeling financially comfortable, a robust 80% intend to engage in “extensive shopping” throughout Q4.
Omnichannel shopping strategy: Consumers plan to split their holiday spending evenly between online and offline platforms.
Retailers both sell and influence: Regardless of where the actual purchase takes place, online retailers remain a major influence on consumers for both research and gift ideas.
Actionable insights for 2023
Instead of waiting until the last moment, begin your advertising campaigns as early as possible to capitalize on the trend of consumers starting their shopping before October. Consider a soft launch of holiday promotions or teaser campaigns to build anticipation. A phased approach can also allow you to test different strategies and make adjustments before the peak shopping season begins.
Invest wisely in channels
Last year’s data showed that Black Friday had a better Return on Ad Spend (ROAS) than Cyber Monday, particularly in retail media. In light of this, consider allocating a larger portion of your ad budget to Black Friday. To maximize impact, ensure that you diversify across different platforms but prioritize those historically showing better conversion rates during this specific period.
Target research-oriented consumers
Given that a large proportion of consumers conduct detailed research before making purchases—especially high-ticket items—focus on creating content that helps them in this process. Comprehensive buying guides, video demos, and comparison charts can be invaluable resources for these consumers. This not only enhances the customer experience but can also position your brand as a trusted advisor in the purchasing journey.
Optimize for omnichannel customers
With consumers planning to split their holiday spending between online and offline channels, it’s essential to offer a seamless shopping experience across all touchpoints. Implement strategies like “Buy Online, Pick Up In Store” (BOPIS) and ensure that inventory levels are synced across online and physical stores. Additionally, offer personalized experiences wherever possible, whether it’s through targeted online ads or in-store customer service.
Leverage data for dynamic retargeting
The influx of holiday traffic is a treasure trove of consumer data. Utilize this data for dynamic retargeting campaigns that go beyond the holiday season into Q1. For example, if a consumer added items to their cart but didn’t complete the purchase, use retargeting ads to remind them of the products they were interested in. This can also be an excellent opportunity to offer post-holiday discounts or incentives to encourage conversions in the new year.
By applying these actionable insights derived from the 2022 data, marketers can better position themselves for a successful 2023 holiday season. Each point serves as a launching pad for more nuanced strategies that cater to evolving consumer behaviors and market dynamics.
Skai can drive performance and growth this holiday shopping season—and beyond
For those still making their list and checking it twice, we invite you to see what Skai can bring to your holiday table—and beyond. Imagine driving your campaigns through every season with a truly omnichannel approach. Skai is your one-stop shop for performance advertising, seamlessly connecting the dots between retail media, paid search, paid social, and app marketing.
🎁 Take the First Step: Schedule a Quick Demo. Don’t just dream of a white Christmas; dream of a ROI-filled one. Set up a quick demo and unwrap the full range of Skai’s AI-powered capabilities firsthand. We’re here to make your true omnichannel performance marketing dreams come true this holiday season and beyond.
Happy Holidays from Skai!