Welcome to our Valentine’s Day e-commerce series where we’ll be sharing insights and tips to help boost your sales performance for this special occasion. Valentine’s Day is a crucial holiday, giving people the chance to express love to those around them. And for e-commerce businesses, it’s a prime opportunity to capitalize on the high demand and boost sales.
But how do you stand out among the competition and make sure your business is on the right track for this occasion? Our answer is: Dive deep into the current shopping trends and insights for Valentine’s Day. While it requires research and observation, we’ve got your back with the latest trends and insights to lighten your workload. In this blog, we’ll share 5 Valentine’s Day shopping trends and tips for you to leverage. So, let’s dive in without further ado!
Table of Contents
- 5 Valentine’s Day shopping trends & predictions
- What should businesses do to prepare for Valentine’s Day?
- Ready to boost your performance on Valentine’s Day?
5 Valentine’s Day shopping trends & predictions
Let’s delve into the major consumer shopping trends for Valentine’s Day 2024 together. In this section, we’ll provide insights and predictions for you to prepare for:
Customer’s spending will be lower
Let’s face it – 2023 hasn’t been the best year economically. Although inflation has dropped, it’s still a bit unstable, causing prices to rise and making people hesitant to increase their spending. According to Euromonitor, 74% of consumers remain concerned about the rising costs. Consequently, 44% of consumers plan to save more money, and 52% have cut back on non-essential spending.
Considering this data, we predict that 2024 will continue to be a year where people value good deals, with many consumers actively seeking products with promotions like BOGO (Buy one get one), bundle discounts, and intense loyalty programs. To stay ahead of the trends, eCommerce businesses need to plan marketing strategies and promotions that attract and motivate customers to keep making purchases.
More ranges of recipients to gift
These days, Valentine’s Day isn’t just for couples to express love. Now, consumers are getting gifts for everyone around them – family, friends, coworkers, classmates, teachers, and even pets. In 2023, NRF’s report showed a 36% surge in spending, reaching a whopping 7.1 billion USD for gifts for these special people.
In 2024, we anticipate customer spending for these recipients to rise further as the pandemic recedes, and people are more motivated to express love. To truly impress your customers this Valentine’s, consider offering a variety of gift options, like new product variants or affordable bundles. This way, you’ll align with the trend and create more opportunities to boost your sales.
Online shopping still receives attention
After COVID-19, there’s been a significant drop in people buying Valentine’s Day gifts online. Nevertheless, until last year (2023), online platforms were still the go-to for over 35% of people when choosing gifts. Recently, offline shopping has gained attention again for Valentine’s season. About 34% prefer department stores, 31% opt for discount stores, and 18% go for specialty stores.
.Considering last year’s Valentine’s shopping insights, we predict a slight 2 – 3% drop in online gift purchases this year. Yet, with the rising popularity of trends like Buy Now Pay Later and interactive shopping like Livestream, having a reliable online shopping platform remains crucial for a seamless omnichannel shopping experience.
Classic Valentine’s Day gifts are still in trend
The trending Valentine’s Day gift choices keep growing every year. Candy remains a top pick, with over 57% of respondents expressing interest. Greeting cards snag the second spot as a popular option. While classic Valentine’s signatures are timeless, new options are gaining popularity. Around 32% of people are into experiential gifts, like a night out, or tickets to shows or movies.
So, if you’re aiming to boost Valentine’s revenue or searching for seasonal products to sell, consider greeting cards, gift cards, or candy with cute Valentine-themed packaging. These are easy options that promise success in terms of revenue.
A good shopping experience is crucial
Finally, Valentine’s Day is a fantastic opportunity for brands to leave a lasting impression on their customers, and this has proven true over the years. According to a Customer Loyalty Data study by Clarus Commerce, a great Valentine’s experience with your store means 62% of respondents are more likely to buy from your brand throughout the year. Additionally, 55% are willing to recommend your brand to their friends, and 35% will join your brand’s loyalty program.
Therefore, to make the most of this Valentine’s occasion and boost your sales, prioritize ensuring your customers have a seamless and delightful purchasing experience.
What should businesses do to prepare for Valentine’s Day?
Now that you’ve got a sneak peek at the Valentine’s Day shopping trends and consumer insights, it’s time to act quickly. The holiday season is approaching fast, and there’s a lot to get ready. Wondering where to kickstart your Valentine’s sales season? Here are some recommendations to prioritize for the upcoming holiday:
Prepare your marketing plan
To prep for Valentine’s Day, start by crafting a marketing plan that aligns with your customer’s buying journey. Here’s how to create a plan that boosts your chances of making sales:
- Identify your key customers: With limited time, streamline your plan to target these high-potential customers effectively. Pinpoint the most promising customers who are likely to convert during Valentine’s. Analyze your past data, considering factors like acquisition cost, customer lifetime value (CLTV), and return rate. Focus your marketing efforts on the audience with a high return on investment (ROI) or return on ad spend (ROAS).
- Visualize your customer journey: After identifying your key customers, it’s crucial to map out the journey they take. While each customer may approach your store differently, visualize the path that leads to the most conversions. By understanding their journey, you can pinpoint where to focus, enhancing interactions and boosting conversion chances.
- Define your clear objectives: To cap it off, set clear objectives for each phase of your customer’s journey. What do you aim to achieve with your social media plan? Are you looking for a higher email subscription rate and increased conversions? These defined objectives act as your guiding star, steering your plan in the right direction to successfully meet your goals.
Planning might seem like a complex task, involving lots of analysis. However, with tools that analyze and visualize your data, the process becomes much easier. This season, explore NestAds and its latest version, equipped with everything you need to gain insights into your ideal customers. Features include conversion tracking, business intelligence tools for data analysis, and more. Give it a try and experience the satisfaction of achieving your data-driven goals.
Plan out promotion and discounting program
As mentioned earlier, this Valentine’s, customers are eager to find ways to cut down on their spending. Hence, promotions and discounts remain the top methods to draw more customers to your stores. Here are 4 types of products that many industry professionals are planning, and you can take inspiration from them:
- Product bundle: Offering related items grouped at a discounted rate, product bundles simplify the decision-making process for customers. This not only enhances the shopping experience but also increases the average order value, making it an effective saving option for customers.
- Exclusive early access: Rewarding loyal customers with early access to your Valentine’s Day deals fosters customer appreciation and builds anticipation. This exclusive access ultimately leads to increased sales when the deals are made available to everyone.
- BOGO: BOGO, also known as Buy One, Get One, stands out as a potent strategy for this Valentine’s Day. This tactic lures customers by providing a free or discounted item when they purchase another at full price, encouraging them to make additional purchases and giving a significant boost to your holiday sales.
- Limited-time offers: Utilizing limited-time offers such as flash sales and hourly deals prompts immediate action from shoppers, infusing excitement into your event and driving higher engagement.
To run promotions in your store, you might need to tweak your site’s appearance and organization a bit. Don’t hesitate to make these changes; there’s plenty of support available to help you. For instance, NestScale Bundle is designed to assist you in adding discounts and product bundles to your store. With it, you can seamlessly integrate new promotions and deals without altering your store’s design. It’s simple, convenient, and free to try out.
Get your customer service ready
Before the Valentine’s Day shopping spree kicks in, make sure your store offers top-notch customer service. This is one of the most effective ways to keep customers coming back even after the holiday season. Practical steps to take before Valentine’s Day include:
- Reinforce your customer’s support: Prepare your customer support team for the increased demand during the holiday season. Ensuring prompt and helpful responses can significantly impact customer satisfaction, building trust and loyalty.
- Make your page more user-friendly: Implement live chat and customer self-service options on your website to enhance the overall shopping experience. A user-friendly interface contributes to a more enjoyable and efficient shopping journey for your customers.
It may sound like a lot of work, but the good news is there are plenty of options available to assist you without consuming too much time and effort. You can explore NestDesk, an app designed to enhance customer service options. It provides a live chat system to streamline communication and tracks real-time orders for a personalized customer experience. With this support, you’ll have more time to tackle even the most complex customer issues.
Ready to boost your performance on Valentine’s Day?
There you have it! All the significant trends and insights that can impact your consumers’ behavior and things you should do for preparation. By tapping into these trends and implementing these strategies, your e-commerce business can effectively get ready for Valentine’s Day, maximizing sales opportunities and creating a memorable experience for your customers.
However, this is just the beginning. The next step is to dive into the work and start implementing your marketing ideas. After laying the groundwork, be prepared to stay engaged and flexible for Valentine’s Day to fully capitalize on this excellent sales opportunity.