Retailers can expect to see some shifts in 2020, like the impact of subscription services and white glove offerings from big and small retailers alike, and whether eco-friendly shipping options are really striking a chord with consumers.
RetailMeNot discovered 10 key insights after surveying 200 senior retail marketers and more than 5,000 consumers on trending topics and areas of investment for 2020.
Here are just a few of our favorite topics covered in the 2020 Retailer Playbook.
Prime Day May Be the New Black Friday
Last year saw a surge in retailer and consumer activity during the week of Amazon’s Prime Day event. RetailMeNot’s latest consumer research shows that 59% of consumers believe they found better deals on Amazon Prime Day than during Black Friday in 2019. While Black Friday still stands to offer some of the deepest discounts in the year, according to RetailMeNot data, the new July shopping event saw impressive participation. In fact, RetailMeNot data shows that more than 300 retailers participated in 2019 Prime Day sales, offering more than 775 promotions—a growth of 55% and 41% respectively from prior year.
Eco-Friendly Shipping: Do Consumers Care?
Based on RetailMeNot research, 51% of Americans are willing to wait longer for eco-friendly shipping options from retailers like Amazon. Options like environmentally-friendly shipping containers and shipping all items at once rather than from multiple destinations and in multiple boxes, are a nice way to give back to Mother Earth. But one thing still wins out over the environment: cost. In fact, 70% of consumers prefer the lowest price over environmental impact.
Shipping costs also play a factor in whether consumers plan to go in-store—an option that can also reduce wasteful shipping packaging. More than 75% of shoppers are willing to do some brick-and-mortar shopping if it means they can avoid shipping costs. However, 64% would rather shop online if the retailer is willing to shoulder the shipping costs.
Subscription Services and White Glove Retail Investments
Only 15% of U.S. consumers currently use subscription services, but retailers could see this trend take off in 2020, as approximately 35% of Americans who do not currently use these services said they plan to try them soon. If retailers and subscription brands are looking to increase revenue streams from these services, they should look no further than millennials. On average, millennials are willing to shell out the most dough for these products at $52 per month.
Additionally, other services like white glove options are raising the retail bar. While 43% of shoppers think that offerings like shopping assistants, personalized product recommendations and high-end product alternatives are a “nice to have” today, they also agree that they will expect these services from retailers in the near future.
To see more data and the full list of 2020 insights, visit the RetailMeNot Retailer Playbook.
