A recent Consumer Technology Association (CTA) report states that U.S.consumers are projected to spend a record-setting $96.1 billion on technology products this holiday season. In its 25th Annual Consumer Technology Holiday Purchase Patterns Study, CTA reports that 164 million U.S. adults (66 percent) plan to purchase a tech product as a gift this year; specifically, consumers are looking to buy new TVs along with laptops, smartphones and tablets, smartwatches, desktop computers, and any type of camera.
According to Ben Arnold, senior director of innovation and trends at CTA: “2018 has shown us that consumers are willing to spend a premium on technology that is essential to their everyday lives – such as smartphones, laptops and TVs – and we expect that dynamic to continue through the season, driving overall holiday consumer tech sales to a new high this year.
“In addition to those core devices, key emerging categories to watch this holiday season are smart home devices – powered by voice technology – smartwatches and wireless earbuds.”
Retailers also want tech this holiday season – as a way to make the holiday shopping experience more enjoyable for customers. Here are some innovative ways retailers can use tech:
- Voice Enabled: Alexa, Siri, and Google have a solid foothold in American homes these days and many searches begin with a voice command. “Hey Siri, what’s the best TV deal?” “Hey Alexa, what time does the store open?” “Hey Google, where can I get the best deal on a laptop?” Savvy retailers are exploring the best ways to make Voice yet another channel.
- Emerging Retail Channels: 52 percent of Americans plan to shop online for tech this holiday season and 77 percent plan to shop in brick-and-mortar locations while 58 percent plan to shop through their mobile device. Further, about 33 percent plan to take advantage of same-day delivery, 31 percent in-home delivery (such as Amazon Key or Walmart Delivery), and nine percent plan to use in-app features like camera search.
- Holiday Season Expands: 27 percent of respondents said they plan to start shopping in October or earlier. Meanwhile, 83 percent of respondents don’t plan to purchase their gifts until November or December.
Another important aspect for retailers to consider this holiday season is to develop a liquidation program to help offset the costs associated with returned and overstock items. B-Stock provides an online liquidation auction platform that directly connects retailers to small business owners running discount and clearance stores. Contact us for a demo today.