Proof of Concept: What It is and How to Do It Right
Before developing an idea into a product, there’s a crucial step that every business must take: executing a successful proof of concept. Learn more.
Valentine’s Day is here and many e-commerce brands, in particular for those in the retail space, have marked this day on the calendar as the first major holiday of the year. This holiday continues to drive more and more revenue; with a $1.4 billion increase in V-Day spending from 2017 to 2018 and a $3.9 billion increase in V-Day spending from 2011 to 2018. Below we breakdown a few of things you need to know about this holiday.
In the search for the best possible deals and to save time, consumers are expanding the places they are purchasing gifts. Traditional brick-and-mortar stores are still the way that most purchase their gifts, but there is a growing contingent of consumers who are moving towards digital. 29% of consumers plan to buy their V-Day gifts online.
What this means for you: With it becoming easier and cheaper to shop online, this trend is expected to continue for the foreseeable future. Holidays are perfect times to entice your email subscribers and social media followers with discounts and promotions, such as free expedited shipping and other special deals.
Consumers spent the most money on a reliable Valentine’s Day staple: jewelry. In 2018, it was the item category that raked in the most revenue with a cool $54.7 billion. While other Valentine’s Day staples, such as candy, clothing, and flowers made $2 billion or less.
What this means for you: If you don’t sell jewelry, don’t fret. Last year, only 19% of consumers planned to buy jewelry for Valentine’s Day. This is a perfect opportunity to promote the basics (gift cards, candy, flowers, clothes, etc.) or to think outside the box with nontraditional Valentine’s gifts.
Consumers are showing their love with more money. There was an uptick in the amount spent by each person—an increase of 5.5% from 2017 to 2018. This was attributed to a spike in spending in almost all categories. With Valentine’s Day landing on a Thursday, expect these numbers to beat last year’s.
What this means for you: Consumers spent $19.6 billion last year, making it critical to utilize digital marketing. Smart audience segmentation tactics coupled with full-funnel retargeting campaigns can make all the difference for your bottom line.
Last updated on August 16th, 2022.