Last year, the UK had the most advanced e-commerce market in Europe, with around 60 million digital buyers, and 80% of the population.
So, with more and more people shopping online than ever before, what to do with all the information that’s been sprouting since last year? We knew just the thing.
We’ve had our research hats on over the festive break and have gathered all the key insights from last year. From the January sales all the way to Christmas, we have all the information you need to lead to planning a successful 2024.
So what are we waiting for? Let’s dive in.
New Year New Sales
And with a successful Christmas behind him, Santa had one last present for eager shoppers: The January Sales. Following trends for consumers throughout December, it’s no surprise that online retail sales accounted for a quarter of all retail sales in January 2023, according to numbers from the Office of National Statistics (ONS).
Optimism seemed to be at an all-time high after Covid, with retail sales volumes estimated to have increased by 0.5% in January 2023, following a fall of 1.2% in December 2022. Particularly for online retailers, who saw sales volumes rise by 2.0% in January 2023, suggesting that the online January sales captivate customers still on the hunt for fresh deals. However, the proportion of retail sales online fell to 25% in January 2023 from 25.7% in December 2022; despite this fall, it was significantly above pre-coronavirus levels as the economy began to bounce back.
As ever, consumers remained cost-conscious, with some looking in-store, and then checking prices online before making a decision. Revolut debit card spending data revealed customers’ spending decreased by 12% in the week to 1st of January 2023 compared with the previous week. Retail saw the biggest decrease of 38% in the new year. However, this was in line with previous post-Christmas spending patterns. This decrease was partially offset by spending in pubs, restaurants and fast food, which saw the biggest increase of 24% as it seemed customers wanted to continue spending time with family and friends post-Christmas.
So what next?
During the holiday rush, potential purchases may slip from your audience’s minds due to budget constraints or hesitation. Harness the power of retargeting ads in the new year to rekindle interest. As the festive frenzy subsides, consumers reflect on the upcoming year, making retargeting essential. Target website visitors, ad audiences, and in-store shoppers to turn missed opportunities into successful sales. Ensure seamless in-store and online experiences, as customers compare prices. Tailor promotions for both channels to drive sales. Capitalise on the clean slate of the new year in your marketing campaign, appealing to a broad audience. Incorporate this message into retargeting campaigns, emphasising new year savings, and watch customers add to their baskets swiftly.
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