Welcome to the Jungle
January 18, 2024
Before we completely forget about 2023 and it’s only a speck in our rearview mirror, let’s take a look at some of the previous holiday season’s shopping trends. What can we learn from these? How can we use this information to create new revenue opportunities for 2024?
You may have seen the holiday shopping trends blog that Jungle Scout posted recently. There are three trends from that piece we are going to focus on.
The rise of TikTok Shop was the top trend for this holiday season. TikTok Shop is an ecommerce platform integrated into TikTok that enables sellers and creators to showcase and sell products directly on TikTok. Five million new customers made a purchase at the TikTok Shop during the Black Friday and Cyber Monday week. Also, about 150,000 brands published shoppable videos that week. This creates an opportunity for radio to show their listeners are TikTok users and that they shop online, thus, more likely to shop at the TikTok Shop. It’s a good time to capitalize on this new shopping avenue.
A variety of payment methods was also a top trend this holiday season. Buy Now Pay Later (BNPL) usage saw a significant increase, contributing $940 million in online spending on Cyber Monday. BNPL as a payment method was up 43% year over year from November 2022 to November 2023, while the number of items purchased per order also increased 11%. These payment options are becoming more popular as inflation causes higher prices on goods because the payment flexibility allows the consumer to feel less of the monetary pressure. Radio stations can profile their listeners for financial opportunities to tie-in and promote with an advertiser’s message.
The last trend we saw as an opportunity for radio is that more consumers shopped at small and local businesses as compared to larger corporations. Local and/or small business shopping doubled from 2022 to 2023. In fact, it was the fourth most popular in-store shopping destination for holiday gifts during the recent holiday season. This is an exciting trend for radio to capitalize on the local community. Since Baby Boomers are big contributors to this trend and are the major listeners on some stations, this might be worth looking into. Also, profile your listeners to show the types of products and services they are buying and match to the advertiser. Promote supporting local businesses in the advertising message along with their products and services.
If you want to read the full piece, it is here.
One last thing, we are here to help you profile your listeners and find those new revenue opportunities … give us a call!
-Karen Morriss, Director of Client Services