Where shoppers will spend and save Christmas 2023

Read this blog to find out where shoppers will spend and save for Christmas 2023. 

This year it is expected that UK spending will be up over the Christmas period compared to previous years, but high prices mean consumers will spend less in real terms. Analysts suggest this is because ‘savings have been depleted and inflation remains high’.

According to The Guardian, ‘consumers will pay more for less this Christmas, as the cost of the festive season is up almost a quarter in three years’.

Consequently, Britons are expected to buy fewer and cheaper items this year which means there is more pressure than ever for e-commerce stores to secure limited holiday sales.

For e-commerce store owners, this means it is more important than ever before to ensure your inventory is up to date and products and services are priced competitively.

By knowing and understanding consumer spending habits and current trends, your e-commerce store will appeal to Christmas shoppers and gain their loyal custom.

This blog will mention where shoppers will spend and save for Christmas 2023 so you can optimise your inventory and storefront to boost sales and profit.

Chocolate sales set to soar

Chocolate sales have soared up 8.7 per cent compared to the August-November period last year. Experts say this is comes as consumers look for cheaper alternatives to toys as Christmas gifts.

Whether it’s coffee cremes, chocolate coins, or selection boxes, having chocolate confectionary available from your store front puts you and your e-commerce business in the race for sales.

Furthermore, by researching chocolate trends and stocking popular flavours, such as vegan chocolates or chocolate orange flavouring, you can further increase consumer appeal.

Poor and expensive shipping to deter consumers from online

As consumers get ready to stick to strict Christmas budgets, expensive and poor shipping and delivery are becoming too much to bear for some holiday shoppers.

To ensure you do not miss out on sales due to high shipping costs or long delivery times, consider offering free shipping and store discounts throughout the holiday season.

At this time of year consumers want to feel confident that gifts will arrive on time and are making every penny count. Many savvy shoppers are looking to cut back costs and taking note of online stores offering free shipping and delivery initiatives.

Click here, to check out our 3 best practices to perfect the e-commerce checkout experience.

Shoppers seek out values-based retailers

Every consumer has priorities and this Christmas, shoppers are seeking out brands with values that align with their own.

This means holiday shoppers are actively looking to buy from retailers who are transparent about their practices, ethics, and consumer values. So you and your e-commerce store can reap the benefits, consider featuring environmentally friendly and sustainable products on your store front that consumers can purchase and give as gifts.

Additionally, don’t be afraid to shout about your ethical practices and brand values on social media and alternative marketing avenues to attract your target audience.

Shoppers by fewer and cheaper items

While shoppers may spend more money this Christmas, due to inflation they are likely to get less for it when compared to previous years. That’s why shoppers are planning on buying fewer and cheaper gifts for loved ones this year.

By being competitive on price, your e-commerce store can attract bargain shoppers who are actively searching for great deals online.

To ensure your storefront, products, and services are accurately and competitively priced, conduct competitor research to see what other online stores are charging for similar items. This data will help you advertise your inventory at the right price point to boost sales and impress savvy consumers.

Why choose Unicorn Accounting?

The run up to Christmas is an exciting yet busy time for online retailers. Ensure you keep on top of your finances and tax obligations by outsourcing to an e-commerce accountant.

This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.

Our gift to you this Christmas is giving you back precious time to spend building your brandand doing what it is you love.

At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.

Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.

If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies. To see how we can help you maximise the scalability of your e-commerce brand all year round, get in touch with Unicorn Accounting today.

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