Salesforce, Inc., a global leader in cloud-based software, has released its highly anticipated 2024 Online Holiday Shopping Report, shedding light on significant consumer behavior shifts and emerging trends for the holiday season.
-- Salesforce, Inc., a global leader in cloud-based software, has released its highly anticipated 2024 Online Holiday Shopping Report, shedding light on significant consumer behavior shifts and emerging trends for the holiday season. The report, based on data from Salesforce’s Commerce Cloud, Marketing Cloud, and Service Cloud platforms, analyzed shopping activity from over 1.5 billion global consumers, providing a comprehensive look at the evolving e-commerce landscape.
Key findings highlight the rising adoption of “Buy Online, Pick Up In Store” (BOPIS), mobile wallets, and artificial intelligence, as well as record-breaking levels of mobile shopping and online returns. The report serves as a vital tool for retailers navigating the increasingly competitive holiday market.
Revolutionizing Holiday Shopping: BOPIS Grows by Leaps and Bounds
BOPIS continues its upward trajectory, as consumers prioritize convenience and efficiency during the bustling holiday season. According to Salesforce, retailers offering BOPIS could see such transactions account for 40% of all online orders during peak shopping weeks, nearly doubling last year’s figure of 21%. This trend underscores shoppers’ preference for skipping long checkout lines and enjoying seamless in-store pickup experiences.
Mobile Dominates as the Top Shopping Channel
Mobile shopping is cementing its position as the dominant e-commerce channel. Salesforce reveals that mobile devices accounted for 69% of all online orders placed between November 1 and December 14, 2024. The trend is set to intensify as mobile shopping is projected to comprise 76% of transactions between the weekend preceding Christmas and Christmas Day.
“Retailers need to ensure their mobile platforms are optimized for speed and user experience,” says Salesforce, emphasizing the importance of catering to this growing consumer base.
Digital Payments and BNPL Gain Momentum
The adoption of mobile wallets such as Apple Pay, Google Pay, and PayPal surged by 16% globally during the week following Cyber Monday, reflecting consumers’ demand for faster and more secure payment options. Additionally, Buy-Now-Pay-Later (BNPL) services continue to expand, with the number of U.S. shoppers using these options expected to grow by 6.9% in 2024, according to eMarketer.
AI Takes Center Stage in Personalization
Artificial intelligence is reshaping the e-commerce experience. Salesforce highlights the growing use of generative AI to deliver hyper-personalized shopping experiences. Retailers are leveraging large language models (LLMs) to provide precise product recommendations, enabling customers to find what they need faster while boosting conversion rates.
The $133 Billion Problem: Online Returns Soar
As online shopping booms, so do returns. Salesforce projects a staggering $133 billion in online purchase returns this holiday season, a 6.6% increase from 2023. This figure reflects the need for retailers to streamline return processes to maintain customer satisfaction and manage costs effectively.
The Broader Implications
The findings from Salesforce’s 2024 report emphasize the need for retailers to adapt to changing consumer preferences, particularly in leveraging mobile platforms, offering diverse payment options, and harnessing AI to enhance personalization. Businesses that proactively address these trends are poised to capture more market share in an increasingly digital-first environment.
This news comes at a pivotal moment for the e-commerce industry, as holiday shopping accounts for a significant portion of annual revenue. Salesforce’s insights provide a roadmap for success in an era where consumer expectations are higher than ever.
About This Update
This e-commerce industry update is brought by Butcher Block Co., the premier online retailer of butcher-block products, including countertops, kitchen islands, tables, carts, and cutting boards. As the leading seller of John Boos butcher block products, Butcher Block Co. is committed to delivering high-quality solutions for kitchen needs.
For more information about the latest e-commerce trends and insights, stay tuned for updates from industry leaders.
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