Consumer Behavior
Online marketplace holiday shopping may hit $253B worldwide
October 12, 2023
Holiday purchases via online marketplaces could hit $253 billion world wide and consumers are planning shop earlier this holiday season.
Those are top findings from ShipStation's consumer and merchant study conducted by Auctane and Retail Economics.
The "Holiday Shopping Trends Report 2023: Building a Risk-Resistant Ecommerce Strategy" offers insight from over 8,000 consumers and 2,000 merchants worldwide regarding online shopping this holiday season, according to a press release.
The report found that around one in every two online orders made over the holidays is expected to be through an online marketplace, with North America expected to account for the majority of this spend ($183 billion).
"Our research reaffirms that consumers' expectations for the brands they shop with rise and evolve during the holiday season," Al Ko, CEO of Auctane, parent brand of ShipStation, said in the release. "This year, we anticipate that consumers will be more mindful, earlier spenders, do the majority of their holiday shopping online, and request faster, more reliable shipping experiences that align with critical seasonal deadlines. Merchants have an opportunity to cultivate customer loyalty by promoting holiday deals earlier, selling their products on more online channels, and offering a wider variety of premium shipping options."
Additional findings include:
- Three in four consumers plan to decrease spending over the holiday season, up from 58% last year. However, shoppers in the U.S. are the most likely to spend, with two thirds of shoppers surveyed planning to either spend the same (44%) or more (22%) than they did last year.
- Globally, surveyed consumers have an increased interest in delivery speed, parcel visibility, and flexible returns, while interest in delivery costs have decreased.
- Half of shoppers expect an online purchase to arrive within two days during the holiday season (as standard), rising to as high as 62% in the US. Similarly, over half of surveyed consumers report being willing to pay up to $9 extra for same-day, next-day, two-day, or scheduled delivery services during the holiday season.
