2020 has been a year of disruption. We have seen almost every aspect of society be altered in some way. This has forced consumers to re-evaluate their day-to-day routines and brands to reassess who they are and how they operate. Here at TripleLift, we have gathered our knowledge and insights to bring you our top 5 trends that will shape the rest of the year and, potentially, beyond.
From bulk buying to online shopping, COVID-19 has transformed our buying habits seemingly overnight. Online shopping gave consumers access to safe, contactless purchases when in-store shopping couldn’t. In fact, consumers spent 7% more online during the first two months of the pandemic than they did during the entire 2019 holiday season1. With online retailers working to meet this demand, we expect to see an exponential increase in online spending for the remainder of the year.
As over half of consumers’ TV viewing time in 2020 is spent on an OTT subscription-based service2, advertising inventory has surged 54% YoY 3. These ad placements have both high viewability and memorability. As a matter of fact, 65% of people who use a second screen while streaming have looked up a product that’s been advertised in a TV show4.
It isn’t a surprise that mobile use continues to climb, especially with more consumers staying indoors for the first half of 2020. Time spent on mobile phones increased 11% to 7 hours and 31 minutes a day and is expected to remain consistent in 20214. This opens up further inventory while also heightening the competition for consumers’ attention. The combination of this rise in activity and heightened focus on privacy will stir things up for advertisers this year.
Convenience is everything to shoppers – 9 out of 10 choose a retailer based on accessibility5. The call for faster delivery times drove demand for “Buy Online, Pick Up in Store”, or BOPIS, over the past few years. In a recent survey, 54% of respondents researched a BOPIS option on most purchases to eliminate shipping time6. Once consumers are in-store for pick up, BOPIS also provides an opportunity to upsell.
Holiday sales are expected to increase 3-4% YoY with eCommerce spend rising by at least 13%6, especially with a larger focus on social distancing. The spend attributed to mobile devices is quickly growing, up 21% from 2018 to 2019, as 81% of consumers said they have purchased gifts on their mobile device7. Having simple click-through URLs and a streamlined website make eCommerce even more convenient for shoppers.
While the first half of 2020 has seen unprecedented change, learning from consumers’ behavior will help maximize performance during the remainder of the year. Our mindsets should evolve to an online-first approach with marketing and selling while incorporating tried and true methods of advertising. Strategizing around these trends will help bolster your 2020 Holiday plan and help discover key learnings for years to come.
1Adobe: Online Shopping During COVID-19 Exceeds 2019 Holiday Season Levels
2 eMarketer: 2020 Digital Video Trends, Average Time Spent by US Adult, Social Network Users, US Holiday 2019 Review & 2020 Planning
3 The Trade Desk: The time is now for Connected TV Whitepaper
4 eMarketer: US Mobile Time Spent 2020
5 National Retail Foundation: Consumer View Winter 2020
6 Digital Commerce 360: The Shopper Speaks: So what about the holidays?
7 Mobile Marketer: Smartphones are most popular devices for online shopping