New consumer and SMB (small to medium-sized businesses) research shows that retailers are planning to leverage social media more this holiday shopping season while inflation remains a top concern. In a survey commissioned by Fiverr International Ltd., researchers also found that 53 percent of small businesses polled said they’re not considering mega marketplaces such as Amazon and Temu as a challenge this year.
What is of concern is staffing and inflation.
Of those retailers polled, 48 percent of global respondents cited inflation as a top challenge while one-third of retailers surveyed noted staffing shortages as their biggest challenge. One-third of retailers (including e-commerce companies) said they’re now hiring freelancers to support their operations ahead of the holiday shopping season.
Related Articles
To reach their target audiences, 57 percent of U.S. merchants surveyed said they plan to spend money on social media advertisements. Of the retailers polled globally, 39 percent of their budget is allocated toward social media advertisements, 35 percent to influencer marketing efforts, 33 percent to email marketing and 29 percent to updated product pages and enhanced SEO features.
You May Also Like
On the consumer side, Gen-Zers continue to turn to social media to find the ideal gift this holiday season. Of them, 34 percent use TikTok Shop, 25 percent get ideas from social media influencers and 14 percent use generative AI search. In the United States, TikTok Shop continues to be the most popular platform with nearly 54 percent of Gen-Zers finding their gifts on it alone. One third of U.S. Gen-Zers surveyed said social media had a significant impact on their holiday buying decisions.
Gali Arnon, chief business officer at Fiverr, said the holidays are often make-or-break for many small businesses, “so it is critical to plan ahead, know where to place your focus and ensure that your audience is getting the right message. This data shows that retail and e-commerce businesses are doubling down on social media campaigns to reach new markets and embracing AI to streamline their daily operations as more and more consumers are looking to buy the perfect gift as far ahead of the holiday season as possible. With inflation, competition and staffing shortages intensifying both online and in stores, the insights from our latest research underscore the type of expertise businesses need to stay ahead.”
Other findings include that more than 80 percent of retailers polled are offering discounts to lure in bargain hunters, which compares to 55 percent last year. Of the consumers polled, 42 percent are prioritizing good deals; 32 percent, free shipping; and 30 percent, high-quality products.