It’s Valentine’s Day and for most, that means the chance to shower loved ones with flowers, candy, plush teddy bears and all kinds of gifts that say ‘I Love You.’ As much as consumers are in love with this romantic holiday, retailers love it too. And why wouldn’t they? It’s a holiday that, much like the most recent winter holiday season, is primed to be quite successful with big spikes in ecommerce and mcommerce sales.
According to the National Retail Federation, total U.S. retail spending this Valentine’s Day is expected to hit $17.3 billion, with 54% of consumers planning to ‘celebrate their loved ones’ this year. As NRF President and CEO Matthew Shay puts it: “Consumers can expect Cupid’s holiday to resemble the promotional holiday season we saw just a few months ago, as retailers recognize that their customers are still looking for the biggest bang for their buck.”
More importantly, key metrics such as website traffic, Average Order Value, conversion rates and incremental revenue gained have all increased significantly over the past 7-day period (February 6-13) for over 100 retailers, representing a random sampling of over 500 online shopping experiences.
The Average Order Value increased by 11%, compared to the overall Average Order Value we see across hundreds of digital retail campaigns during the remainder of the year. Additionally, overall website traffic rose by 35% over the last 7 days, with 88% coming from desktop and 12% coming from smartphones and tablets. Most importantly, retailers on our network have experienced a 24% uplift in purchase conversions, which translates to a whopping $35.3 million in incremental revenue gained.
As our own research revealed, men and women have very different customer experience preferences when it comes to shopping for Valentine’s Day gifts. In the past 7-day period, we were able to discover a total of 164 user segments for retailers, which included a variety of attributes (up to 6). Plus, there were 180 attributes that were predictive in nature.