The holidays are the best time of year to get new high value customers who make repeat online purchases throughout the year. Surprised? Here are the fast facts.
- The average business acquires 24% of its new online customers during the holidays. That number is fairly consistent between popular gifting categories (think electronics, apparel) and others (food, beauty, etc.)
- Roughly the same percentage of customers become repeat buyers, regardless of whether their first purchase occurred during the holidays or at another time of year.
- 39% of new customers who buy during the holidays and buy again, repurchase within 30 days. That means many first time holiday shoppers buy twice before the end of the year.
- The next most common time for holiday customers to buy again is early the next calendar year.
- Very, very few new holiday purchasers become “holiday only” buyers, returning every November/December.
- While holiday shoppers may be attracted by discounts and free shipping, their average order value is within striking distance of all other customers’.
- The lifetime value of first-time holiday purchasers is just 13% below customers acquired at other times of the year.
Sources: Magenta 2016
So please…You’re creative. That’s why you considered the name “Brandology.” Use those creative juices to come up with another name that’s not already trademarked. Even though it will take some time, it will be fun, happy time — a stunning contrast to the time you’ll spend with Brandon if you try to use “Brandology.” Really. (It’s probably a little tacky to mention, but if you want our help naming your business, that’s something we do too.)