10.10 Shopping Festival will support US consumers and retailers

The upcoming 10.10 Shopping Festival will support US consumers and retailers. 10.10 is a US-based shopping festival centred around revitalising the hard-hit retail sector, while strategically keeping the consumer at the core of its objectives.

Research and advisory firm Coresight Research has partnered with shopping rewards app Shopkick and AI driven two-sided B2B and B2C global fashion marketplace Fashwire to launch the inaugural 10.10 Shopping Festival from October 9-11, 2020.

Also read: It will be a “historic holiday season” in the US

The on-going COVID-19 pandemic has fundamentally changed the way people are expected to shop this year. Many consumers expect to switch their spending online, and several large retailers have announced that they will not be opening their doors for the usual sales on Thanksgiving evening and Black Friday. “We have also heard concerns from retailers and logistics providers about a surge in delivery demand during the holiday, and it remains unclear if fulfilment networks will be able to meet last-minute online holiday demand,” said Deborah Weinswig, founder and CEO of Coresight Research.

“It is, thus, the optimal time to launch a new US-based shopping holiday, as it is important for retailers to pull forward holiday shopping this year to better meet consumer demand and avoid logistics bottlenecks closer to the holidays. The new 10.10 event will build on the success of Singles’ Day and 6.18 in China and Amazon Prime Day in the US. Amazon has moved its annual event to October 13-14 this year, and Target, Walmart and other large retailers have also announced that they will offer special deals to coincide with Prime Day,” she added, commenting on how the 10.10 Shopping Festival will support US consumers and retailers.

The 10.10 Shopping Festival will provide an engaging, gamified shopping experience that will drive online shopping and encourage consumers to safely get back to stores.

Coresight Research believes that 10.10 will prove valuable to retailers and become an annual event, as it will drive consumer engagement and reconceptualise what it means to give a gift. The festival will enable shoppers to buy gifts for themselves and the people they love, while also giving back to the community. The gamification features will drive sales and build loyalty without resorting to heavy discounts or gimmicks. The festival will play a vital role in pulling holiday shopping forward and encouraging people to safely return to stores.

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