CHICAGO--(BUSINESS WIRE)--As the North Pole prepares for the most wonderful time of the year, retailers prepare for Black Friday and a holiday shopping season that is all about tech. New research from Market Track, the leading provider of advertising, promotional and pricing intelligence solutions, found that many retailers are stocking and promoting new technology products, like Virtual Reality (VR), to not only win baskets, but also provide an experience to holiday shoppers.
The Chicago-based company revealed its list of Top 10 Hot Holiday items and the technology category came out on top, based on the level of advertising and promotional support compared to years past, as well as the media coverage and excitement around the category. VR took the number one slot as the new ticket item this season, with hoverboards and drones coming in second and third, respectively. Wearables like smart watches and fitness trackers cracked the top five along with SmartHome technology. Robotic vacuums, tablets, computers, game consoles, smartphones and televisions rounded out the list.
While VR products are new to the scene, Market Track found that many retailers are riding this new trend into the holiday season. In an analysis of promotional activity since August 1, 2016, the average price for VR came to $120.52. The highest promoted price, at $499.99, was for a PlayStation VR bundle, which includes a headset, motion controllers, software and a camera. On the opposite end, the lowest promoted price was for a $6.00 Oracle Virtual Reality headset.
“Even non-traditional retailers that generally focus on apparel, home and small appliances like department stores are crossing trade class lines and promoting things like VR, wearables, headphones and TVs,” said Traci Gregorski, senior vice president of marketing at Market Track. “Retailers know that these are not just trip drivers, but are often the first items people cross off of their lists.”
Beyond promotional support, VR has gifted retailers a new tactic to help drive consumers to stores this holiday. The in-store trip has been fleeting over the past few years, due in large part to the seamlessness of online and mobile shopping.
“It takes more than a promotion or discount to prompt people to visit a store these days, and VR is unique in that it provides an experience most consumers have never had before,” added Gregorski. Retailers jumped on this opportunity with the holiday season looming—in October, Best Buy allowed consumers to sign up for a free in-store demo of the Oculus Rift VR headset, giving them a new, exciting reason to visit Best Buy stores.
Not only are tech gifts predicted to be the most popular, but in a recent nationwide survey conducted by Market Track, 40% of consumers reported they would buy electronics first when starting their holiday shopping.
About Market Track
Headquartered in Chicago, Illinois, Market Track is the leading provider of subscription-based advertising, brand and pricing intelligence solutions in North America. Through monitoring trade and promotional advertising, pricing and e-commerce activity, brand protection and competitive advertising activity, Market Track provides the most comprehensive coverage of key media channels available. Offered via web-based software-as-a-service platforms, Market Track’s solutions enable advertisers, agencies, retailers and manufacturers of consumer goods to efficiently monitor and analyze causal data, creative execution and ad spending to maximize the value of their marketing campaigns. Clients use Market Track’s capabilities to determine how competing retailers, products and brands are being advertised, priced and promoted both in-store and online. The company’s granular creative assets and data cover nearly every retail trade class, product category and media channel. For more information, please visit www.markettrack.com.