Black Friday Down, Yet Cyber Monday Sets Record
Brick-and-Mortar Stores Witnessed Increased Foot Traffic
In the spirit of the season, we can read many intriguing tea leaves, possibly peppermint ones. As data rolls in from the period stretching from Black Friday to Cyber Monday, previously known as ‘Thanksgiving Weekend,’ we see fascinating trends emerging.
Brick-and-mortar stores saw an increase in foot traffic, but intriguingly, spending dropped on Black Friday itself. Over the holiday period, an astounding 141 million people anticipated shopping in stores and online. However, despite the footfall, in-store expenditures dipped.
National Retail Federation’s Findings
The National Retail Federation expected spending to dip for the first time since it began tracking Black Friday spending in 2006, falling around 2.9 percent, to a figure of $57.4 billion.
Cyber Monday’s Remarkable Surge
On the other hand, though, according to IBM Digital Analytics, Cyber Monday sales jumped a whopping 20 per cent from last year — at least, the number of online payments did that day
Online Shopping Habits and Tools
IBM also found more customers using smartphones than tablets to surf the web, and many businesses getting aggressive with “push” notices and online coupons, etc., to convince customers to spend.
E-commerce Vs. Traditional Retail
According to one industry newsletter, “While the staggering increase in e-commerce activity on Cyber Monday is good news for online businesses, it is less joyful for primarily brick-and-mortar retailers. Small businesses without web presences, or with limited presences, are likely experiencing a decline in sales as consumers shift to purchasing online.”
The Takeaway for Retailers
One of the messages is clear: You need to be selling, and be available, online, if you’re not already. Whether it’s accepting online payments, electronic checks, or more, your customers — according to an AP report on Black Friday — are getting more savvy until they find what they’re looking for at a price they’re expecting to pay. Your customers, in other words, are getting sophisticated about how they shop, online and off, and you need to keep ahead of them.
Getting Ready for Future Shopping Spree
AVPS can help you get there — not only in advance of next year’s Cyber Monday, but in time, still, for this holiday season. Call your rep today, and start thinking of memorable names for the remaining Fridays and Mondays of December!