The Numbers Are In: Black Friday and Cyber Monday Hit Record Levels
As we hit the middle of Cyber Week I thought it might be good to talk about some of the early numbers coming from the 5-day holiday period, Thanksgiving to Cyber Monday.
You may remember this year’s Black Friday and Cyber Monday were being built up to be the largest yet. They did not disappoint! According to Adobe Analytics shoppers spent over $24.2 Billion over Thanksgiving to Cyber Monday that is just one 5-day period. This is a 26% increase over 2017.
Adobe Analytics also reported on Cyber Monday consumers spent $100 Million more than the anticipated hitting an unbelievable $7.9 Billion! November 27th was the single largest Cyber Monday ever!
What is at the root of such an increase in online sales? Well, RetailNext estimated there was a 9% drop in retail store traffic from 2017 to 2018. Retail stores also started doing a few things differently this year. Retailers began putting their Black Friday Deals on their websites on Thanksgiving Day allowing shoppers the opportunity to begin grabbing those deals 24 hours earlier from the comfort of their home. This is a significant change from previous years when retailers often had different prices in their physical stores than in their online store.
What does this mean for remainder of the Holiday Season? Adobe is forecasting that online sales will grow 17% between November 1st-December 31st year over year. This shows the online sales channel is a space every supplier needs to be playing in. On Dec 5th and 6th I will be teaching eCommerce Selling Made Simple, a strategic roadmap on how to increase sales of consumer goods on major online retailers, including but not limited to, Wayfair, Overstock, Hayneedle, Houzz, Wal-Mart, Target, Kohls, and Home Depot.
Want further research? See the links below to a few of the articles used in our recap.