Business

Online boom may see Cyber Monday top Black Friday

Online boom may see Cyber Monday top Black Friday”

About 81 million people shopped online on Monday, a day of big internet sales known as Cyber Monday, according to the National Retail Federation.

More than 174 million US shoppers made purchases over Thanksgiving weekend and Cyber Monday, the National Retail Federation said on Tuesday, beating the industry group's expectations and signaling a strong start to the holiday quarter. Multichannel shoppers spent about $49 more than those shopping only in-store, and $82 more than those shopping online. Seventy-five percent of what consumers spent over the five days, or about $250.78, went toward holiday gifts.

Last year, NRF's Thanksgiving weekend survey didn't include Cyber Monday sales, making the two non-comparable.

Meanwhile, Adobe Analytics says Cyber Monday was the biggest US online shopping day ever, with a record $6.59 billion spent. The survey results are based on responses from 3,242 consumers and has a margin of error of plus or minus 1.7 percentage points.

The survey showed that shoppers were in the mood to find great deals.

The kickoff to the holiday shopping season is a now a five-day affair of discounts and perks - and nicknames, stretching through Black Friday into Small Business Saturday and finishing on Cyber Monday. Shoppers seem willing to spend more, but that's not benefiting retailers equally.

"You did see the expected surge in online shopping and the fact that Cyber Monday was a record day doesn't surprise anybody", Stern said.

The uptick on online shopping isn't just planning on lasting until today, but online sales are expected to also increase by 13.8 percent this year.

The amount spent on United Kingdom online retail sites on Black Friday 2017 was up 11.7% to £1.39bn.

E-commerce's unrelenting march toward domination of the retail industry accelerated during the Thanksgiving holiday, as Americans spent billions more shopping online than they did past year. For the first time in the U.S., Cyber Monday mobile revenue has broken the $2 billion barrier, according to Adobe Digital Insights.

According to the latest data from retail intelligence experts Springboard, footfall figures across United Kingdom high Streets, shopping centres and out of town retail parks were down 1.1% during the whole Black Friday weekend.

The long weekend had set retailers up for a strong finish to the year, Shay said, but they would need to keep inventory tight to deliver similar or deeper discounts that the vast majority of consumers are expecting for the rest of the holidays. And Shay noted that with 24 of the top 25 e-commerce retailers hailing from the brick-and-mortar world, traditional retailers are growing their share.

Obviously there's a lot of buzz around online traffic, said Jill Standish, head of the retail practice at consulting firm Accenture.

- But 65 million shopped both online and in-store, and they spent substantially more than those who shopped only in person or online.



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