Many retailers were disappointed with Black Friday. While they placed much hope on day-after-Thanksgiving sales, there was only a marginal increase compared to last year, and the numbers fell short of many store's projections.
However, a buying surge on Cyber Monday-a term coined by the National Retail Federation in 2005 for the Monday after Thanksgiving-boosted retailers to a 13.7% increase over last year. By mid-day on Monday, over 500 vendors reported a 38% increase from last year on the average online order. Last year, the average per purchase was $130.24 and this year it grew to $180.03.
Attracted by deep discounts and temporary offers, U.S. shoppers spent $887 million on Monday, approximately the same amount they spent on December 9, 2008, which set an all-time record for online sales. This is reassuring to vendors, as the peak in online shopping will probably happen closer to shipping deadline, around mid-December.
Online spending on Black Friday also increased 11% from last year. Many believe this is due to stores treating online shopping the same as in-store shopping, and offering discounts online as well.
According to a shop.org survey, 96.5 million Americans planned to shop on Cyber Monday this year, a large increase from the 85 million in 2008. And retailers were listening-according to another shop.org survey, 87.1% of retailers offered a special promotion for Cyber Monday, up from 83.7% last year and 72.2% in 2007.
Scott Silverman, Executive Director of Shop.org, said, “With more people shopping on Cyber Monday this year and an increasing number of retailers offering promotions, this was the largest – and most important – Cyber Monday yet."
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The internet is slowly but surely making the need to do almost anything in person completely obsolete. And in the case of black of Cyber Monday, not only is it more convenient (you don't have to wait for hours in lines outside of stores in the middle of the night and race to get the last item), but it's also safer....people actually die on Black Friday trying to get the best deals. The zero percent chance of being stampeded to death while online shopping makes me wonder why anyone even goes to the stores at all...
ReplyDeleteSeriously, I didn't even want to go near any shopping center on Friday. What's interesting (and sad) about Cyber Monday is that it's only on Monday because that's when people are back at work. They don't spend any of their time off shopping, but the second they go back to work, they do anything to procrastinate. I guess not much changes after we graduate.
ReplyDeleteInteresting how there is a trend that favors e-commerce over in-store shopping. What do you think is the reason for this trend? Are high gas prices keeping people in their homes? Or is America just getting lazier? A lot of online retailers have taken off recently. I think this says a lot about global spending patterns. The increase in online shopping can mean that we are beginning to see a decrease in the demand for traditional shopping centers. People are now able to get the goods and services that they want and need without even having to leave home.
ReplyDeleteI think that this just goes to show that Americans are starting to trend away from the craziness and the crowds that is Black Friday, and towards the convenience and comfort that comes along with Cyber Monday. I mean, as long as you plan to participate in the spectacle of these big holiday shopping events, the internet is there to make your life a whole lot easier. It's much more effective to search for exactly what you need on the web, to know whether it's available in stock, and so on. The numbers about sales increasing on Cyber Monday definitely is not a suprise; it's more of a reminder that the internet is quickly becoming the cure-all for human needs. And the companies that are able to jump on board with this most successfully will probably start to see big success for many holiday seasons to come.
ReplyDeleteI couldn't agree more. It a tradition for my mom, sister and I to go shopping every Black Friday, but to be honest, I'm getting to old for it. Getting up so early and fighting the crowds...its makes me wonder if it is worth the deals. The only good deals I found were at H&M, which was around 30% off before 10am. Other than that, I was pretty disappointed. Cyber Mondy sonds like such a better option. I want to help the economy, but I probably wont go shopping on Black Friday next year.
ReplyDeleteThe internet is simply more convenient. Why fight crowds on Friday when you can wait until Monday and sit in your living room (office?) and do all the same shopping, probably saving more money too? No idea. I buy almost everything online now, Cyber Monday or not.
ReplyDeleteI'm curious what would happen if there was a concerted "black friday" type event every month or every week.
ReplyDeleteDitto. I considered going out for Black Friday, but then I decided it wasn't worth risking my life for. (Remembered reading about someone who got shot in Toys R'Us last year. Oh, the things people will do for Elmo and Hannah Montana.) At the same time, I am wary of shopping online and don't agree that it's a better alternative or a replacement for in-store shopping. Especially when it comes to clothes, it's a hassle to buy something online without having ever tried it on, and then have to ship it back. Plus, you can never see be completely sure if the product looks like its online depiction. I'd rather just surpass the Black Friday deals and pay a couple more dollars to go to a store on another day without having to deal with long lines and potential death scenarios. :)
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