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Tuesday, December 3, 2013

Consumers Opt for Online Shopping on Black Friday and Cyber Monday


Cyber Monday rose 18% this year totaling $1.74 billion according to comScore. This reflects the largest volume in history so far. In addition, IBM reported that online sales during Black Friday were up 20% this year. This increase is not due to in-store shopping. Consider that ShopperTrak reported in-store sales on Black Friday declined 13.2% while foot traffic decreased 11.2%. Total sales for Thursday and Friday increased a modest 2.8% for both days.

What does all this mean? It means that more people are opting to purchase items online. They are becoming accustomed to searching out the products and services they desire and scouring the Internet for the best deals. Their high-powered shopping capacity may not get the very best deals but saves them considerable time and effort.

Even those who decided to hit the stores used the Internet to find the best Black Friday deals. They can find deeper discounts on the shelves than online but must make considerable personal investment to be there. When they do go shopping, they skip right over the items they are not interested in and make a mad dash for specific big ticket items like cell phones, tvs, gaming machines, and computers.

Retailers typically offer high discounts on products to drive people to their store locations. The online ads are a form of advertising. To make such deep discounts possible the stores hope that they will purchase other products while shopping or become more familiar with the location for future sales. Consumers seem to be skipping over the concept and watching where they are spending their money.

The trending toward online shopping has a number of advantages for consumers. Driving the car, spending gas, getting ready, finding parking spots, fighting off crowds and carrying arms full of expensive gifts is not very exciting. Shopping at stores can be downright stressful. Spending time online is something most consumers are now accustomed. Enjoy a latte and shop in style…the products will be delivered to your doorstep.

Other Reading:

Boston

TechCrunch

Bloomberg

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