The holiday rush is on – The results for Cyber Monday are in and it’s is ANOTHER Record Breaking year for ecommerce!
By: Catherine Perry
Unbelievable numbers are being reported not only for Cyber Monday shopping, but also throughout the Thanksgiving weekend! I was just reading our blog for Cyber Monday 2016 and, like last year, we have record breaking numbers to talk about – yoo hoo!
Thanksgiving Weekend Ecommerce Shopping Shows Explosive Growth
Online shopping continues to grow at an explosive rate and is in high gear this holiday shopping season! According to the latest data, collected by Adobe Digital Insights at 11:47 p.m. November 27, 2017, “Cyber Monday [was] projected to hit a new record as the largest online sales day in history with $6.59 billion by the end of the day.” This number indicates that sales increased by 16.8% over the same period in 2016. Their reporting showed that Black Friday came in at $5.03 billion and Thanksgiving Day at $2.87 billion in revenue.
Based on an email from Sucharita Mulpuru-Kodali, an analyst for the market research firm Forrester, the Washington Post reported that sales growth from Thanksgiving through Sunday, November 26 2017 topped their growth estimate of 12 percent. And, according to the National Retail Federation (NRF) as reported in the same Washington Post article, “holiday spending is expected to increase as much as 4% this year, to $680 billion.” The NRF will release final results numbers on 11/28/2017.
Adobe reports that the holiday shopping season thus far, which is November 1 – 27, has driven a total of “$50 billion in online revenue, a 16.8% increase.” They predict that this will be the “first-ever holiday season to break $100 billion in online sales!”
Wow! These numbers are incredible and great news for all of our ecommerce business owners! There has never been a better time to be in the online retail industry.
Mobile Leads Online Shopping
What is leading the online retail sales? Mobile devices are. Mobile devices set a new record, showing 47.4% of visits, with 24.1% on smartphones and 9% on tablets. Here is the breakdown:
Smartphone traffic grew 22.2% year-over-year
Smartphone revenue grew 39.2% (totaling $1.59 billion) year-over-year
Mobile transactions are closing at a 12% higher rate as compared to Cyber Monday 2016
Apple iOS leads with an average order value of $123 in comparison to Google Android at $110
Mickey Mericle, VP of Marketing and Customer Insights at Adobe, is quoted as saying that using smartphones to shop and buy is becoming the “new norm and can be attributed to continued optimizations in the retail experience on mobile devices and platforms.” As this trend grows, consumers are becoming more savvy and efficient in their shopping. And, of course, the millennials are a big reason for the explosive growth in shopping via mobile, “with 75% expecting to shop via their smartphone,” Mericle says.
What It Means for Ecommerce Website Owners
This means tremendous opportunity for ecommerce website owners. Consumers are shopping around looking for the best products and top-notch service, not simply the best deals. The total customer experience is what is important. Price and shipping costs are definitely under scrutiny, there is no question about it. But, it is still a wide open playing field with service and security being a huge concern for online shoppers.
Shoppers want not only fast, as well as, smooth transactions. They want to be able to click and find the products they want to purchase in a fast, convenient way. This is why it is important to have an ecommerce business that is 100% responsive design website, that is well organized and offers online shoppers a variety of products to fit their needs. Great customer service is imperative. Online shopping has affected the expectation of the customer. This stands to reason because you’re not standing in front of someone in a store when you are shopping online, so your trust is built on the service you receive. (See www.invespcro.com’s article “The Importance of Providing a Great Customer Experience [Infographic]” for more information.)
Small business owners are in a position to give consumers the one-on-one attention they want.
This past weekend, Fortune reported that Macy’s had a “massive slow down” due to credit card and gift card processing on Black Friday. This was a setback that could hamper its sales significantly and possibly “lose the department store chain massive amounts of money at the start of the holiday shopping season.”
Be Sure Your Business is READY for the Holidays!
If you already own an ecommerce business, we strongly suggest that you have your business ready for the holiday season. You are in an industry that is growing tremendously and you need to do the work it takes to be noticed in the online marketplace.
What can you do? For starters, be sure you keep your business in front of your target market through Social Media Marketing and keep your website optimized for the search engines. Get your home page and categories in a festive mode (see our previous post for tips). Don’t wait to prepare your ecommerce business for any season of the year. Work hard all year long to ensure customers are shopping with you!
Here are some tips to capitalize on this holiday season for your business:
Be sure your shopping cart is in good working order for a positive customer experience
Engage social media marketing to brand your business and advertise
Reach out to your consumers through emails – newsletter marketing is key to staying in front of your customers
Entice your customers with special offers – for example – coupons with dollar amount off when purchase a certain amount; percentage off total purchase; and of course, free shipping on orders of a certain amount
Optimize for the search engines
Tighten up your pricing and shipping costs
Decorate your website for the festive season so you look the part
We hope these Thanksgiving weekend numbers have excited you for the potential of online shopping this holiday season. Continue to steadily work at it and you will reap the rewards!