E-commerce Record Set On Cyber Monday 2016
Cyber Monday 2016 saw consumers spend an incredible $3.45 billion online, 12.1% more than the previous year and 2.6% more than what Adobe Digital insights had initially predicted, setting an e-commerce record on the busiest day of the year for internet shopping. After Black Friday hit a new sales record of $3.34 billion, shoppers clearly did not slow down, instead they continued to take advantage of the steep discounts that retailers had to offer come Cyber Monday.
This was indeed enough to counter the slowdown in spending that was experienced in the days surrounding the U.S presidential election, thus maintaining the forecast initially put out by Adobe of a predicted $91.6 Billion in sales during this holiday season. Adobe collects data by measuring 80% of total transactions from the top 100 U.S retailers.
These results also nullified the fear that the decision to spread out deals earlier in the weekend would hurt Cyber Monday sales. Walmart started Cyber Monday (which they now call Cyber week) on Friday. Target made its deals available on Sunday, and clearly none of them is disappointed with this decision.
These numbers, however remarkable are not surprising at all, considering the improvements in online shopping, increase in the ‘buy on-line pick up in store’ options, coupled with the discounted prices, it is no wonder the surge. People are also able to shop in more situations than they would otherwise be able to do in the past, on a variety of devices; PCs, smartphones and tablets.
Stores like Walmart and Kohl’s were smart to make significant improvements to their shopping apps as well as launch their mobile payment apps this year. Doing so did pay off. Retailers recognize the need for a multi-channel shopping wheel, and investing in a solid mobile application platform is nothing short of smart. Walmart saw a 150% increase in purchases made from the Walmart app. Mobile shopping alone accounted for 31% of the total sales on Cyber Monday 2016.
According to data released by Adobe, some of the best sellers on Cyber Monday were Pie Face Game, Barbie, Nerf , Shopkins and Lego sets in the toys category. As for electronics: Sony Play Station 4, Samsung 4k TVs and Microsoft Xbox, Amazon Fire and Apple iPhone were at the top.
A very big take away, particularly from Cyber Monday sales this year, is the need for, and fast paced shift not just towards e-commerce, but effective and convenient e-commerce, right from purchase through to delivery.
Did you splurge in this year’s Cyber Monday? Let us know in the comments!
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