Cyber Monday spending
Tom Dougherty, CEO – Stealing Share
4 December 2019
Cyber Monday spending rises, but not for all the reasons you might think
Last year, consumers spent $7.9 billion on Cyber Monday. This year, Cyber Monday spending rose to $9.4 billion, an increase of nearly 20%, an all-time record.
Black Friday and Cyber Monday are common topics here at Stealing Share, as we analyze the trends to better help clients.
And this year feels a bit different.
Not only was Cyber Monday spending up to record levels, but Black Friday sales were also up 20% – for digital sales. In-store sales continue to fall, as would be expected. However, not all is dark and dreary for brick and mortar. There was a 43% increase of buy-online pick up in store (BOPIS) transactions.
While those BOPIS transactions count as digital sales, they could not be fulfilled without a physical store.
What the Cyber Monday spending numbers mean
Over time, this becomes the real destiny for brick and mortar retailers. Or should I say, retailers with brick and mortar locations. I think it is nearly impossible to be a brick and mortar-only retailer anymore.
“It’s interesting to note, however, Cyber Monday spending suggests that online retailers are catching on to those behaviors too.”
People will always shop or browse at physical stores. They do it for sport or to try something on or because they need something immediately.
It’s interesting to note, however, Cyber Monday spending suggests that online retailers are catching on to those behaviors too. Amazon’s Prime Wardrobe encourages people to try before you buy, while both BOPIS and same-day delivery have the potential to satisfy that immediate need.
History shows us that consumers are a lot more savvy and adaptable than retailers ever gave them credit for. They have embraced new ways of shopping with purpose – saving time and reducing the hassle of shopping. It really that the simple, and Cyber Monday spending demonstrates that.
As much as retailers would like to think people like to shop, that’s not universally true. For most, shopping is simply a means to an end and the increases of Cyber Monday spending across the board tell us that.
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