5 Insights from Cyber Weekend
With the 2018 holiday season still well into the future, companies would do well to start sifting through 2017’s rich Thanksgiving Cyber Weekend ecommerce data. The statistics, which include Thanksgiving Day through Cyber Monday, offer valuable insight for online retailers. The data provides not just expected online shopping trends but five insights you shouldn’t miss:
One Long Online Shopping Weekend and Expanding Outward
Thanksgiving 2017, which according to Adobe Analytics saw online sales escalate by 18.3 percent over Thanksgiving Day in 2016, kicked off one long record-breaking online shopping weekend. During this cyber weekend, Americans spent a record $19.62 billion online. In that five-day period, 64 million people split their holiday shopping between online and physical stores. Another 58 million shopped online only.
Black Friday brought in a record $5.03 billion in online sales. Adobe Insights also reported Cyber Monday’s online sales hit a record $6.59 billion. Both Black Friday and Cyber Monday’s increases bested the previous year by 16.8 percent. In fact, the entire November broke records as online retailers jumped the rush and offered deals ahead of the holiday. From November 1 to November 27, consumers spent $50 Billion dollars.
Insight: To compete in such a crowded market landscape, start early.
A Weekend of Omni-channel Shopping
According to data from RetailNext, Inc., the numbers of people venturing into the crowds on Black Friday and Thanksgiving fell 4 percent from 2016. Simultaneously, Adobe Insights, reported online year-over-year sales on those days rose 18 percent. Plus, Thanksgiving Day online discounts averaged 24 percent, creating incentive for shoppers to nurse their turkey and pumpkin pie comas and shop from the couch.
The greatest numbers of people who made purchases over the 5-day Thanksgiving shopping period, however, were not either/or shoppers. That 64 million shopped online and in physical stores. That underscores the need to optimize omni-channel strategies for 2018. For example, the ICSC in a post-holiday survey found that 61% of people who purchased an item online for store pickup bought yet more merchandise in the store when they picked their item up.
Insight: People want less madness, but they still want deals and choice.
Small Business Saturday and Sunday
According to Adobe, online shopping on Small Business Saturday and Sunday increased 10 percent from 2016 fetching a combined $5.12 billion in online sales. That’s about a third of the $15.12 Billion that US consumers spent on those two days. With the overall combined online and brick and mortar spending showing a 10.1 percent YOY growth, online retailers have potential for expanded sales on these two days.
The good news is that small businesses are figuring out how to capture online sales on these two days. Adobe reported that websites from small retailers (those with revenues of $10 Million or less) have twice the mobile conversion rate as retailers that make $100 Million or more.
Insight: Agility counts.
Mobile is a Must
To drill down a little deeper into the online landscape, consider that according to Adobe’s research, smartphones and tablets accounted for 53.3 percent of traffic and 39.7 percent of revenue over Thanksgiving weekend in 2017. Salesforce also reported that mobile accounted for 64 percent of online visits and 43 percent of orders during the holiday weekend. If your mobile customer experience is lagging in any way, these numbers should spur you into addressing the issues immediately.
Insight:An optimized mobile customer experience matters!
Guidance Matters, Too
Perhaps most importantly, Moxie’s data shows that conversion rates were 2 to 4 times higher with Concierge, our contextual customer engagement suite that includes Live Chat, Email and Kbot. Customers may love the autonomy of ecommerce purchases, but they still appreciate a little assistance along the way. See how Moxie Concierge can help you engage, assist, and convert customers – not just during the Thanksgiving cyber weekend, but year-round.
Insight: Be there for your customers!