What does a record Cyber Monday foretell for the remaining holiday season?
The deals were numerous and expectations were high heading into yesterday’s Cyber Monday sales events. Based on preliminary data, it appears as though expectations were met or exceeded leaving one big question — what will Cyber Monday mean for retailers for the rest of the Christmas selling season?
Before the Cyber Monday kicked off yesterday, the National Retail Federation said it expected the number of people shopping online this year to reach 122 million, an increase of one million over last year.
In a press release issued last night, Adobe reported that Cyber Monday was on pace to set a one-day online record with $3.39 billion in sales, a 10.2 percent increase over 2015.
The apparent success of Cyber Monday is significant since the day has generally been viewed as less important in the overall scheme of the holidays since retailers now often kick off online sales promotions days if not weeks in advance.
According to Slice Intelligence, “Cyber Week” 2015 — defined as Tuesday, Nov. 24 to Monday, Nov. 30 — accounted for roughly one-third of all online revenues for the holiday season. Sales during that week were three times larger than the average week for all of 2015.
Metro markets across the U.S. known as being early e-commerce adopters — such as San Francisco (up seven percent); Washington, DC (10 percent); Boston, Minneapolis and Seattle (all 13 percent) — have seen slower growth this holiday season, according to Slice. Others, however — including Riverside, CA (32 percent); Tampa (29 percent); Detroit (28 percent); and St. Louis (27 percent) — have seen big year-over-year jumps in purchases made online.
- Data Shows Cyber Monday Largest Online Sales Day in History With $3.39 Billion – Adobe/Business Wire
- More than 122 million plan to shop online on Cyber Monday – National Retail Federation
- Cyber Week shopping preview: 2015 season provides glimpse of what to expect this year – Slice Intelligence
- Interactive Data: How Americans shop online during the holiday season – Slice Intelligence
- Should Cyber Monday be retired? – RetailWire
- Is Black Friday doomed to extinction? – RetailWire
DISCUSSION QUESTIONS: What affect will Cyber Monday and Cyber Week sales have on the rest of the holiday selling season for retailers? Do you see single-day Cyber Monday events growing or waning in popularity in the years ahead?