The holiday shopping season is quickly approaching. American consumers are on the hunt for ground breaking deals as retailers pull out all the stops to oblige. At one time Black Friday was all the rage. Retailers would prepare themselves for early store openings, doorbusters deals and flash sales. However, with the increase in online shopping, many now consider Cyber Monday the crown jewel of holiday shopping days. Here's why…
Cyber Monday's popularity continues to grow among weary shoppers looking to avoid Black Friday crowds. Online sales on Cyber Monday grew 8 percent in 2014, accounting for $2.68 billion in revenue, making it the biggest day in U.S. online shopping history. What is more interesting to see is how the power of mobile has contributed to online sales. According to
Fundivo, while 78 percent of all online transactions were completed on a desktop, 41.2 percent of all Cyber Monday traffic came from a mobile device. Larger screens prevail in finalizing Cyber Monday purchases, but consumers are using the power of mobile to browse, comparison shop and engage with retailers.
It is expected that Cyber Monday will continue to be a growth area for retailers in comparison to Black Friday. As brick-and-mortar stores look to optimize their online presence this shopping season, consumers can expect to see in-store deals extended online, in addition to
brick-and-click offerings, where shoppers can order online and request in-store pickup, or home delivery. According to a recent study performed by Harris Poll, for many retailers, implementing an omnichannel strategy that provides a seamless customer experience has proved challenging. Among the top challenges were ensuring inventory visibility and employee training. However, all agree that multi-channel sales distribution is the key to future growth.
It has become clear with the popularity of Cyber Monday, and online shopping in general that a web presence has become the price of entry in retail. According to the 2015 CIT Retail Outlook, most retailers (whether brick-and-mortar, online or combined) believe that having an online presence is an absolute must to stay profitable and survive within the industry. Not surprisingly, therefore, having an online presence is one of the key strategic investments planned for 2016. As a part of that strategy, 62 percent of executives surveyed plan to increase the number of staff they have devoted to internet/mobile sales channels.
The prevalence of shopping days like Cyber Monday has forced traditional retailers to focus more on their online presence to help expand their reach and provide a greater customer experience. Traditional brick and mortar will always be here, but the companies that incorporate digital commerce into their business model have a better shot at success.
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With e-commerce becoming increasingly prevalent, social shaking things up and brick-and-mortar-focused retailers stepping up their online game, 2017 will prove to be an interesting year for retail.