Black Friday vs. Cyber Monday
As the years go on, more and more people are opting to sleep in on Black Friday. A big reason can be attributed to the rising popularity of Cyber Monday. Recent sales numbers prove that old fashioned in-store shopping is still hugely profitable, but changes in consumer purchasing, and the rising popularity of online shopping, are providing participating businesses a new opportunity to attract customers during the busiest shopping time of the year.
In 2014, shoppers came out in low numbers, even with six years of separation from the recession. Shopping numbers saw modest increases, if any, on both Black Friday and Cyber Monday. However, in 2015, shoppers got back in the game and the sales were once again booming. Black Friday boasted $67.6B in sales and Cyber Monday almost doubled 2014 levels at $3.19B in sales. (Black Friday Consumer Spending Statistics) Mobile shopping was up around 43% over 2014 levels. Today, it is projected that nine in ten Americans prefer to do their shopping from home, which means that we may see an even larger Cyber Monday surge than ever before. (Sherin, 2016)
With Cyber Monday deals doubling from 2014 to 2015, it is no doubt partially due to the millennial population choosing to stay home and do their shopping online. Their generation has grown up with technology and they enjoy seeking out the most efficient ways to accomplish things, and that includes shopping. They are unaccustomed to standing in lines for hours in the very early morning the day after Thanksgiving. Online retail provides a quick way to get their holiday shopping done before leaving for work on Monday morning.
Given these trends, it’s more important and ever that your business develop a strong presence online. With an easy, navigable website, a business can gain trust and create a lasting impression for the next time consumers need to shop, whether over the holidays or during the year. Having a web page with fast page loading speeds matters, too: studies show that online shoppers are willing to wait only three seconds before they move onto another, faster site. (Speed Is A Killer – Why Decreasing Page Load Time Can Drastically Increase Conversions)
As the shopping landscape evolves with new technology, and big box stores compete with online giants, let’s not forget our small businesses that so benefit our local communities and help keep our economic engine running. In 2011, the U.S. Senate unanimously passed a resolution in support of Small Business Saturday, now in its 7th year, which falls on the Saturday between Black Friday and Cyber Monday. As a respite from the frenzy of Black Friday and Cyber Monday, consider taking a walk along Main Street on November 26 and throughout the year and visit your local retailers, who depend so much on your support.
Black Friday Consumer Spending Statistics. (n.d.). Retrieved Nov 14, 2016, from StaisticBrain: http://www.statisticbrain.com/black-friday-yearly-spending/
Sherin, K. (2016, Nov 3). Cyber Monday Beats out Black Friday as the most popular shopping holiday. Retrieved Nov 14, 2016, from finance.yahoo.com: finance.yahoo.com/news/cyber-monday-baets-black-friday-142700096.html
Speed Is A Killer – Why Decreasing Page Load Time Can Drastically Increase Conversions. (n.d.). Retrieved Nov 17, 2016, from kissmetrics: https://blog.kissmetrics.com/speed-is-a-killer/