It’s been a big holiday season for online retailers and retailers with e-commerce – and it’s not over yet.
According to Adobe data, 2017’s Cyber Monday was the biggest online sales day in history, hitting $6.59 billion. Adobe predicts this holiday season will be the first to break $100 billion in online sales.
Online shopping and intuitive apps have given all the power to consumers, who now have the power to compare prices, read reviews and make educated choices – all in a matter of minutes from the comfort of their homes.
Smartphones are playing a huge role in holiday shopping and spending. 67 percent of people plan to use their smartphones to browse online, while 65 percent will check and compare prices. And many consumers will search for better deals, product reviews and details on their smartphone while inside a store.
This could be bad news for brick-and-mortar retailers, especially when their prices can’t compete with online retailers like Amazon.
Deloitte reports consumers will spend more than half (51 percent) of their holiday budgets online this year, with only 42 percent being spent in-store. That online number only grows with younger generations: Millennials clocking in at 58 percent of their holiday budgets spent online, and 61 percent for Gen Z.
As a marketer, these shifts are a no-brainer, but the numbers are larger than I expected. As a Millennial, I guess I’m not surprised at all. I can’t tell you how many times I’ve decided I want to buy something online and have went into a brick-and-mortar store for the sole purpose to see or hold the product before ultimately buying online, but only after making sure I’ve found the best price.
For retailers and marketers alike, these facts only underscore what we’ve already known: apps and mobile-responsive websites are a key to success in today’s mobile/digital age. As things become increasingly convenient for the consumer, we need to make sure our online presence is as intuitive and simple as possible for our customers, or we will be left in Amazon’s dust.
Now retailers have to worry not only about offering the best products at the lowest prices, but also about their websites’ ease of use. Moving forward, brands must place a high importance on their web presence, which includes: developing an intuitive mobile experience, testing it on consumers, tracking how consumers use the site, and deciding what they’re doing right, wrong and how it can be improved.
According to the Department of Labor, Millennials are now the largest generation. They’re in the driver’s seat when it comes to how they want to make purchases and this Cyber Monday proves they want to buy online. A Cyber Monday totaling almost $6.6 billion is nothing to scoff at and is definitely not a fluke. These staggering statistics will only grow in the coming years.
What are your predictions for the future of Cyber Monday? Let us know on social media.