As more and more shoppers opt for the convenience of online shopping, it’s no surprise they doled out big bucks via their mobile devices and desktops over Thanksgiving weekend.
All that spending added up to $7.4 billion in revenues for online retailers on Black Friday alone, according to data compiled by Adobe Analytics.
Even so, predicts Adobe, holiday shoppers will have more cash left to dole out today: Cyber Monday is expected to set a new record with $9.4 billion in consumer spending.
What’s more, in a trend that’s seeing increasing momentum this year, many shoppers are doing their online bidding via their mobile devices: Adobe forecasts Americans will spend billions more this holiday season on their phones compared to last year. Smartphone shopping could be responsible for almost 50% of retail holiday growth, Adobe predicted.
The latest data comes as an increasing number of traditional retailers are warming up to the reality of an omnichannel landscape — reaching into their arsenals to expand services such as “buy online, pick up in store” (BOPIS) and creating more experiential offerings in stores to lure in shoppers. Macy’s, Target and Walmart are among the retailers that have touted better omnichannel cohesion, engaging in-store experiences and other new features this holiday season. Macy’s, for example, rolled out new personalization services this year, including a fragrance bar that allows shoppers to test scents on interactive screens; a ‘Create Your Own’ jewelry program where customers can design items through in-store tablets; and Holiday Lane pop-ups highlighting toys and Christmas decor.
All of these efforts are also against the backdrop of a shorter holiday season, which has motivated many retailers to amp up discounts and offer promotions earlier in the season.
According to advisory firm Coresight Research, retailers can expect to see a sales gain of 4% over the previous year during the months of November and December, while Deloitte forecasts a 4.5% to 5% spike. Coresight further predicts that more than 23% of sales will happen online.