Friday, 15 December, 2017

After Record Black Friday, How Will Cyber Monday Fare?

Black Friday $5 billion online record Cyber Monday expected to be bigger Macy's credit card processors stop working on Black Friday
Juana Turner | 29 November, 2017, 01:02

They had ended the regular session up 2.1 percent, boosted by comments from Chief Executive Jeff Gennette, who told CNBC that Macy's was better off this year than last, had robust online demand and was in a good place for holiday promotions. Adobe says online sales at the 100 largest U.S. Web retailers totaled approximately $7.9 billion on Black Friday and Thanksgiving, marking a almost 18 percent increase from 2016.

Adobe announced on Tuesday in its most recent report that Cyber Monday reached a new record of $6.6 billion in sales that makes it the largest online US sales day in history. That said, further analysis shows that store traffic growth remained negative and was -7.59% on Black Friday.

Black Friday always creates a buzz in the retail sector, but this year, the event is attracting, even more, attention from Wall Street who are looking to gauge the events impact on physical store sales. Amid the tsunami of Black Friday stats that will be hurtling towards us over the next 48 hours, here's one to chill the blood - the Federal Bureau of Investigation received 203,086 background-check requests for gun purchases on Friday, up from 185,713 previous year, which was itself an all-time high. The practice, known as showrooming, has been hard to combat.

Looking ahead, eight of the 10 anticipated busiest shopping days still remain, including Super Saturday-the last Saturday before Christmas-which will fall on December 23 this year. "Consumers are also becoming more savvy and efficient online shoppers". They're concerned about web retailers running out of the most in-demand merchandise. Because they are portable, smartphones allow people to look at merchandise in stores and buy at better prices online, nearly instantaneously. Toys "R" Us recently filed Chapter 11. Salesforce says 42% of Black Friday orders were placed on a smartphone, and only 49% on a desktop or laptop computer. Fundivo, a small business loan adviser, found that by 2015, 49 percent of Americans said they have shopped on Cyber Monday.

The trend is relentlessly negative for traditional retailers. Many consumers are comfortable buying online and as shipping speeds improve and technology advances in other ways, more dollars will likely move in that direction.

Sales on "Cyber Monday", begun in 2005, have grown to the point that online sales are an important part of overall sales at the start of the holiday shopping season.

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