Despite the significant economic hardships unique to 2020, holiday spending is up nearly 28% from 2019.
While overall brick-and-mortar retail sales are predictably down due in part to stay-at-home directives, Cyber Monday 2020 set records for the largest online shopping day in U.S. history. Cyber Monday online spending increased 15.1% over last year, totaling $10.8 billion in sales. During Cyber Week (the five days from Thanksgiving to Cyber Monday) shoppers spent $34.36 billion, 21% more than they did last year.
Early shopping was the theme, driven in part by shipping, financial, and logistics concerns. Retailers encouraged holiday spending by offering deals and promotions as early as October. The National Retail Federation reports that 52% of holiday shoppers took advantage of early holiday sales this year.
The 2020 holiday season presented a unique set of opportunities and challenges. Ever resilient, people continued to buy gifts for their friends and family, looking for deals and incentives for both personal and professional purchases. Both B2C and B2B shoppers demonstrated a growing preference for e-commerce, putting the pressure on vendors and retailers to deliver a seamless online experience.
So what’s the key lesson learned from Cyber Week 2020? The influence of digital is only getting bigger.
B2B is beginning to look a lot like B2C in terms of buyer preferences. E-commerce adoption is only going to grow in 2021, so brands need to get on board or risk being left behind. Lastly, don’t underestimate the power of a smart digital strategy to maximize every customer opportunity, regardless of changing sales models, preferences, and trends.Continue reading The Numbers Are In: A Cyber Monday for the Record Books