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.
Amazon Prime Day (the summer’s “Black Friday” holiday boasting tons of discounts on popular items for Amazon Prime members) started as a 20th Anniversary promotion in 2015 but has since become a shopping phenomenon across Amazon and competitive online shopping sites.
Amazon will hold its longest Prime Day yet—48 hours of deals—from July 15 to July 16. This year, major retailers Target, Walmart, and eBay are joining in on the fun.
Holiday planning starts earlier and earlier each year. B2B commerce brands start in summer, spending August through October strategizing and executing their holiday sales strategy.
For many B2B vendors, the fall season is their biggest sales window of the year, as they help retailers fulfil inventory for their busy holiday sales season. If retail sales growth is any indication, they’re doing everything right. The National Retail Federation saw holiday sales during November and December increase 5.5 percent over 2016, to $691.9 billion.
The holidays can make or break the entire sales year for many retailers. More than restocking shelves, retailers are looking for that consultative partnership from their sales reps. They need to understand the best product mix or best sellers to carry, identify trends, and brainstorm merchandising and promotion ideas. Continue reading Sales Tip: Help Your Retailers with Holiday Planning→