Judging by the record sales figures in the US on Black Friday, Cyber Monday is destined to be another financial bonanza for retailers and big savings for savvy shoppers.
Black Friday was not just a win for online stores as Americans went out and spent up big.
Bricks and mortar sales were up 4.2% over last year, according to Fiserv.
Fiserv, which analysed sales date from more than 1 million bricks-and-mortar merchant locations, said that electronics, appliances, sporting goods and clothing were walking out the store in droves. Electronics and appliances sold for US$214 per transaction on average, with shoppers spending US$101 on sporting goods and US$81 on shoes and clothing.
Spending through mobile wallets was up 82% compared with 2018, Fiserv found.
The marketing of Black Friday is a giant success for bricks-and-mortar stores. Electronic sales were five times higher than a normal Friday, sporting goods were four-and-a-half times higher, clothing sales four times higher and general merchandise two-and-half hours times higher.
Online shopping on the day pulled in a record US$7.2 billion, a 14% growth year-on-year, according to Salesforce, which tracks online spending.
“Black Friday shoppers scored big digital deals this year, with orders seeing an average discount of 28% off merchandise value, up from 27% on last year’s Black Friday,” said Salesforce. The company combined data on the activity of more than half a billion global shoppers across more than 30 countries powered by Commerce Cloud, billions of consumer engagements and millions of public social media conversations through Marketing Cloud, and customer service data powered by Service Cloud.
“But will shoppers who hold out for Cyber Monday miss the boat? The short answer is no. Cyber Monday looks to be the best day for digital discounts.
“On previous Black Fridays, shoppers started early with digital purchases peaking at 10am and returned later in the evening (around 7 pm) to complete more digital shopping. But this year, as mobile provides increasing ease and access, shoppers not only chose how they shopped but when they shopped, too. Digital buying on Black Friday was more evenly spread throughout the day, with shoppers less inclined to take a break in the mid-afternoon, thanks to the convenience of their phones,” said Salesforce.
Cyber Monday differs in being an online-only sale with large discounts. Cyber Monday, like Black Friday, began in the US but is spreading globally. However both Black Friday and Cyber Monday pale into insignificance compared to Singles Day co-ordinated by the Alibaba Group in China.