Holiday shoppers in the United States are actively hunting for the best deals and strategically capitalizing on the steepest discounts as they prepare for Cyber Monday, according to data compiled from retailer websites by third-party sources.
Cyber Monday, now synonymous with the first Monday following Thanksgiving, has evolved into the nation’s premier online shopping day. It marks a time when retailers intensify their online promotions, promising significant savings for consumers.
Rob Garf, the Vice President and General Manager for Retail at Salesforce, which monitors data via its Commerce Cloud e-commerce service, observed a discernible trend during Black Friday.
Shoppers demonstrated a deliberate approach, meticulously selecting products that offered the best value for their money.
Garf noted that, despite retailers commencing their holiday promotions earlier this year, there were initially few exceptional deals available.
Nevertheless, consumers exhibited patience and diligence, engaging in a game of “discount chicken” and ultimately emerging victorious.
On Black Friday, retailers significantly ramped up their discounts, averaging around 30% across the United States.
The result? Shoppers enthusiastically clicked the buy button, propelling online spending to $16.4 billion in the U.S. and a staggering $70.9 billion globally, all in a single day, as reported by Salesforce.
Garf emphasized that this robust Black Friday performance would elevate the overall figures for Cyber Week, spanning from Tuesday to Monday.
Salesforce anticipates that discounts on Cyber Monday will also average around 30%, potentially tempting shoppers to make quick decisions to secure the best deals, as product availability could dwindle.
Salesforce’s insights are drawn from data flowing through its Commerce Cloud e-commerce service, offering valuable insights into the behaviors of 1.5 billion individuals across 60 countries who visit thousands of e-commerce websites.
Adobe Analytics, a rival firm, forecasts that Cyber Monday will see shoppers spend a record-breaking $12 billion, a 5.4% increase from the previous year, marking the largest e-commerce shopping day in the U.S.
Electronics are expected to have an average price reduction of 30%, while furniture will see a 19% discount, according to Vivek Pandya, lead analyst at Adobe Digital Insights.
Last-minute Cyber Monday shoppers may splurge a staggering $4 billion between 6 p.m. and 11 p.m. EST, driven by concerns that discounts will diminish afterward.
In this era of online shopping, consumers are strategically navigating their purchases, aiming to maximize savings.
The abundance of online retailers competing for their attention allows consumers to easily compare prices.
Mastercard, which tracks retail sales across various payment methods, reported an 8.5% surge in e-commerce sales on Black Friday, while in-store sales saw a more modest 1% increase.
According to Steve Sadove, Senior Adviser for Mastercard and former CEO of Saks Inc., digital commerce is experiencing renewed growth and importance as consumers continue to shift towards online shopping.09-