Black Friday, Cyber Monday, Thanksgiving Day, now https://twitter.com/hashtag/BlackNovember & https://twitter.com/hashtag/CyberNovember –- what does it all mean?
Well, pretty much nothing. Traditionally, Black Friday was the day that retailers, well, got back in the black. And, for the most part, was the first real promotional shopping day of the holiday season. It wasn’t until recently that Black Friday & Cyber Monday even became known as the busiest shopping day of the year – that title was held, and probably now will be again, by Cyber November or Black November. You can blame Internet for that, as promotions have been released to all of November.
The more the sales and promotions are spread by Internet the more dilution you can expect to see across the November. Which is of course absolutely fine, but simply put, we need to dial back the hype at the same time. Over the past several years, every time Black Friday & Cyber Monday sales slipped or traffic was reportedly down, we tend to act like Chicken Little – but that needs to stop. For better or worse, Black Friday And Cyber Monday is now Black November or Cyber November – regardless of the channel the sales are on – and we should begin to react accordingly.
We also get peppered over the course of this month with the barrage of online vs. in-store sales comparisons. The fact that Internet sales grew at a double-digit pace does not surprise me. Throughout the year, the percent growth of Internet sales is also in the double digits. The fallacy is in trying to compare percent growth of Internet sales to percent growth of in-store ones. Internet sales are still in their nascent stages compared to traditional brick and mortar sales and are therefore operating off a much smaller base. When you calculate percent growth off a much smaller base, it’s far easier to have more impressive numbers.
“Every day of November is going to be ‘Cyber-something,'” Youssef Squali, global head of internet and media equity research at Cantor Fitzgerald, told CNBC’s “Squawk Alley” on Tuesday. “Today’s Cyber Tuesday. Tomorrow’s Cyber Wednesday. What this tells you is: What started before as one day where you can get the best deals has transformed itself into a week, maybe several weeks … where we’re getting better and better and deals.”
Black Friday shopping hit a new sales record of $3.34 billion, with Cyber Monday on track to hit $3.45 billion, according to Adobe Digital Insights. The shopping surge comes even as companies like Macy’s advertise “Cyber Week” and Jeep offers its Black Friday sales through the entire month.
Sales on Cyber Monday increased 12.1 percent over the prior year, to $3.45 billion, according to Adobe Digital Insights. That handily topped the firm’s projection for 9.4 percent growth, despite greater-than-expected sales on Black Friday.
Separate data from the National Retail Federation‘s consumer survey found that 6 million fewer people visited stores this Black Friday weekend, while 11.3 million more shopped Online. In total, 108.5 million people said they shopped Online, compared with 99 million who said they did so in stores. Bricks-and-mortar stores still account for the lion’s share of overall sales.
As We’ve seen, Black Friday & Cyber Monday 2016 was a smashing success financially, both in the U.S., Canada and in the U.K. Black Friday & Cyber Monday still looms tomorrow, and it’s safe to say that many consumers aren’t quite done with their November holiday shopping. Next year, would November sales figures once again break records in both sides of the Atlantic? A lot can happen before then, but the stats don’t lie — there are still scores of people around the world who believe Thanksgiving week is the time to be thankful for big discounts.
Consumer Spending in the United Kingdom increased to 307503 GBP Million in the third quarter of 2016 from 305664 GBP Million in the second quarter of 2016. Consumer Spending in the United Kingdom averaged 162492.11 GBP Million from 1955 until 2016, reaching an all time high of 307503 GBP Million in the third quarter of 2016 and a record low of 65075 GBP Million in the second quarter of 1956. Consumer Spending in the United Kingdom is reported by the UK Office for National Statistics.
Say Hello To Cyber November or Black November! Sales booming out early November than ever blanking the Internet and the shopping mall. Amazon, Walmart, Best Buy, Louis & other online & traditional retailer offering Black Friday & Cyber Monday discount the whole November.
Further to that end, the ICSC survey from November suggests that 80 percent of all spending from the Month went to retailers that have physical stores. Additionally, almost 30 percent of shoppers utilized buy online and pick-up in-store options. So the role of the physical store would seem to be inextricably tied to the success of digital shopping channels.
What this means to me is that the blurring of lines between retail channels is greater than ever before – and to be successful in today’s landscape, limiting yourself to a single option would seem foolish. However, at this time of year, the drumbeat seems to be to pit one versus the other in some sort of retail cage-match of nostalgia (brick and mortar) vs. progress (digital commerce).