Move over Black Friday, Cyber Monday is taking the crown for the biggest shopping day of the year.
Traditionally this title is held by Black Friday or the Saturday before Christmas. But, according to Adobe Analytics, yesterday was the largest online shopping day in the US.
American consumers spent a record $10.8 billion for cyber Monday. This is a 15.1% increase over the $9.4 billion spent last year.
That means Cyber Monday in the middle of a pandemic was the biggest online shopping day in US history.
This is despite many retailers switching their Black Friday savings to online offers that were available all last week.
Consumers still spent $9 billion online on Black Friday. And despite brick and mortar share dropping to 62% of purchases over the weekend, shoppers still lined up at stores such as Lululemon and Apple.
However, retailers like Gap and Ann Taylor saw few shoppers even when they pitched storewide 50% off deals.
Why? Who needs formal clothes when most people are still limiting their interactions with people?
Toy cars, video games and Apple products were among the top-selling items. It was clear that people were buying their Christmas gifts for children. The other big trend was towards home automation and other kinds of products that makes life easier as people spend more time at home.
For the entire holiday shopping season, we could see online spending hit $184 billion. That would be a 30% increase over last year. It’s clear that ecommerce is the way of the future.
Take a look at these estimates from Statista.
These are before the events of this year, and hitting the Cyber Monday record sales.
It’s not just going to be companies such as Amazon that are winners, even though one research company declared Amazon the “winner of Black Friday weekend” showing data that took 1 in every 5 dollar spent Thursday through Sunday.
Small business Saturday saw a nearly 300% increase in sales compared to a normal sales day. Many of these small businesses found themselves rushing to set up shop online earlier in the year.
Without the resources of larger customers, many of them found themselves seeking the assistance of Etsy or Shopify to set up shops.
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And both Etsy and Shopify have done well this year.
I recommended shares of Shopify to my Wealthy Tech Investor readers last year. And we locked in 233% gains. But now shares have leveled out.
But now there’s another big player in the ecommerce game. And you probably haven’t even heard of it.
Shopify dominated the market in 2020 because it boasts that “anyone, anywhere, can start a business.” It’s out of the box functionality helped small businesses especially create an online presence quickly. And that was great for everyone involved including the consumer.
Now it has been solidified that ecommerce is the way of the future. Which means that when these businesses have the time and the resources, they are going to want to improve the customer experience.
It has become so much more than just having a working online store.
Customization will be key. And this company blows Shopify out of the water when it comes to customization. This newcomer is working hard to stay at the forefront of emerging ecommerce trends, and I have a feeling it will be another triple digit winner.
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