As the official kick-off of the holiday shopping season, Black Friday has evolved over the years. For example, 30 years ago no retailer had anyone on staff who managed social media accounts to help promote their sales or ecommerce staff who were tasked with creating a seamless online/in-store shopping experience. Yet, according to the Nationwide Marketing Group, 20% of all independent retailers don't have a website! That's one-in-five retailers with zero on-line presence. Granted, there may be particular reasons that a retailer may not require a website to market its product - but 20%!
Data show that last year, 64 million U.S. consumers shopped both in-store and on-line, while more than 58 million shopped on-line only. That's over 120 million Americans that logged onto some retail website and made a purchase during Black Friday weekend.
To further bolster the need for a retailer website, the data shows that multichannel consumers - those that shop both in-store and on-line - spent $82 more on average then the on-line only shopper and $49 more than the in-store shopper.
According to Adobe Analytics, the combined sales on Thanksgiving Day and Black Friday for 2017 totaled $7.9b. Cyber Monday, $6.9b. That's not to say that traditional brick and mortar stores are losing significant holiday sales, but it does show that retailers have a great opportunity when using both ecommerce and in-store sales. Another interesting data point is that approx. 126 million people will be shopping on 'Super Saturday' or the last Saturday before Christmas.
2018 should be a stellar holiday shopping season and a sure record breaker in terms of spending given the great economy we are currently experiencing.
Best,
Jim Lavorato
Fund-House Ventures
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