November - the month of friends, family, food, Thanksgiving, and, of course, Black Friday and Cyber Monday. In the weeks leading up to Black Friday projections estimated that there would be around 140.1 million unique shoppers, similar to last years prediction of 140.3 million.1 So how did retailers fair and what can we take away from this year's biggest shopping week?
This year, retailers saw a decline in the number of shoppers online and in-stores on Black Friday and over the entire weekend, down 11% from last year. Consumers who did shop online an in-stores spent an average of $38-.95 over the four days (Thursday-Sunday), 6.4% less than 2013.2
While overall sales were down for Black Friday weekend, online and eCommerce sales set new records on Thanksgiving Day and Black Friday with $1.33 Billion and $2.4 Billion respectively. Mobile traffic made up about 50% of the sales on Black Friday.3
According to IBM Digital Analytics Benchmark, total sales for Cyber Monday were up 8.7% from 2014. While the average transaction price remained relatively flat year over year, $133.07, mobile sales increased a staggering 29.3% accounting for one in five transactions.4
Cyber Monday has been climbing the ranks to displace Black Friday as top dog since it was created in 2005, and it looks like it succeeded this year. With retailers seeing a less than stellar Black Friday and Cyber Monday, there are a few key takeaways to remember for next year.
1Grannis, Kathy, and Treacy Reynolds. “140 Million Holiday Shoppers Likely to Take Advantage of Thanksgiving Weekend Deals in Stores and Online, According to NRF.” NRF.com, 20 Nov. 2014. Web. 02. Dec. 2014
2Tabuchi, Hiroko. “Black Friday Fatigue? Thanksgiving Weekend Sales Slide 11 Percent.” The New York Times. 30 Nov. 2014. Web. 02. Dec. 2014
3Sterling, Greg. “2014 Black Friday - Cyber Monday Weekend Sales Statistics.” Marketing Land, 01 Dec. 2014. Web. 02 Dec. 2014
4Lutz, Ashley. “Cyber Monday Sales Shatter Records.” Business Insider, Inc. 01 Dec. 2014. Web. 02 Dec. 2014
5“Mobile Technology Fact Sheet.” Pew Research Centers Internet American Life Project RSS. Web. 02.Dec. 2014.