Coined in 2005 by the online arm of the National Retail Federation, Shop.org, Cyber Monday is now a household name. The Monday after Thanksgiving is the unofficial kickoff of the online shopping season (though trends http://pulse.chasepaymentech.com./ show shoppers have been spending for the last 3 weeks), and is known for its deals that rival Black Friday’s in-store doorcrashers.
But does Cyber Monday live up to its hyper? What’s the deal with Cyber Monday? We’ve collected over 50 stats about 2011’s most anticipated online shopping day.
Cyber Monday turnout
Sales are projected by ComScore to hit a record $1.2 Billion.
Top reasons US adults will shop online for holiday gifts
Holiday shoppers believe online shopping beats in-store, with:
Some dread in-store holiday shopping so much, they find themselves releasing their angst with some pretty bad behavior, such as:
Price trumps brand this year. Specific store names are not as important as pricing and promotions. The following reflects what percentage of holiday shoppers rated decision-making factors as at least “somewhat important:”
How does the economy impact holiday shopping plans this year?
deals, with 49% of US bargain hunting all year
The importance of comparison shopping:
When will Cyber Monday shopping hit its peak?
Cyber Monday in Canada
Though Black Friday is really an American thing (Canadians celebrate their turkey day in October — another reason why geographic segmentation for holiday emails is a good idea), awareness about Cyber Monday is growing north of the border. According to PayPal Canada, 52% of Canadians are aware of Cyber Monday, an increase of 24% over last year. This is good news for US e-tailers, as research shows average order values tend to be higher for Canadian orders (perhaps because of duties, taxes and shipping charges, smaller ticket items may not justify additional expense). FiftyOne reports 2010’s AOV for Canadian baskets was US $186.
Aside from Cyber Monday madness, 35% of Canadians aged 18-34 plan to do some or all of their shopping online. A major motivator is saving time. The average Canadian believes online shopping with shave an 8 hour gift hunt down to 4.3. Considering the average Canadian values his or her time at $32.10 ($9 more than the average hourly wage), that’s a savings of ~$100.
Source: Ipsos Reid / PayPal Canada
Does social media matter?
Source: Deloitte LP
Tips for post-Cyber Monday
1. Plan for Green Monday. The Monday after Cyber Monday has historically been the second highest sales day of the year, some years it even edged out Cyber Monday. http://www.marketingcharts.com/direct/online-holiday-spend-nears-22b-15341/comscore-holiday-spend-10-heaviest-days-dec-2010jpg/ “Green Monday” is definitely an industry insider term, so don’t confuse customers with Green Monday deals, but think of other ways to capitalize on the consumer trend.
2. Review your site search data to sniff out what products are in demand, and consider merchandising home pages with these products more often.
3. Have a plan for OOS (out of stock) products. Whether that’s merchandising the page with product suggestions, pausing PPC ads or cleaning your shopping engine feed.
Here’s wishing you a record holiday season!