Shopping and buying on smartphones is becoming the new norm and can be attributed to continued optimizations in the retail experience on mobile devices and platforms.
Macy's said about 16,000 shoppers had been lined up outside its flagship Herald Square store in Manhattan when doors opened at 5pm on Thursday for its Black Friday eve sale. He singled out Walmart.com and BestBuy.com for offering the lowest prices for some items available only in-store. That marks a 16.8 percent increase from a year ago, and makes Monday the largest online shopping day in US history. Mobile sales on Cyber Monday reached $2 billion for the first time.
Still, traditional retailers earn the bulk of their revenue from in-store buys.
So what about the traditional department store? Amazon, alone, accounted for between 45 and 50 percent of all online Black Friday sales. Shoppers in brick-and-mortar stores can also be easier to tempt with impulse or add-on purchases than online browsers.
The growing online shopping trend has forced the toy chain Toys R Us and apparel retailers True Religion, The Limited, Rue21 and Payless Shoe Source to file for bankruptcy in 2017.
Cyber Monday set the record for the largest online shopping day in US history, Adobe Digital Insights reported Tuesday. Online retailers snagged $122.5 billion out of the total $1.3 trillion made during that time. Employment in warehouse clubs and supercenters almost doubled over that time to 1,485,386 jobs.
The largest discounts on Cyber Monday were on toys with discounts averaging nearly 19%, followed by televisions with discounts averaging 16.5% and computers with average discounts of 14.7%. The idea quickly caught on with other online retailers using the day to promote deals and attract customers.
Largest price drops heading into Cyber Monday were for toys with an average discount of 18.8 percent, followed by TVs at 21.1 percent and computers at 14.7 percent.
The National Retail Federation found in a 2014 study that the retail industry is the largest private employer in the country and contributes $2.6 trillion annually to the national economy.
I bought nothing on Friday, online or offline, although I had picked up a couple of things earlier in the week when the Black Friday offers kicked in online.
"As Gen Z and millennials get older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers", said Matthew Shay, NRF president and CEO.