Online shopping reaches new highs in November-December period
With 2011 now in the books, digital measurement firm comScore has totaled up online spending figures for the two-month period between November and December. Overall, Americans spent $37.2 billion over the 61-day time frame – a substantial 15 percent increase over the same time last year.
The most money was spent, unsurprisingly, on Cyber Monday. Americans spent upward of $1.2 billion on the internet shopping day, up 22 percent from the $1.02 billion spent on the same day in 2010. The shopping day to see the biggest year-over-year jump was Black Friday, which improved 26 percent from $648 million to $816 million, suggesting that consumers no longer view the promotional day as an in-store only event.
"The 2011 online holiday shopping finished with slightly more than $37 billion in spending, up about 15 percent versus year ago," said comScore chairman Gian Fulgoni. "With brick-and-mortar holiday retail estimated to have grown about 4 percent this year, it's clear that ecommerce continues to gain market share from traditional retail due to the attractiveness of the internet's convenience and lower prices."
Overall, the top five days to see the most online spending were November 28 (Cyber Monday), December 5, December 12 (Green Monday), November 29 and December 6. Interestingly enough, not all of the promotional shopping days spurred customers into action. For example, customers spent only $1.07 billion on December 16 (Free Shipping Day), which was only the sixth-heaviest shopping day.
It's crucial to note, however, that online shopping has made giant leaps over the past two years. Americans are now shopping on the channels that make sense and are convenient to them. Whether it's online or in-store, it's crucial that retail merchants reach shoppers in a multitude of ways.
"Despite their continuing price sensitivity, consumers felt a bit more comfortable opening up their wallets this year, although this appears to have occurred as a result of a decline in the savings rate. Nonetheless, it’s clear that, at least on the basis of top line growth, this was a Merry Christmas for many online retailers," Fulgoni adds.
Merchants looking to make the biggest impact need to connect with customers through a variety of means. For example, quick response codes can bring consumers to online stores, while in-store pickup options enable brands to encourage customers to come in and shop.
