American consumers spend billions online for holiday gifts
While this year's Cyber Monday was the biggest internet shopping day ever, American consumers also went online the following Tuesday and Wednesday in large numbers, with more than $1 billion being spent on each of those days as well. These findings are highlighting the growing trend of both early holiday shopping and ecommerce, as customers are preferring to get a jump start on purchasing items and gifts for loved ones through the internet. Web retailers can take advantage of this buying behavior by improving their online storefronts and offering more options for internet-connected shoppers.
Three straight days of billion dollar spending
According to a recently released study by comScore, Cyber Monday brought in approximately $1.46 billion for online merchants. However, the next two days also saw purchasing amounts of over $1 billion, as consumers went online Tuesday and Wednesday to spend $1.26 billion and $1.11 billion, respectively. The research stated that Cyber Monday and Tuesday were the heaviest ecommerce days in history, as Tuesday's amount surpassed the total that was spent online on Cyber Monday of last year.
However, comScore found that after these three consecutive days of $1 billion spending, consumers cooled their heels when it came to online shopping. On the other hand, these customers are expected to continue to hit retail stores and websites over the next few weeks to stock up on gifts and products.
ComScore's study revealed that one of the largest drivers for these large internet shopping days was free shipping offered by merchants. The research found that consumers purchased more from retailers that offered this aspect, compared to businesses that did not.
"Though retailers must often sacrifice margins when they provide free shipping, they benefit because consumers tend to spend significantly more on those transactions," stated comScore chairman Gian Fulgoni. "Consumers may either be responding to the minimum spending thresholds needed in order to receive free shipping, or figure that as long as they know they're receiving free shipping it might be worth adding another item or two to their shopping basket."
Black Friday brings in large amount for retailers
The official start of the holiday shopping season was on Black Friday, and companies across the country saw significant sales throughout the entire weekend, reports Fox Business. Shoppers still kept an eye on their budgets as they hit retail stores, as a Reuters/Ipsos poll revealed that 52 percent of consumers stayed within their price ranges. Many took advantage of the various deals and discounts being offered, as 33 percent stated they found better offers this year than during last year's holiday shopping season.
