We all know that online e-commerce shopping has been growing from strength to strength every year, but last Friday a new record was set as “Black Friday” sales exceeded $1 billion for the first time ever.
This huge surge on Friday by online e-commerce shoppers looking to grab a bargain from many of the larger retailers offering Black Friday special offers online, might indicate that the US economy could be turning the corner.
The Rise of Online Shopping
Statistics reveal that between November 1st – 23rd, $13.7 billion has been spent online, which is a 16% increase compared to last year. The exact dollar amount in online sales for Friday, November 23 was $1.042 billion, making Black Friday the busiest online shopping day in 2012 and marking a 26% increase versus Black Friday 2011.
The figures also show that on November 22nd, more shoppers went online during Thanksgiving Day, spending $633 million, a 32% increase compared to the previous year. This trend highlights the growing preference for online shopping over traditional brick-and-mortar stores, driven by the convenience of shopping from home and the ability to easily compare prices and products.
Factors Contributing to the Surge
Several factors have contributed to this significant surge in online shopping. Firstly, the proliferation of smartphones and tablets has made it easier for consumers to shop online anytime and anywhere. Mobile commerce, or m-commerce, has become a substantial part of the e-commerce landscape, with many retailers optimizing their websites and apps for mobile users.
Secondly, the increasing trust in online payment systems has encouraged more consumers to make purchases online. Secure payment gateways and the introduction of digital wallets like PayPal, Apple Pay, and Google Wallet have made online transactions more secure and convenient.
Additionally, the competitive nature of online retail has led to better deals and discounts for consumers. Retailers often offer exclusive online discounts and promotions that are not available in physical stores, enticing more shoppers to make their purchases online.
Another contributing factor is the rise of social media and its influence on shopping habits. Platforms like Facebook, Instagram, and Pinterest have become powerful tools for retailers to showcase their products and engage with potential customers. Social media advertising and influencer marketing have also played a significant role in driving online sales.
Moreover, the COVID-19 pandemic has accelerated the shift towards online shopping. With lockdowns and social distancing measures in place, many consumers turned to online shopping as a safer alternative to visiting crowded stores. This shift in behavior has persisted even as restrictions have eased, indicating a long-term change in consumer habits.
The convenience of home delivery and the availability of various delivery options, including same-day and next-day delivery, have further boosted the appeal of online shopping. Retailers have also improved their return policies, making it easier for consumers to return or exchange products purchased online.
The record-breaking Black Friday sales of over $1 billion highlight the growing dominance of online shopping in the retail industry. With advancements in technology, increased consumer trust, and the influence of social media, online shopping is set to continue its upward trajectory. As retailers adapt to these changing trends, we can expect to see even more innovations and improvements in the online shopping experience.
Source: Slashgear
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