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The big question for retailers remains, “Is e-commerce shopping taking retail stores sales on BFCM”? During the course of this blog, we will try to figure out the truth behind the claim and if it’s true what are the ways to leverage the increased interest in online shopping.
Last year the Holiday Shopping touched its zenith, the highest ever in its history, with sales up to $133 billion [online + retail]. This year its poised to be even higher. The expected sales are poised to see a 14% increase with sales expected to $151 billion.
This effectively means this year will surpass the last year which means this year it will the highest sales witnessed. Also, when it comes to discussing the mode of purchase – online and offline – the more preferred online than visiting the store.
The above chart shows the fraction of customers purchasing online, offline and both – in-store and online. As you can see the majority of the visitors belonged to both online-in-store segment.
Is e-commerce shopping taking retail stores sales on BFCM?
This trend only confirms the increasing trends brands are taking to adopt the omnichannel strategy. However, the other thing which is conspicuous from the data is that more people are purchasing online than visiting the store.
Again, the aforementioned, data shows the buying behavior in the context of online vs offline shopping behavior. This data is more granular and gives us deeper insights. It reaffirms the status quo that online purchase exceeds offline.
Here is one caveat to it which must be considered, Black Friday and Small Business Saturday attracted more audiences in-store whereas, Cyber Monday and Black Friday witnessed heavy online shopping.
It is interesting to note that although Black Friday witnessed heavy traffic in-store and online, Cyber Monday still pipped BlackFriday as the highest sales day with GMV sold up to $6.59 billion.
Our Take:
The small business must list their products on the leading marketplaces to increase the search visibility of their products and achieve maximum conversion for their products.
The Conclusion:
Since the world is moving towards e-commerce, it is only prudent time to give your products a platform which can truly judge the potential of its utility on the global scale. No wonder some of the unexpected ones can do the wonder for you. You never know!
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