2020 Black Friday and Cyber Monday Shatter Revenue Records
In a year unlike any other, the holiday shopping season has proven to be a record shattering year for online sales and revenue. With the recent surge of COVID-19, the pandemic has forced more holiday shoppers to stay at home and shop online, avoiding lines and crowded retail centers. This year, foot traffic in brick-and-mortar stores on Black Friday dropped 52% compared to 2019. With over one trillion visits to US retail sites, it’s been calculated that the total 2020 season-to-date holiday spending, including an historic Cyber Monday, is over the $100 billion mark. Though Amazon haven’t disclosed their sales numbers yet, the online giant said this holiday season was in fact “the biggest in their history”.
The day after Thanksgiving, known to the shopping world as ‘Black Friday’, attracts millions of bargain hunters looking for incredible deals on holiday gifts and necessities. In recent years, the majority of shoppers have flocked online to buy such items as electronics, books, and smartphones. This year, Black Friday online sales surged nearly 22%, generating an impressive $9 billion in sales. Consumers spent nearly $6.3 million per minute, or an average of $27.50 per shopper. Mobile spending also grew 25.3% over last year, reaching an impressive $3.6 billion in one day alone.
Projected to be the biggest online shopping day of the year, this year’s Cyber Monday results were right on the money...and then some. Cyber Monday generated a whopping $10.8 billion in total sales. Not only was this the biggest shopping day of the year, it was the largest eCommerce day ever. Year to year, 2020 Cyber Monday online sales eclipsed last year’s record numbers by $1.4 billion.
It’s truly been a historic holiday season for eCommerce. So what’s in store (or should we say “online”) going in 2021? More than likely, the brick-and-mortar sector will continue to experience a slow trajectory in terms of sales and revenue. Yet as we’ve seen, online platforms and eCommerce will continue to have a massive impact on the way consumers shop…from now until next Black Friday, and beyond. Learn more about how 2020 has proven to be the tipping point year in eCommerce.