It seems Black Friday may not be the busiest day for online shoppers in 2017, as spending on Monday after the Thanksgiving weekend could reach $6.6 billion, according to Adobe Analytics.
Also known as Cyber Monday, the amount of e-commerce spending on this day would be far higher than the projected $5 billion of online sales on Black Friday. This trend may also indicate that Americans will postpone their shopping sprees for a few days, even if many retailers launch bargain offers starting on Thanksgiving Day itself.
Wait and see
Tamara Gaffney, Adobe strategic insights engagement group director, believes that shoppers are already browsing for online deals during Thanksgiving weekend, although they wait and see if the price for a certain item is the absolute lowest. This scenario manifests itself on the hourly peak times for shopping on Cyber Monday, usually “8:00 and 11:00 pm in each time zone,” Gaffney said.
Most people expect that prices are not going to be any lower on Monday, which is why they decide to snag discounts before they disappear on the next day.
Cyber Monday will also lead an expected increase in online sales for the 2017 holidays, which will rise 13.8% year over year to $107.4 billion, according to Adobe. In the next few years, e-commerce will account for 17% of total retail sales in the country, according to Forrester.
For retailers, it is important to use a lending platform to provide customers with different options on how to pay for their transactions. Since deals are going to be pervasive during the holiday season, shoppers will not think twice of finding another retailer if you offer limited payment options.
Shoppers have become more prudent on timing their online purchases during the holidays, which is why retailers should be prepared to offer flexible payment options.