The 24th and 27th November will see the highly anticipated Black Friday and Cyber Monday take place. These are two major events in the world of retail which traditionally mark the start of consumers’ Christmas shopping.
The term ‘Black Friday’ was first used in 1961 in a Philadelphia police report. It described record traffic jams and a city centre flooded with shoppers. Cyber Monday, however, is a more recent creation (2005) by e-commerce sites wanting to cash in on the craze around this event.
In 2016, 154 million Americans shopped over the Black Friday weekend (source: National Retail Federation), 3.34 billion dollars of which was spent online. Most notably, purchases via mobile devices increased by 33% (source: Practical Ecommerce). This year, e-commerce sales are set to reach 3.52 billion dollars, increasing by 5.39% from 2016 (source: Adobe).
In Europe, the increase in popularity is even more striking. In the UK, for example, e-commerce sales increased by 12.2% between 2015 and 2016, with Brits spending £6.45 billion during Black Friday week 2016 (source: IMRG).
According to a study made by McKinsey, 81% of Brits said they intend to shop during Black Friday 2017. Nearly 50% say they are motivated by steep discounts.
M-commerce set to grow
More and more shoppers are purchasing via their mobile, which has had a considerable impact on the success of Black Friday, traditionally an in-store event. Last year, more than half of purchases were made via mobile and this trend is set to continue this year, according to predictions from a Salmon/IMRG study.
What about you, are you ready?
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