Adobe Analytics reports that US consumers spent $10.8 billion on Black Friday online, a 10.2% increase from the previous year.
Black Friday marked the beginning of the holiday season and showcased the dominance that e-commerce has gained. Consumers flocked to their mobile phones and computers to grab deals on electronics, beauty products, etc.
This surge in e-commerce shows a shift in the consumer’s behavior. Brick-and-mortar stores are facing fierce competition from online giants such as Amazon and Walmart.
Adobe Analytics reports a significant increase in the amount of money spent online compared with previous years.
Online Black Friday sales will reach $9.8 billion by 2023, an increase of $9.1 billion from 2022.
This upward trend is a reflection of consumers increasing use of digital platforms during events with high discounts, such as Black Friday.
Leaders in e-commerce benefit from boom
Amazon and Walmart are two of the largest players on the US online shopping landscape. They’re well positioned to take advantage of this digital frenzy.
Walmart has expanded the number of stores that deliver to your home to serve online shoppers.
The goal of these investments is to increase the share of holiday sales.
Adobe data also revealed that mobile devices were the preferred device for shoppers, which is in line with convenience when shopping at home or while on the move.
Corey Coscioni (58), a shopper from California, said he bought gifts both in stores and online for his family, highlighting the hybrid approach to shopping that many shoppers now take.
What is hot?
The top online sellers of this year reflect a diverse range of consumer interests.
The top sellers were makeup, haircare, and skincare products, as well as Bluetooth speakers, espresso machines, and other similar items.
Online sales of toys increased by 622% compared with the average daily sales for October. Jewelry sales increased 561% and appliance sales spiked 4766%.
The statistics show the wide range of products that consumers purchased during Black Friday. This was largely due to aggressive marketing and deep discounts.
The numbers reported by Salesforce are different
A cloud-based software company, Salesforce, conducted a separate study, which estimated US Black Friday sales online at $17.5 billion. This is a 7 percent increase from last year.
Based on the traffic patterns of thousands of online merchants, Salesforce data also revealed strong sales for home appliances, furniture and other large-ticket products. This reflects a greater consumer interest in practical items.
Black Friday’s significant increase in online sales sets up a strong holiday season with fierce competition between retailers for the consumer’s dollars.
Cyber Monday is fast approaching, and e-commerce sites are expecting to experience another sales surge, further strengthening the position of online shopping.
Black Friday has become a major digital event. Retailers will continue to focus on improving the user experience and offering discounts. They may also refine their delivery methods in order to keep up with consumer demands.
As updates occur, this post Black Friday Online Spending Hits $10.8B, Fueled by Discounts and Mobile Shopping may be updated.
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