Thanksgiving weekend sales could have reached record highs
Thanksgiving is always that time of the year where splurging on shopping isn’t a crime but a necessity and brands capitalize on that culture. Adobe Analytics expected that this Thanksgiving day’s sales could have reached $4.4 billion online, the first record ever. It represents the 18.9% year-over-year increase from last year’s sales that totaled to $3.7 billion.
Early data released by Adobe showed that $2.2 billion of products were sold online and nearly half of those sales came from mobile devices. It made up to 46.4% of all online sales as of 5 p.m ET on Thursday, when compared to 33.5% last year. Sales increase and people are more glued to their phones doing online shopping more than ever despite Facebook and Instagram outages.
Holidays start much earlier than last year
“The strong online sales performance to-date suggests that holiday shopping starts much earlier than ever before,” says Jason Woosley, Adobe’s Vice President of Commerce and Platform. He added that online sales between Nov.1 and Nov. 27 this year increased up to 16.1% compared to the last year.
Adobe Analytics’ survey also reported that 1 in 4 consumers plan to visit a physical store on Thanksgiving Day. Brands and retailers then started to put their items on sale in their physical and online stores before Friday arrived.
Black Friday and Cyber Monday sales are also expected to increase this year. It is predicted that Black Friday online sales will increase by 20.5% year-over-year to reach $7.5 billion while Cyber Monday sales are set to grow by 19.1% year-over-year up to $9.4 billion. This caused an increase in expectations for more sales online. Mobile shopping during this Thanksgiving was a huge factor.
Online sales impact on retailers
The shift of shopping from physical stores to online buying has been increasing over the years. Buying products via mobile phones or computers has been a wide consumer trend that retailers take advantage of. Many of them started to divert their marketing strategy in online sales. This has been a big win for companies such as Amazon, Walmart, and Target.
Although it sounds positive, Woosley warned retailers to track whether the early discounts will drive to their overall retail growth or will just invite consumers to spend their holiday budgets earlier.