Another Black Friday has come and gone, along with its sister shop-holiday Cyber Monday. Although with the continued expansion of discounts offered in the days leading up to Black Friday, along with the growing trend of shoppers to make big holiday purchases earlier and earlier in November, it might be more accurate to think of this as Cyber Month.
Black Friday and Cyber Monday are six months away. However distant this may seem, wheels across the entire e-commerce industry have begun to turn, shifting their focus from projections and forecasts to tactical decisions on how to improve operations within budget.
With this in mind, here are a few things you can do right now to get ready for this year.
The 2020 Cyber Five shopping period broke all previous records for Cyber Five spending, coming in at about 38 billion USD (compared to 28.5 billion USD in 2019). This probably won’t come as a surprise as Black Friday and Cyber Monday moved almost entirely online, followed by record-breaking Amazon Prime Day and Singles Day preceding the Thanksgiving holiday weekend. Despite the continued onslaught of Covid-19, good news about successful vaccine trials and greater certainty of a peaceful transfer of power to the new president-elect in the United States contributed to a boost in consumer confidence.
Thanks to Covid-19, 2020 has been a year in which e-commerce leapt ahead of all expectations to achieve a decade’s worth of growth in just under nine months. As a result, the novelty of online shopping will have worn off and become a normal part of daily life. More consumers than ever are online not only looking for steep discounts and crazy deals but are also relying on e-commerce for necessities and basics. This holiday season, the Cyber-Five shopping period appears to be on track for moving almost completely online, influenced by skyrocketing Covid numbers, lockdowns and social distancing guidelines, a new level of comfort with online shopping, and a wide array of bargains to incentivize shopping online.