Consumer trends are changing and the use of Mobile and Social resources are increasingly becoming a factor in the big retail success stories. The Mobile and Social effects may be more subtle than the headlines about the double-digit growth for in-store and online shoppers for the kickoff of this 2010 holiday shopping season. but I believe that they are important aspects to the changes we are seeing in consumer behavior not only at the point of sale but earlier in the sales cycle in the research and influence stages of consumer buying behavior.
The Big Picture – The results are in for Cyber Monday and Black Friday year over year sales results and According to the Retail Trade group, 212 million shoppers visited stores and websites over the four-day Black Friday weekend, up from 195 million during the same period last year. People also bought more, with the average shopper this weekend spending $365.34, up from last year’s $343.31. Total spending reached an estimated $45.0 billion.
Below is a summary of key trends reported by Coremetrics, owned by International Business Machines Corp., third annual Cyber Monday Benchmark Report.
Download the full rerport at : http://www.coremetrics.com/solutions/thankyou_cybermonday10.php
Cyber Monday 2010 Compared to Black Friday 2010
- Consumer Spending Increases: Online sales were up 31.1 percent, with consumers pushing the average order value (AOV) up from $190.80 to $194.89 for an increase of 2.1 percent.
- Luxury Goods Continue Comeback: Jewelry retailers reported a significant jump of 60.3 percent in sales.
- Social Shopping: The growing trend of consumers using their networks on social sites for information about deals and inventory levels continued on Cyber Monday. While the percentage of visitors arriving from social network sites is fairly small relative to all online visitors—nearly 1 percent—it is gaining momentum, with Facebook dominating the space.
- Mobile Shopping: Consumers continue to use mobile as a shopping tool. On Cyber Monday, 3.9 percent of people visited a retailer’s site using a mobile device.
Cyber Monday 2010 Compared to Cyber Monday 2009 (year/year):
- Consumer Spending Increases: Online sales were up 19.4 percent, with consumers pushing the average order value (AOV) up from $180.03 to $194.89 for an increase of 8.3 percent.
- Luxury Goods Report Big Gains: Affluent shoppers opened their wallets wide, driving sales of luxury goods up 24.3 percent over 2009.
- Shopping Peaks at 9:00 am PST/Noon EST: Consumers flocked online, with shopping momentum hitting its peak at 9:00 am PST/noon EST. But consumer shopping maintained stronger momentum throughout the day than on Cyber Monday 2009.
Mobile Effect – On Cyber Monday, 3.9 percent of people visited a retailer’s site using a mobile device. Retailers also experienced more mobile shoppers logging in from their phones on Black friday with approximately 5.6% of Black Friday 2010 traffic coming from mobile devices — a 26.7 year-over-year increase.
The Social Effect — The social channels drove sales and traffic at less than 1% on the actual sales days but my belief is that the Social impact occurred in the weeks building up to the actual sale days when people were in the research stage. Consumers appear increasingly savvy about their favorite brands’ social presence, and are turning to their networks on social sites for information about deals and inventory levels. While the percentage of visitors arriving from social network sites is fairly small relative to all online visitors—it is gaining momentum, with Facebook dominating the space.
One of the key reasons people engage with brands on Social and Mobile channels is for discounts. Now is the time to start to leverage these emerging channels with digital coupons and discounts. I think coupons are great but I would never be organized enough to hunt for the coupon cut it out and actually have it with me when I needed it. I was recently on a weekend get away with my family and I used my iPhone for discounts for ice cream for the kids, dinners and entertainment. No need to clip and carry coupons any longer simply show them your phone and save money. It was incredibly simple and with GPS you have the added advantage of having specific location-based offers available to you . As an added benefit the kids enjoyed being part of it by searching for coupons on the phone while I drove.
The mobile and social impact on your business is a real factor in todays marketplace and is going to increase dramatically over the coming years. This is not just a future trend, it is reality today.
Share your thoughts with us about how you are using Social and Mobile channels to enhance your business.
Post by Warren Raisch December 1, 2010