With the formal “holiday shopping days” out of the way (Thanksgiving, Black Friday and Cyber Monday), researchers have started releasing the sales and revenue figures.
The good news is that the 2010 holidays were the biggest online shopping period ever, with Cyber Monday beating Black Friday in revenue. According to comScore more than $1 billion was spent by US shoppers alone on Cyber Monday.
Cyber Monday is the first Monday after Thanksgiving and is a relatively recent retail phenomenon, compared to Black Friday, the day after Thanksgiving. Many retailers traditionally open their doors at midnight on Black Friday, attracting shoppers with heavily advertised discounts.
Here are some of the official statistics from comScore:
- $13.55 billion has been spent online in US during the holiday season to date
- 13% increase from 2009 holiday shopping period
- Cyber Monday spending up 16% from 2009 to $1.028 billion
- The first time Cyber Monday has surpassed billion-dollar revenue
- Number of online buyers grew by 4% from last year
- Average transaction value was $60.05 (10% increase)
Below is comScore’s official breakdown of the total spending by US shoppers over the holiday period.
One statistic I found interesting from the report was the number of shoppers who purchased from their work computer. Nearly half (48.9%) of dollars spent online at U.S. websites originated from work computers. I would have thought this figure would have been lower, considering most people would be on holidays on the major shopping days (Black Friday and Cyber Monday), allowing the majority to purchase from home.
It appears that businesses had the biggest wins by using search engine marketing to promote their products/services in the lead up to the holiday period and during the Black Friday/Cyber Monday weekend. Digital marketing software provider, Kenshoo says that search ad budgets, transactions, and revenue were all up this year:
Overall, for the 26-day period ending with Cyber Monday, 2010 search advertising budgets were up 31% compared to 2009. Total online sales transactions increased 83% during this time, resulting in 60% more online sale revenue for retailers.
The report by Kenshoo also identifies six trends that should be considered when planning next years holiday season advertising:
- The Holiday Shopping Season is Starting Earlier
- Online Shoppers are More Responsive to Paid Search Advertising
- Consumers are Buying More Often With Smaller Basket Sizes
- Paid Search Advertisers Have Increased Effectiveness
- Thanksgiving is Now “Cyber Kickoff Day”
- Competition for Retailers Peaks on Cyber Monday
We’re certainly looking forward to the wash-up for the whole holiday shopping period, which is far from over. It certainly looks promising for online retailers.