So How Did This Black Friday’s
Preliminary Results, Rate On Performance?
Our Team at Agency 333 Luxury Brand Marketing has been scoping out all of the Early Statistics on Black Friday and as we suspected, E-commerce Websites & Mobile Commerce have become dominant over brick and mortar retail stores. The early adopters of E-commerce are definitely loving these stats. For our traditional business models, who have yet to integrate internet marketing and social media these statistics might be troubling. Maybe it is time for you to re-evaluate your marketing plan for 2015.
According to the National Retail Federation
“Early holiday promotions, the continued growth of online shopping, and an improving economy changed the way millions of people approached the biggest shopping weekend of the year. According to NRF’s Thanksgiving Weekend Spending Survey conducted by Prosper Insights & Analytics, 55.1 percent of holiday shoppers were or will be in stores and online over Thanksgiving weekend, down from 58.7 percent last year. Overall shopper traffic from Thanksgiving Day through Sunday, November 30 dropped 5.2 percent from 2013 (133.7 million unique holiday shoppers versus 141.1 million in 2013). Total shopping, including multiple trips by the same shopper, was also down this weekend (233.3 million versus 248.6 million). This is the 11th survey NRF has released in partnership with Prosper.
“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” said NRF President and CEO Matthew Shay. “We are excited to be witnessing an evolutionary change in holiday shopping by both consumers and retailers, and expect this trend to continue in the years ahead.”
According to the survey the average person who shopped or will shop the holiday weekend will spend $380.95, down 6.4 percent from $407.02 last year. Total spending is expected to reach $50.9 billion, down from last year’s estimated $57.4 billion. Additionally, more than three-quarters (77.2%) say they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family, similar to last year’s 76.4 percent.
I found the statistic below to be a big wake up call to the Luxury Industry. If you do not have an e-commerce store now, you have officially fallen behind. You may have higher price points and will never close one single sale online, but it is absolutely necessary to have an e-commerce website at this point.
Nearly 42% of holiday shoppers budget spent online
Last Year GE Capital Retail Bank’s second annual Major Purchase Shopper Study has found that a growing number of consumers extensively research and compare prices and financing offers before making major purchases.”
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81% of Consumers Go Online Before Heading out to the store
According to the study, 81% of consumers go online before heading out to the store, up 20% from last year, and spend an average of 79 days gathering information before making a major purchase. While consumers carefully consider before they buy, 41% of random major purchase shoppers say they are more open to making a large purchase than they were a year ago.
What your E-commerce enabled website, will do is help your consumers research your products online before they make the trip out to your store. E-commerce Websites are a big, time commitment and can be costly. So I suggest that you take the time to do your research. The point is to at least feel an urgency and prioritize executing the e-commerce website research. This year for your 2015 Internet Marketing Strategy make sure to have e-commerce in your next 2 year marketing strategy.
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