But does Cyber Monday live up to its hyper? What’s the deal with Cyber Monday? We’ve collected over 50 stats about 2011’s most anticipated online shopping day.
Cyber Monday turnout
- 40% of consumers are going to shop on Black Friday
- 39% of consumers plan to shop on Cyber Monday, 37% more than last year
- 92% plan to shop on Cyber Monday because it offers the most one-day deals and free shipping offers
- 20% choose Cyber Monday in order to spend time with friends and family on Black Friday
- 6% consider Cyber Monday shopping a “family tradition”
- 5% plan to shop from the office, considering it “a chance to take a break from work”
- 4% will shop from a mobile device
Sales are projected by ComScore to hit a record $1.2 Billion.
Top reasons US adults will shop online for holiday gifts
- Get the best prices and deals (64%)
- Have the convenience of shopping from home (57%)
- Avoid crowds (47%)
- Research and find the best gifts (36%)
- Access better inventory & selection (32%)
- Save money on gas (16%)
Holiday shoppers believe online shopping beats in-store, with:
- Better product selection (80%)
- Better deals and prices (73%)
- Better customer service (53%)
Some dread in-store holiday shopping so much, they find themselves releasing their angst with some pretty bad behavior, such as:
- Cutting in line (6%)
- Fighting over a parking space (6%)
- Parking in a handicapped spot (4%)
- Taking an item from someone else's shopping cart (3%)
- Physically or verbally fighting with someone for an item in a
- Other rotten behavior (4%)
Price trumps brand this year. Specific store names are not as important as pricing and promotions. The following reflects what percentage of holiday shoppers rated decision-making factors as at least “somewhat important:”
- Price (99%)
- Free shipping (96%)
- Coupons or other special offers (92%)
- Brand name (86%)
- Store name (66%)
How does the economy impact holiday shopping plans this year?
- 87% of shoppers are planning to spend the same or less versus 2010
- 48% plan to use online coupons or coupon codes
- Holiday shopping is turning into an all-year activity to find the best
deals, with 49% of US bargain hunting all year
- Only 18% plan to wait for Black Friday and Cyber Monday sales
The importance of comparison shopping:
- 52% of online shoppers will spend more than one hour researching the best price for each holiday purchase
- 6% will spend over 6 hours on each purchase
- 47% would shop online if deals were better than in stores
- 27% follow online specials and daily deals
When will Cyber Monday shopping hit its peak?
- 33% will be early birds and shop between 5am and 9am
- 36% of men will shop early, 31% of women
- 29% of consumers will shop between 10 and noon
- 18% will shop between noon and 7pm
Cyber Monday in Canada
Though Black Friday is really an American thing (Canadians celebrate their turkey day in October -- another reason why geographic segmentation for holiday emails is a good idea), awareness about Cyber Monday is growing north of the border. According to PayPal Canada, 52% of Canadians are aware of Cyber Monday, an increase of 24% over last year. This is good news for US e-tailers, as research shows average order values tend to be higher for Canadian orders (perhaps because of duties, taxes and shipping charges, smaller ticket items may not justify additional expense). FiftyOne reports 2010’s AOV for Canadian baskets was US $186.
Aside from Cyber Monday madness, 35% of Canadians aged 18-34 plan to do some or all of their shopping online. A major motivator is saving time. The average Canadian believes online shopping with shave an 8 hour gift hunt down to 4.3. Considering the average Canadian values his or her time at $32.10 ($9 more than the average hourly wage), that’s a savings of ~$100.
Source: Ipsos Reid / PayPal Canada
Does social media matter?
- 44% of consumers plan to use social media sites for holiday shopping
- 57% will use social sites to find discounts
- 51% will read reviews
- 49% will use social sources to find gift ideas
Source: Deloitte LP
- 92% of online retailers are offering deals over Thanksgiving weekend, 80% linked to Cyber Monday
- 45% offer coupon / percent-off deals
- 38% will offer limited-time promotions
- 30% will promote free standard shippings with conditions
- 15% will include a free gift with purchase
Tips for post-Cyber Monday
1. Plan for Green Monday. The Monday after Cyber Monday has historically been the second highest sales day of the year, some years it even edged out Cyber Monday. http://www.marketingcharts.com/direct/online-holiday-spend-nears-22b-15341/comscore-holiday-spend-10-heaviest-days-dec-2010jpg/ “Green Monday” is definitely an industry insider term, so don’t confuse customers with Green Monday deals, but think of other ways to capitalize on the consumer trend.
2. Review your site search data to sniff out what products are in demand, and consider merchandising home pages with these products more often.
3. Have a plan for OOS (out of stock) products. Whether that’s merchandising the page with product suggestions, pausing PPC ads or cleaning your shopping engine feed.
Here’s wishing you a record holiday season!