Cyber Monday 2016: A Day for the Record Books
Cyber Monday is expected to be “the largest online shopping day in history,” according to Adobe Digital Insight’s (ADI) recent “Holiday Prediction” report.
Consumers are gravitating towards online shopping for a variety of reasons but they all circle back to convenience. Online’s lower-priced goods, free shipping options, and the greater product availability attract consumers.
E-commerce sites, mobile websites and advertisers need to be ready to take advantage of this boom as mobile phones, tablets and desktops make the shopping experience more convenient for the consumer.
What will be the Difference in Online Spend on Black Friday vs. Cyber Monday?
ADI forecasts that online revenue generated during Black Friday will hit $3.05 billion with an 11.3% growth YoY. Cyber Monday is predicted to beat out Black Friday with $3.36 billion in online sales (9.4% YoY growth).
When analyzing shopping spends, ADI projects that 2016 will be the first year that more consumers choose mobile over desktop to browse online sites. In fact, 53% of consumers favored mobile. While the majority of actual transactions will be made on desktops, more people are considering purchases on mobile versions.
Tamara Gaffney, ADI principal analyst, said: “…Cyber Monday is seeing tremendous growth, indicating it is no longer a day dedicated to shopping from the workspace. Customers are becoming more comfortable with browsing form a mobile device, yet a huge purchasing gap remains. Retailers who want to capture increased revenue should focus on retargeting the abandoned mobile shopper.”
In the buildup to the largest online shopping days of the year, its vital to use advertising dollars wisely and build awareness of discounted products and special offers early and on channels consumers find most useful. Make the most of what may turn out to be a record-breaking day for mobile shopping. Follow us at Digital Turbine for more on consumer behavior as it relates to mobile spend.