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This past Black Friday / Cyber Monday weekend broke records. Money was flying in at speeds of up to $12 million per minute. Cyber Monday alone saw $9.4 billion in consumer spending. Needless to say, Amazon, the world’s biggest retailer, dominated charts with their hustle.
All of Amazon’s top ten best selling computer and accessory items were variations of the Amazon Fire, a tablet to rival the iPad. But compared to Apple’s $249 retail tag for the iPad, itself a 24% Cyber Monday markdown, the Fire 7 (Cyber Monday’s best seller) retails at $29, nearly 88% lower, thanks in part to the fact that Amazon manufactures the product itself.
“Amazon is doing so many things right,” says Ian Bell, co-founder and CEO of Digital Trends, the publisher that specializes in plainly written reviews of the world’s top tech products. “They designed the e-commerce game, so it’s no wonder they’re winning at it. But they’re also appealing to a consumer increasingly focused on convenience.”
Amazon Breaks Records With Strategy of Speed, Convenience
Amazon’s strategy is to make it as easy as possible to buy. “We’re focused on making this holiday season more convenient than ever for our customers, especially given how short this holiday shopping season will be,” said Jeff Wilke, Amazon Worldwide Consumer CEO.
With six less shopping days this year between Thanksgiving and Christmas, including one less weekend, retailers have been under pressure to meet even higher daily projections in order to meet or exceed last year’s holiday sales.
However, this record breaking Cyber Monday was the biggest day for online spending in history – bigger than Black Friday’s $7.4 billion, bigger than the estimated $7.16 billion from Amazon’s own Prime Day this past summer, and 19% better than 2018’s record-breaking $7.9 billion Cyber Monday sales. When the dust of this holiday season settles, consumers will have spent an estimated $146 billion online.
Part of the reason for this is the ease and ubiquity of mobile use. “Phone shopping is the new norm,” says Bell. “Mobile devices keep getting better, and retailers are providing more seamless, sophisticated services.” The rise of mobile use parallels the rise of mobile sales, and more and more often people are using electronics to buy electronics.
Bell is no stranger to the e-commerce hustle. Digital Trends has made a name for themselves with effective affiliate strategies, leveraging their popularity with ready-to-buy millennials in search of hot tech deals. They struck gold this Black Friday / Cyber Monday through an affiliate campaign that drove their readers to the best deals in real time, and Amazon was just one retailer to benefit from it.
Rise In Buy Online, Pick Up In Store Purchases Defines New Retail Landscape
This year, more shoppers than ever opted for e-commerce services like Buy Online, Pickup In Store (BOPIS). According to Adobe Analytics, BOPIS has seen a 40.9% rise over last year. Shoppers seemed to be more comfortable buying big ticket items like, like new TVs, through online purchases.
“As the retail world changes, what we’re seeing is a new level of embracing online shopping,” says Bell. “But this holiday season has shown that consumers are still looking for a brick-and-mortar experience, at least for part of the process.” Consumer’s desire for experiential events is evident in today’s digital climate.
That means Amazon isn’t the only one who’s winning. Traditional retailers, especially those who have embraced multichannel user experience by providing a seamless message across all touchpoints to maximize the customer experience, are winning big this holiday season too.
Lessons From This Year’s Holiday Shopping Weekend
The takeaways from this data is clear: retailers need to make speed and convenience a top priority in order to stay competitive during the peak shopping times that matter most, and you don’t have to be Amazon to do it. If you have a physical space, leverage it with multichannel shopping options like BOPIS, while offering fast delivery options as an alternative. People will find you online, especially on their mobile devices, so tailor your content and marketing strategies in that direction. Mobile users should stumble across you. If they have to go looking, or even worse, struggle to find you online, you might have already lost them.
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December 21, 2019 at 12:52PM
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Lessons From Cyber Monday: Amazon Slays, But You Can Still Compete - Forbes
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