Every year, Thanksgiving weekend is the highly anticipated kickoff to the winter holiday season. Thanksgiving Day, Black Friday, Small Business Saturday, and Cyber Monday are some of the biggest spending days of the year, filled with special sales and deals for shoppers around the world. In recent years, we have seen a shift in shopping habits as more shoppers opt for the convenience of online shopping instead of the in-person shopping experience, establishing the holiday weekend as Cyber Weekend. eMarketer estimates ~16-17% of Holiday Season purchases occur during the “Cyber Five” period. Despite increasing prices and inflation woes, this year retailers are reporting a record in online spending between Thanksgiving and Cyber Monday.
The Decline of In-Person Shopping
This year, physical stores saw decreases in foot-traffic over the course of the holiday weekend. An article from the Washington Post describes how shopping malls, outlet malls, and other shopping centers saw an average of 2.23% decline from 2021. Of the record 196 million people who shopped over the weekend, only about 33% visited a physical store to make their purchases.
‘Buy Now, Pay Later’ Options Drive Cyber Weekend Spending
According to the National Retail Federation (NRF), over 130 million people shopped online during Cyber Weekend, exceeding all forecasts and expectations. Online spending in the United States reached $35.4 billion over the course of the five days, with $11.3 billion being spent on Cyber Monday, a 5.3% increase from 2021.
With the increase in sales also came an increase in customers opting for flexible payment options. To handle the increased prices, the NRF saw a 78% increase in consumers using ‘Buy Now, Pay Later’ options through platforms such as Afterpay, Klarna, Affirm, and more. Having access to these payment options offers an interest-free lifeline for consumers who are looking to buy higher priced gifts this holiday season.
aiCommerce Cyber Weekend 2022
This past Cyber Weekend, aiCommerce saw a 63% sales increase across our client base for the Cyber 5 period versus last year on Amazon. Some clients increased revenue by nearly $1MM Y/Y in the 5-day period! aiCommerce is primed with decades of digital marketing experience and backed by our 90-day grow and know guarantee, we can help your brand grow across eCommerce channels to gain brand awareness and increase sales! Now is the perfect time to utilize our eCommerce experts to help grow your business. Click the button below to qualify for a free listing audit from aiCommerce to jumpstart your eCommerce growth!