The U.S. online retail sector delivered strong growth on Cyber Monday 2010, according to analysis by IBM—this after earlier analysis showed double-digit online sales growth on Black Friday. (An earlier analytics-based forecast from IBM's Global Business Services division predicted in-store sales of appliances and consumer electronics would increase 3.5% in 2010.)
The third annual Cyber Monday Benchmark Report from IBM's Coremetrics reported the following comparisons.
CYBER MONDAY 2010 vs. BLACK FRIDAY 2010:
• Consumer Spending Increase: Online sales were up 31.1%, with consumers pushing the average order value (AOV) up from $190.80 to $194.89 for an increase of 2.1%.
• Social Shopping: The growing trend of consumers using their networks on social sites for information about deals and inventory levels continued on Cyber Monday. While the percentage of visitors arriving from social network sites is fairly small relative to all online visitors—nearly 1%—it is gaining momentum, with Facebook dominating the space.
• Mobile Shopping: On Cyber Monday, 3.9% of people visited a retailer’s site using a mobile device.
CYBER MONDAY 2010 vs. CYBER MONDAY 2009 (year/year):
• Consumer Spending Increases: Online sales were up 19.4%, with consumers pushing the average order value (AOV) up from $180.03 to $194.89 for an increase of 8.3%.
• Shopping Peaks at 9:00 am PST/Noon EST: Consumer shopping in 2010 maintained stronger momentum throughout the day than on Cyber Monday 2009.
According to an analytics-based forecast from IBM's Global Business Services division, in-store sales in the appliances and consumer electronics sector are expected to increase 3.5% this year compared to last, with consumers spending a larger-than-usual share in November. U.S. consumers have been increasing their savings relative to disposable income, from 2% in 2007 to nearly 6% today, leading to strong pent-up demand this holiday season for appliances and consumer electronics, both of which are now seen as necessities.
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