This year’s Cyber Monday topped the one billion dollar mark, making it the highest grossing day in online history, according to comScore.
Ecommerce is no longer retail’s little brother.
For the first time in history, online spending surpassed the $1 billion mark on Cyber Monday.
comScore reports that Cyber Monday spending hit $1.028 billion, a 16% increase from Cyber Monday 2009. This growth is attributed to increased marketing specific to Cyber Monday, in addition to more discounts and the ease of comparison shopping.
Good news also came from the average order volume, which grew 10% to $60.05. This, combined with a higher number of overall transactions, led to the record-breaking day.
Another interesting finding from comScore’s study relates to spending on Thanksgiving Day. This year, it reached a record $407 million, which is a 28% change from 2009. The weekend as a whole was also a bright spot for online business owners everywhere – from Thanksgiving Day through Cyber Monday, online revenues reached an astounding $2.969 billion in the United States. This is a 13.97% increase from the same weekend just one year ago.
So what does this mean for your online business? It’s simple: consumers are willing to buy, so SELL, SELL, SELL. Shoppers are turning online more than ever before, so make yourself available. Pay close attention to your competitors’ discounts – are you at parity?
With bargain hunting and comparison shopping serving as major staples of the holiday shopping climate, give yourself a fighting chance for a piece of the biggest pie in ecommerce history.
Happy holiday selling!
-Matt Winn, Online Communications Specialist, Volusion