The holiday season is fast approaching, and this means one thing: Consumers are preparing to go on the typical Christmas shopping spree across the world. But, there are two days before ushering in the Christmas shopping season that gets shoppers and retailers deliriously happy: Black Friday and Cyber Monday. On Black Friday, shoppers get to enjoy insanely huge discounts on products and retailers witness record-breaking sales, as orders become overwhelming for them.
Cyber Monday, invented in 2005, is a contemporary phenomenon that seeks to attract shoppers who love to search out hugely discounted products online, instead of going to the traditional brick-and-motor store. However, although Black Friday still records the biggest sales each year, it’s slowly losing its glory because brick-and-motor stores are becoming less relevant. These patterns from multiple research studies show how the online revolution is causing this change, and hence affecting Black Friday:
Cyber Monday is slowly overtaking Black Friday
Despite Black Friday sales topping $3 billion last year, Black Friday conversations on social media have taken a nose dive this year. However, cyber Monday conversations have increased twofold. The big question is: What has made Black Friday shopping conversations to shift to Cyber Monday?
Millennials are shifting focus to Cyber Monday
Although the 2015 statistics show that Black Friday was dominated by men (70%) against women (30%), it’s projected that this year both genders, including age groups, will share the market equally. The conversation last year revolved around men and women of the 18 to 24 age groups. This year, the millennial spike is projected, with women expected to dominate Black Friday shopping. With this group preferring to shop online, it’s easy to see why the conversation is moving to Cyber Monday.
Black Friday still interest most shoppers
Although social media conversations about Black Friday have gone down, it remains a dominant event. In fact, the level of anticipation is higher than ever this year. This is attributed to the best Black Friday deals offered to customers and the fact that consumers can grab their favorite products at insanely discounted prices physically.
Even with the shift to online shopping, retailers have no reason to worry, as many people still prefer to shop in-store. In fact, this year’s Black Friday in-store sales volume is expected to surpass last year’s. However, retailers must be well aware of the rapidly growing online shopping appetite and plan both Black Friday and Cyber Monday moving forward, especially because the millennial demographic is essential to their customer base.