How to Spend $1.25B in a Day: A Supreme Cyber Monday
Cyber Monday 2010 was a billion dollar bonanza. If you think that number is huge, think again. ComScore reported that Cyber Monday 2011 surpassed expectations, tallying $1.25 billion in online spending, a 22% increase over last year. This also marks the heaviest online spending day in history.
“Cyber Monday was yet another historic day for e-commerce, with online spending reaching a record $1.25 billion,” said comScore chairman Gian Fulgoni. “It was just the second billion dollar spending day on record, following on the heels of Cyber Monday 2010. While last year saw Cyber Monday rank as the heaviest online spending day of the year for the first time ever, it will be interesting to watch the next couple of weeks to see if any future individual days in 2011 manage to leapfrog this year’s highest day-to-date.”
According to the report, over 10 million people shopped online, an 11% increase in the number of online shoppers compared to last year, and the average spending per buyer also increased by 9% wherein buyers spend an average of $66.97 per transaction or an average of $124.82 per buyer was spent online.
The bulk of the Cyber Monday revenue is from online shoppers at work which increased from last year’s 49.2% to 50.2% this year. As for online shoppers at home or anywhere else aside from work, revenue decreased from last year’s 45.0% to 43.2% this year.
“The Cyber Monday phenomenon originated from the significant spike in e-commerce activity that traditionally occurred following the Thanksgiving holiday weekend, with many consumers turning to their work computers to continue their holiday gift buying – and that pattern still exists today,” added Mr. Fulgoni. “Looking forward to the balance of the season, it will be very important to continue to monitor the trend in consumer spending to determine the degree to which retailers’ heavy promotional activity at the beginning of the shopping season, and consumers’ encouraging response, has pulled forward consumers’ future buying. When all is said and done, it will also be vital to see whether retailers’ deals and price discounting, which consumers are now able to discover via so many different digital media channels, will have a negative impact on retailers’ margins this holiday season.”
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