New Record Set for Online Sales on Black Friday
Black Friday, the bellwether shopping day that traditionally marks the beginning of the holiday sales period, has set a new record for online sales in the US. According to Adobe Analytics, online sales reached a staggering $9.8 billion, surpassing last year’s numbers by 7.5%. This figure has exceeded analysts’ predictions and showcases the strong demand for deep discounts and the availability of flexible payment options.
Key Takeaway
Black Friday online sales in the US reached a record-breaking $9.8 billion, growing by 7.5% compared to last year. Mobile handsets accounted for 79% of all shopping traffic, highlighting the increasing popularity of mobile shopping. The strong performance on Black Friday provides hope for retailers amidst overall sluggish market growth. Consumers are embracing buy now, pay later options to manage their holiday spending.
Mobile Handsets Drive the Majority of Sales
The shift to mobile shopping continues to gain momentum, with a record-breaking 79% of all shopping traffic happening on mobile handsets. Salesforce, using its own metrics, reported that online sales on Black Friday totaled $16.4 billion in the US and a massive $70.9 billion globally. As mobile devices become increasingly popular for browsing and buying, retailers are capitalizing on this trend and optimizing their offerings for mobile platforms.
A Positive Sign for Retailers in a Sluggish Market
These impressive figures come as good news for retailers who have been experiencing sluggish growth in recent months. Despite overall retail sales growing by just 2.3% in the last quarter, e-commerce has shown a stronger growth rate of around 7%. The exceptional Black Friday sales performance is likely to bring some holiday cheer to retailers and lift their hopes for a successful holiday season.
Buy Now, Pay Later Options Gain Popularity
Inflation levels have been relatively low at just over 3%, though economic uncertainty still affects consumer spending. However, the popularity of buy now, pay later (BNPL) options continues to rise. According to Adobe, orders using BNPL increased by 72% compared to last year, and the revenue from BNPL also saw a significant boost of $79 million for the period leading up to Black Friday. This indicates that consumers are embracing alternative payment options to manage their spending during the holiday season.
