How Omnichannel Retail Took Over Black Friday and Cyber Monday 2018
With over $14 billion spent in the U.S. alone this past Black Friday and Cyber Monday (BFCM), it’s clear that the exponential year-by-year growth of these big spending days isn’t slowing down any time soon. But while profit margins are certainly exciting for merchants, what’s perhaps an even more amazing outcome of these two days (or more accurately, a week) is the data it reveals in terms of customer spending habits. This past Black Friday and Cyber Monday demonstrated several big trends that all fall neatly under the umbrella of omnichannel retail (a model of retail that integrates different shopping channels, i.e. in-store, online, via phone, etc.).
More than ever, customers want to be able to buy anytime and anywhere and have the ability to seamlessly switch between an online and in-store platform (such as with buy online and pick up in-store options). Here are 4 key trends from the recent frenzy of BFCM.
1. Online and Mobile Shopping Came Out Ahead on Cyber Monday and Black Friday
What used to set Black Monday and Cyber Monday apart—in-store versus online sales—seems to be increasingly blurring. This past Black Friday, $6.22 billion in sales were made online, up 28% from last year. And, a record $2 billion of online sales were made via smartphone.
Although Black Friday is still a boon for brick-and-mortar shopping, this year has revealed that more and more customers are opting for the convenience of buying online. Preliminary data shows that in-store traffic dropped by roughly 5-9% on Black Friday.
2. Buy Online, Pick Up In Store
Speaking of convenience, a popular shopping method this year was buy online, pick up in-store. Such orders grew by an astounding 65% from this Cyber Monday to the last!
3. Mobile Apps
The top 10 mobile shopping apps—including Amazon, Target and Walmart—were downloaded 2 million times on Black Friday. Brick-and-mortar and online merchants alike are reaping the benefits of offering a streamlined shopping experience that customers love.
4. Mobile Payments
Mobile payments have been slow to pick up steam in the U.S., but it seems that they’re starting to catch some traction. Black Friday mobile payment volume grew by 42% since last year, with PayPal reporting a record $1 billion in mobile payments on Black Friday alone.
Fidelity has a comprehensive array of payment solutions that bridge the gap between online and in-store sales. From our flexible support for branded mobile apps, to our e-commerce and online payment site options, to our innovative payment terminals that accept mobile wallets, we’ve got technology that will add a necessary layer of convenience to the shopping process that customers will love. To learn more, contact us today!