E-Commerce Spending Hits Record in 2011 – Will 2012 Be Another Big Year?
Every year, consumers in the US eagerly await the arrival of one of the busiest shopping days of the year: Black Friday. Black Friday, which takes place the day after Thanksgiving, marks the beginning of the holiday shopping season. In the past, stores opened at 4 am, but in 2011 some retailers set a new precedent by opening their doors at midnight. In many ways, Black Friday is a bargain hunter’s paradise. The stores offer consumers the opportunity to find deeply discounted prices on fashion items, just in time for the holiday season. For some, it has become an annual tradition to hit the stores as soon as possible, fight the crowds and stand in long lines, all in the name of saving some money. However, as we saw in 2011, consumers looking for a more “smart” and stress-free way to shop are beginning to prefer online shopping methods.
In this article, we’ll take a look at the 2011 shopping season and highlight some trends and the best products of the year. We’ll also give a brief overview of how industry experts predict the coming year will shape up for online retailers.
Online sales hit all-time highs in 2011
2011 was an encouraging year for online merchants. Industry reports showed notable growth in overall e-commerce spending over the year, especially considering current economic conditions. According to comScore, which measures digital data, more than 50 million Americans visited online retail sites on Black Friday this year. E-commerce spending on Black Friday jumped from $648 million in 2010 to $816 million in 2011, an increase of 26%. Black Friday wasn’t the only holiday shopping day to see improved sales. Online Thanksgiving spending jumped 18%, from $407 million to $479 million in 2011. However, the biggest day of online shopping of 2011 was undoubtedly Cyber Monday. In fact, a recent report from comScore lists Cyber Monday as the “Biggest Online Spending Day in the US.” history.” Consumers spent a record $1.25 billion shopping online, an increase of 22% over 2010. Overall, US e-commerce spending in 2011 was up 13% over 2010, reaching a record of $161.5 billion.
With a shaky economy and skyrocketing gas prices, consumers are looking for every possible way to cut costs and save money. For some, it may even mean eliminating trips to the department store and shopping online instead. Given the numbers highlighted above, it’s clear that shoppers are starting to rely more on online retailers and deal-hunting sites for better prices.
Best Performing Products of 2011
From tablets to smartphones and everything in between, 2011 was an exciting year for consumers looking to “go mobile.” Here’s a quick rundown of some of the most popular and must-have gadgets from the past year.
- Apple iPad 2: A thinner, lighter, faster version of the original iPad. Features include iOS 5, iCloud, and over 140,000 apps.
- Kindle Fire: Although Amazon’s Kindle Fire doesn’t offer as many features as the iPad2, many consumers were attracted by the price of less than $200. Watch movies, play games, search the web, check email, read and more on Amazon’s full-color tablet.
- Smartphones: Verizon’s iPhone 4, T-Mobile’s HTC Sensation, Motorola’s Atrix 4G, and Verizon’s HTC Thunderbolt were popular choices in 2011.
- TI Nspire CX: Texas Instruments’ latest graphing calculator with a high-resolution, full-color display.
- Nook: Tablet and e-reader from Barnes & Noble.
Which retailers had the best Black Friday?
In a recent comScore report, Amazon was listed as the #1 online retailer on Black Friday, with 50% more visitors than any other merchant. In second place was Walmart, followed by Best Buy, Target and Apple.
A look at Black Friday 2012
Will 2012 bring more of the same? Industry experts predict that next year will be another great year for online merchants. HDTVs, tablets, and laptops will continue to be a big hit on Black Friday. Apple is even rumored to be planning to launch a line of HDTVs next year. However, Black Friday and Cyber Monday will not be the only record shopping days in 2012. A new early shopping day for the holidays, called Mobile Thursday, is expected to launch this year. The day will be an opportunity for retailers to offer exclusive “mobile” sales that consumers can access by shopping on their smartphone. With smartphones becoming such a huge shopping tool, many retailers feel that Mobile Thursday could attract a whole new customer demographic.