The upcoming holiday shopping season is expected to break records in online spending, a study by Adobe Analytics concluded on Tuesday (Oct. 29).
Online shopping during November and December is anticipated to go up 14.1 percent over last year, reaching sales totaling $143.7 billion. The study tracked transactions for 80 of the top 100 U.S. internet retailers including Walmart and Amazon.
Online Black Friday sales are expected to go up 20.3 percent to $7.5 billion. Thanksgiving Day eCommerce shopping is anticipated to increase 19.5 percent, to $4.4 billion. Cyber Monday sales are forecasted to be up 19 percent over last year, reaching $9.4 billion. Total retail spending online and offline is expected to increase by 4 percent.
This year there are 22 days between Cyber Monday and Christmas Day — six fewer than in 2018 — which could mean almost $1 billion in lost revenue. The shorter shopping cycle means that retailers will likely start sales earlier than ever before. Each day in November and December is expected to top $1 billion in online retail sales for the first time, the study indicated.
“The compressed shopping cycle will see retailers launching offers far earlier than ever before,” said John Copeland, head of Marketing and Customer Insights at Adobe. “With fewer days to spend, Adobe Analytics predicts that BOPIS (buy online, pick up in store) will be more popular than ever before, with revenue from this delivery method doubling in the week before Christmas as shoppers rush to complete their gift lists.”
The Adobe Analytics study also forecasted the best days for shopping online, based on retailers’ past price cutting. Black Friday will offer the best discounts on appliances — 9 percent — and sporting goods — 6 percent. Dec. 1 will see toys 32 percent and computers slashed 18 percent. Cyber Monday, Dec. 2, will have 19 percent discounts on TVs, 10 percent off on furniture and bedding and 6 percent off on tools and home improvement items. Dec. 27 will see electronics bargains, offering up to 27 percent off.
More retailers are leaving malls than ever before as online shopping soars and debt-ridden chains collapse. Household names like Sears and Victoria’s Secret are among the 7,400-plus stores closing in 2019.