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Tag: Online Sales

  • Black Friday Online Sales Break Records Despite Inflation

    Black Friday Online Sales Break Records Despite Inflation

    The economy received a boost during Black Friday, with this year’s online spending breaking records despite inflation.

    Inflation has been rising at near record rates, prompting concerns of an impending recession. Despite the economic uncertainty, online sales reached a new record during this Black Friday, coming in at $9.12 billion, according to data from Adobe Analytics, via GeekWire. This was a 2.3% increase over the previous year.

    Electronic sales were especially robust, growing a whopping 221%. Similarly exercise equipment sales grew 218%, audio equipment sales were up 230%, smart home item sales grew 271%, and toys 285%. Meanwhile, mobile transactions reached a record 48% of online sales, up from 44% last year.

    Interestingly, Buy Now Pay Later orders increased 78% over the previous week. This is likely a result of the economic uncertainty, not to mention the layoffs many have experienced.

    Black Friday is likely not the end of the good news, with Adobe predicting Cyber Monday online sales will grow 5.1% over the previous year, to come in at $11.2 billion.

  • Boxing Day Saw More Digital Shoppers Than Ever

    Boxing Day Saw More Digital Shoppers Than Ever

    Boxing Day–December 26–saw more digital shoppers than ever this year, rivaling Cyber Monday in the U.S. This year the sales even started before Boxing Day.

    The Age reports that Boxing Day shoppers were more likely to shop from home this year than ever before.

    Australian retailer David Jones said its website “broke all records for traffic and sales on Boxing Day, December 26, clocking up over a million visitors.”

    Kogan.com is Australia’s largest online department store. CEO Rusian Kogan says this year’s traffic on the evening of December 25 was up 50 percent over last year.

    “So people have had their turkey and spent time with the family, and then they start shopping on their mobile or laptop, and you give them early access to the deals,” he said.

    “Bricks and mortar retailers can’t do that and we’ve seen huge increase even just for that period,” Kogan added.

    Mr. Kogan added that although plenty of shoppers were lined up at the brick and mortar store to shop on Boxing Day, online sales that began on Christmas Day were very attractive to shoppers.

    “For retail stores, they can’t open at that time … so it makes sense for everyone, whether you’re a pure play online retailer or a bricks and mortar retailer,” he said.

    Might Boxing Day eventually go the way of Black Friday and Cyber Monday in the U.S.? More and more shoppers find Christmas deals while sipping coffee in their pajamas every year.

  • Target Job Cuts: Company Outlines Plan to Restructure, Invest in Technology

    Target Job Cuts: Company Outlines Plan to Restructure, Invest in Technology

    Target has announced a corporate restructuring plan that will see it ax several thousand jobs – but the focus will be at the headquarters level and not at the company’s 1,800+ retail locations.

    In order to “fuel growth and drive profitability”, Target is looking to cut costs to the tune of $2 billion.

    “These savings will be realized through operations, technology and process improvements; supply chain and sourcing efficiencies; and corporate restructuring,” says the company.

    This will include some job cuts, which will come primarily from corporate locations in Minneapolis and India – which employ around 26,000 people in all – according to Reuters.

    “Following a thorough, strategic review of our business, coupled with a careful evaluation of the changing retail landscape, we have identified the key initiatives that will put Target on a clear path to growth,” said Chairman and CEO Brian Cornell in a statement. “We’re focused on our future and building the capabilities that will take us further, faster. Redefining Target will require a renewed emphasis on prioritization and innovation, and above all else, putting our guests first in everything we do.”

    Apart from the corporate restructuring, Target has also announced a new focus on a “channel-agnostic” approach – meaning more focus on online sales and technology.

    “The retailer is taking a channel-agnostic approach to growing its business, driving a total Target experience across stores, online and mobile. Guests who shop Target in stores and online generate three times the sales compared to guests who shop in stores only. Continued enhancements in technology, supply chain and inventory management will create a shopping experience that is rooted in ease and inspiration. This will help spur Target’s continued annual growth in digital channel sales of 40 percent, as well as contribute to a total projected sales growth of 2 to 3 percent and comparable sales growth of 1.5 to 2.5 percent in 2015,” said the company in a press release.

    Target says it’ll invest at least $1 billion in tech.

    Target recently killed its online streaming service Target Ticket. It also took a swipe at Amazon by lowering its free shipping threshold – months after Amazon raised its.

    Image via Wikimedia Commons