Now that all of the little ghouls and goblins have finished trick-or-treating for Halloween, we can turn our attention to bigger things, like the holiday shopping season.
Much of that money will be spent in the month of November. Black Friday and Cyber Monday are two of the biggest shopping days of the year. But are shoppers really getting the biggest bang for their buck on these popular shopping extravaganzas?
Now that November is upon us, we're going to tell you some of the best, and worst, things to buy during the month.
Adobe Holiday Forecast
Adobe (yep, the PDF and Photoshop Adobe) just released its 2018 holiday shopping forecast, and hold on to your wallets, it looks like it's going to be a busy, busy season for both online and brick-and-mortar stores.
Adobe touts this as the industry's most comprehensive report, and with the help of AI and the company's machine learning system (dubbed Adobe Sensei), it tracked millions of visits to U.S. retail sites, 55 million unique products and transactions from 80 of the top 100 U.S. web retailers.
Together with a survey of around 1,000+ U.S. consumers, the results are quite interesting, to say the least. Read and let Adobe's research guide your holiday shopping way.
What are the best days to do your holiday shopping?
Based on Adobe's research, here are the best days to shop, especially if you're looking to score a great deal on a particular product:
Thanksgiving is the best day to buy sporting goods (exercise and sports equipment, camping gear, sports clothing, etc.) for an average savings of 13%.
If you're looking big-ticket electronic items, then Black Friday is still the best day to shop. Here are the average savings for the top selling items:
- Tablets (22%)
- Televisions (33%)
- Computers (16%)
The Sunday After:
The deals don't stop after Black Friday, of course, The Sunday before Cyber Monday (November 25), prepare for great deals on apparel (22% savings), appliances (18% savings), and jewelry (14% savings).
After the Black Friday electronic rush, Cyber Monday will yield the best deals in toys with a 19% savings average.
And don't you ever think that the deals stop on Cyber Monday, Giving Tuesday (yep, it's a thing) will offer the best discounts on furniture and bedding, with a 14% savings average,
Online shopping will hit its highest peak ever
Here's one record that's bound to be broken in 2018: online shopping revenue.
Based on the report's predictions, $124.1 billion will be spent on online shopping in November through December of this year. That's one dollar for every six dollars spent overall!
The major online shopping days will be Thanksgiving ($3.3B), Black Friday ($5.9B) and naturally, Cyber Monday ($7.8B). This means online shopping will generate around $23.4 billion from Thanksgiving to Cyber Monday alone.
The best hours for shopping on Cyber Monday is between 7 p.m and 10 p.m. These 3 hours alone will bring as much earnings as one average full day.
On the other hand, online shoppers return 18% more merchandise at this period compared to the rest of the year.
Physical retail presence boosts online sales
Here's another interesting fact from Adobe. One thing that gives online retailers an advantage over their competitors is a physical storefront.
Known as "showrooming," it is when consumers go to an actual brick-and-mortar store to see a product in person then eventually purchase it online later.
Although this is commonly frowned upon, it actually gives retailers a 28% a higher online sales conversion, with in-store pickups getting a 250% boost since January 2018. In fact, in-store pickups and one-day shipping methods are equally popular for last-minute gift ideas.
The mobile shopping revolution
Smartphones continue to drive retail visits, and they now account for nearly half of retail visits and a quarter of the total revenue. In fact, mobile revenue keeps rising by 11.6% from year to year. It's projected that 35% of purchases this coming Thanksgiving will be made from a smartphone.
However, one thing that's holding smartphone shopping's growth is the checkout process on mobile. If retailers can improve their mobile checkout process (leading to less shopping cart abandonment), then they can grow their revenue even further by 7.3%, which translates to around $9 billion. Imagine that!
The rise of the virtual assistant
The smart home revolution is also on full swing in terms of shopping since smart speakers and voice assistants like Alexa and Google's Assistant are already contributing to this year's holiday shopping rush.
According to Adobe, 47% of shoppers are now searching for products, 43% are creating shopping lists and 32% are comparing prices, all with the help of voice commands and smart speakers.
More fascinating shopping facts
Here are a few more interesting shopping facts from Adobe:
- Cyber Monday 2017 yielded 5.2 billion minutes spent shopping (equivalent to 10,000 years).
- Over 72% of shoppers plan on staying home on Thanksgiving this year (and maybe just shop online).
- 13% of what people spend on the holidays are items for themselves.
- Almost all the TVs sold this year will be 4K (83%).
- Classic versions of gaming consoles (like the Nintendo and PlayStation Classic) will outperform.
- Now, here's quite surprising (and funny) - Over 20% shop in the bathroom and 5% shop while at a wedding ceremony! How rude :-).