Black Friday online buying hits a record $9.8B in the US, $70.9B globally

Black Friday online buying hits a record $9.8B in the US, $70.9B globally

Black Friday Online Shopping Surges, Reaching Record Highs Despite Economic Challenges

In a testament to the resilience of consumer spending, Black Friday online sales reached a staggering $9.8 billion in the United States, representing a 1.4% increase from the previous year, according to data from Adobe Analytics. This surge in online shopping further underscores the growing dominance of e-commerce, particularly during major shopping events like Black Friday.

Global Online Sales Reach $70.9 Billion

The Black Friday shopping spree extended beyond the US, with global online sales reaching $70.9 billion, up from $63.2 billion in 2022. This growth is particularly impressive considering the ongoing economic challenges, including inflation and supply chain disruptions.

Factors Driving the Online Shopping Boom

Despite economic uncertainties, several factors contributed to the remarkable growth in online Black Friday sales:

1.Convenience and Accessibility: Online shopping offers unparalleled convenience, allowing consumers to browse, compare, and purchase products from the comfort of their homes.

2.Wider Product Selection: Online retailers often boast a broader selection of products compared to brick-and-mortar stores, catering to diverse preferences and needs.

3.Attractive Deals and Discounts: Online retailers competed fiercely to attract customers with enticing deals, discounts, and promotions, further fueling the shopping frenzy.

4.Mobile Shopping Dominance: Mobile devices played a pivotal role in driving online purchases, with 58.9% of all online Black Friday sales occurring through smartphones.

Breakdown of Online Sales Categories

Electronics remained the most popular category for online Black Friday purchases, accounting for 27.1% of total sales. Apparel and toys followed closely, generating 21.8% and 19.6% of sales, respectively. Other notable categories included home appliances, furniture, and sporting goods.

Impact of Inflation on Consumer Behavior

Despite the overall growth in online spending, inflation influenced consumer behavior. Shoppers were more price-sensitive and sought out deals more aggressively. The average order value on Black Friday was $385.44, down slightly from $401.09 in 2022.

Implications for Retailers and the Future of Black Friday

The record-breaking Black Friday online sales highlight the enduring popularity of e-commerce and its growing significance during major shopping events. Retailers that effectively leveraged online platforms, offered attractive deals, and provided a seamless shopping experience were the key beneficiaries of this surge.

As the e-commerce landscape continues to evolve, Black Friday is likely to remain a significant shopping event, with online sales potentially surpassing brick-and-mortar sales in the coming years. Retailers will need to adapt to changing consumer behavior, embrace technological advancements, and prioritize customer satisfaction to succeed in this increasingly competitive environment.

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November 27, 2023

Kalpana Maurya