Cyber Monday 2022 Insights!

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Cyber Monday is no longer just a day, it's a shopping phenomenon! In this blog we are going to explore and analyze some data from 2022 that will help distributors, wholesalers, manufacturers, and supermarket owners to make great data-based decisions for the rest of 2023 and succeed in the upcoming shopping season.

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Cyber Monday sales in 2022 surged by 5.8% compared to the previous year, reaching a staggering of $11.3 billion. This remarkable growth underscores the increasing prominence of online shopping and provides distributors with valuable insights for preparing their strategies.  Now, let's dive into the key takeaways from Cyber Monday 2022.

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Sales Spikes Per Product

    Retailers played a pivotal role in fueling this monumental growth by offering deep discounts across various product categories. The numbers are sky-rocketing:

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• Toys: Online sales increased by a remarkable 684%, a significant contrast to an average day in October.
• Sporting Goods: Sales saw a remarkable 466% uptick.
• Appliances: An astonishing 458% increase.
• Books: Sales spiked by 439%.
• Jewelry: Sales in this category were up by a substantial 410%.
• Electronics: Perhaps one of the most sought-after categories, with sales climbing by 391%.
• Computers: Showing a 372% increase in sales.

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Electronics Discounts

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   In the electronics category, deals reached heights, with discounts going up to 25% off the list price. This was a significant increase from the 8% offered in the previous year, making it an attractive category for both distributors and consumers.

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Impressive Growth Over the Years

    Cyber Monday 2022 witnessed a remarkable 20.0% growth compared to 2019, proving that it's an ever-expanding sales opportunity. This growth isn't just a testament to the increasing popularity of online shopping, but also reflects positively on consumer confidence and spending.

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The Reign of Mobile Shopping

    Mobile devices have now established their dominance on the online sales domain. In the five-day shopping period, they accounted for 51% of sales, surpassing the 46% recorded in the previous year. This shift emphasizes the importance of optimizing your online distribution channels for mobile, as consumers continue to turn to their smartphones and tablets for making purchases.

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Consumer Behavior and Trends for 2023 Black Friday and Cyber Monday

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     Despite the concerns brought about by record inflation, higher prices, and the threat of a recession, consumers still flocked to Black Friday and Cyber Monday shopping events. Here's a closer look at the behavioral trends:

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• Buy Now, Pay Later (BNPL): In 2022, 59% of consumers reported planning to use BNPL services, demonstrating its increasing popularity (LendingClub).

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• Shifting Away from Curbside Pickup: Curbside pickup, which was popular in 2021, saw decreased utilization in 2022 due to more shoppers returning to physical stores (Adobe).

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• AI Impact: AI played a significant role in holiday sales, with generative and predictive AI estimated to drive $195 billion in global online spending during the holidays (Salesforce).

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• Inflation's Influence: Inflation significantly influenced consumer shopping decisions, with 82% of consumers considering discounts and savings as a primary motivator for shopping during Cyber Week 2022 (Impact.com).

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• Record Sales Despite Inflation: Despite concerns over economic instability and inflation, last year's BFCM saw record-breaking sales, partly attributed to inflation (NPR, Federal Reserve Bank of New York).

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• Supply Chain Challenges: While some supply chain issues have improved, challenges such as rising costs and data inaccuracies remain, impacting ordering quantities and costs (Anvyl).

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• Retail Crime Impact: Retail crime negatively affected retailer performance, with retail crime incidents contributing to lower profit margins for major retailers (MarketScale).

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• In-Store Shopping Resurgence: In-store shopping witnessed a resurgence, particularly among younger shoppers, with 80% of respondents making in-store purchases (NIQ).

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• Increased Returns: It's expected that returns will rise during the 2023 BFCM as customers order multiple products and return most of their purchases, prompting the need for proactive measures by retailers (Kortx).

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Conclusion: 

The Cyber Monday data from 2022, along with insights into changing consumer behavior and trends, shows the strong dynamic e-commerce landscape. As a distributor, staying attuned to these trends is critical for crafting strategies that adapt to shifting consumer preferences. Whether it's embracing mobile commerce, optimizing discounts, or navigating inflation-related challenges, understanding the market's pulse is key. Cyber Monday isn't just a day; it's a learning experience that equips you to thrive in the ever-changing world of digital commerce.

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