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Forbes: Cyber Monday could beat Black Friday this year

Reposted from forbes

Publication date 10/31/2016

Cyber Monday will match or beat Black Friday this holiday season according to a new report by Fluent, a consumer research company.

40% of Americans said they will shop online on Cyber Monday versus 39% who say they plan on heading to the stores for Black Friday. Apparently, it’s the crowds that scare away the shoppers. Nearly 2 in 3 consumers said that the discounts were not worth dealing with long lines and crowds.

Even though a majority of shoppers will be doing their product research online and Cyber Monday will be a huge shopping day – only 22% of Americans say they will make the majority of the purchases online. Americans are growing more comfortable with phone shopping and nearly 2 in 5 say they will make purchases with their smart phones. However that’s mostly driven by younger shoppers.

Retailers got burned last year when the cold weather disappeared and shoppers didn’t make their normal winter weather purchases. So there is an added sense of urgency for many in the retail industry to recover with this year’s holiday sales.

 The National Retail Federation is forecasting an overall pickup in holiday spending this year. This year, NRF estimates that holiday sales will increase 3.7 percent to $630.5 billion, compared to last year’s 4.1 percent growth. But that isn’t the case for everyone, 26% of Americans said they will spend less . A number sure to cause anxiety among retailers as they fight hard for each dollar.

It’s also getting increasingly difficult for retailers to figure out where to spend their ad dollars to bring in customers. While people are spending hours on social media sites doing product research, Fluent found that consumers said ads on social media didn’t persuade them to make purchase decisions. TV ads and print ads are still the most effective forms of advertising.

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