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Cyber Monday Breaks Records for Online Retail – Ecommerce thrives in 2011 Holiday Season

December 1st, 2011 Sandeep Walia No comments

Despite a slow economy, online retail revenues jumped 22% year on year to clock in $1.25 billion on Cyber Monday as consumers continued to make the web an integral part of their holiday shopping. The $1.25 billion is the heaviest online commerce day ever according to research firm com-Score Inc. Sales were heavy during the entire holiday weekend and online retailers racked up $1.03 billion in sales cumulatively over Saturday and Sunday and $479 million on Thanksgiving and $ 816 million on Black Friday (the day after Thanksgiving). This growth goes to show the higher adoption of online purchasing in the mainstream and that brick and mortar retailers need to strategically morph in to multichannel retailers. Retailers that do not make the transition into online ecommerce well will see their revenues dwindle and will be in a situation where they will be forced out of business.

Contrary to the perception that the only purchases buying online are buying low ticket items or are deal seekers– the average order size online grew year over year by nearly 3% and was approximately $200 ($198.26 from $193.24 from the prior year) showing a trend towards bigger ticket items and that the online buyer community has a very significant component of shoppers that value the convenience of online purchase over going to a store. On average consumers spent almost $400 over the Thanksgiving weekend which is up nearly 10% over the prior year – again underscoring the MATOOR (Mall TO Online Retail) shift.

Internet retailers have to constantly modernize their platforms and be able to evolve to meet the increasingly sophisticated demands of the web-savvy consumer. Online retailers need to be savvy towards social media, search engine optimization; and guerilla marketing tactics that differentiates them with innovative promotions. Case in point: Atlanta Falcons – an Ignify customer is running a 20% off with Free Shipping on their online store. Amazon.com is running Cyber Monday week all of this week.

Guerilla Marketing Campaign by Atlanta Falcons to drive sales in the Holiday Season

Figure. Guerilla Marketing Campaign by Atlanta Falcons to drive sales in the Holiday Season

Merchants need Dynamic ecommerce platforms that can rapidly adapt to the changing marketplace and give them the flexibility to move quickly and aggressively with innovative and differentiating offerings and promotions.

Ignify has put together a set of recommendations for online retailers to increase revenues and improve conversions this holiday season. Download this white paper from our site if you are interested in learning more.

Sandeep Walia is the Chief Executive Officer at Ignify. Ignify is the market leader in ecommerce solutions for retailers and distributes with seamless integration to Microsoft Dynamics ERP, Sage ERP and SAP. Ignify has been included as the fastest growing business in North America for 5 years in a row by Deloitte, Inc Magazine and Entrepreneur Magazine and ranked as one of 100 most innovative companies in the world in the Red Herring Global 100 in 2011.