The paradigm shift in consumer preference for e-commerce spending has been further highlighted by comScore’s data for online shopping during the first 32 days of this holiday season.
So far, consumers spent $18.7 billion online this season, a near 15% increase over the previous year. But Cyber Monday followed by the next two days were each landmarks in terms of spending volume – each just over $ 1 billion. Taken with Cyber Monday 2010, these four days rank as the heaviest online spending days in history. “Cyber Monday kicked the week off with a bang as consumers opened their wallets to the tune of $1.25 billion, but it was only the beginning of a very strong week of online holiday spending,” said comScore (NASDAQ:SCOR) Chairman Gian Fulgoni. “Tuesday and Wednesday followed with billion dollar spending days, helping Cyber Week reach a record weekly total of nearly $6 billion in spending”.
In fact, a comparison of the amount spent on important days of the traditional holiday season between 2010 and 2011 reveal that this year the figures are better, ranging from 15-26%.
One of the most important promotions used this year has been free shipping, seen at record levels. According to comScore, more than half of all transactions have included free shipping with rates increasing later into the season. “Free shipping is one of the most important incentives that online retailers must provide during the holiday season to ensure that shoppers will convert into buyers,” said Mr. Fulgoni.