Black Friday shoppers have spent more than $3.5 billion online.
The deals have never been steeper.
The demand for discounts and rise of online shopping could be a problem for some retailers if they fail to adjust their strategies.
Black Friday sales are surging, with shoppers spending more than $3.5 billion online as of Friday morning.
Shoppers spent a total $2.9 billion online on Thanksgiving — a 18% increase over last year, according to Adobe Analytics. By 10 a.m. ET on Friday, shoppers had spent an additional $640 million online.
“Thanksgiving is shaping up to be a record-breaking shopping day,” said Mickey Mericle, the vice president of marketing and customer insights for Adobe.
However, the surging sales hide two ominous realities.
First, retailers have had to drop prices lower than ever to get shoppers to spend money.
Discounts are hitting record highs this year, according to Edited, a retail technology company. Nearly half of the US apparel market was discounted on Thanksgiving, with an average promotion of 47% off an item’s full price.
Retailers have additionally started offering more deals all year round, making Black Friday less of a special event.
“The whole idea of Black Friday and Cyber Monday … …read more
Source:: Businessinsider – Finance