In this edition, we’ll cover the most important retail news and look at sales data from the Thanksgiving weekend.
Cyber Monday 2020 biggest online shopping day ever
This year’s Cyber Monday was the biggest online shopping day in U.S. history. Year after year, online sales (15% YoY growth this year) have been breaking historical shopping records, with this Thanksgiving weekend topping all those that came before. According to Adobe’s Retail Shopping Insights and e-commerce trends, total e-commerce sales over the entire Thanksgiving weekend amounted to $34.4 billion, with Cyber Monday accounting for $10.8 billion.
Infographic by Statista
Holiday shoppers fear pandemic-driven delivery delays
Holiday shoppers are worried that their ordered gifts may not arrive in time for Christmas this year. This fear is justified by the last year’s FedEx and UPS failures and this year’s boost in online shopping. Delivery companies are introducing strategies to prevent delays, but there are strong indicators that the extra load will be unmanageable. UPS is limiting deliveries from some commercial clients, while both FedEx and UPS have suspended their money-back guarantees for on-time shipping. Read more about holiday shipping deadlines 2020 on Fortune.
Autonomous delivery vehicle market to reach $24.7B by 2027
The global autonomous delivery vehicles market is projected to be valued at USD 24.73 billion by 2027, according to the Emergen Research. The market’s primary goal is to satisfy the growing demand for quicker contactless doorstep delivery for the restaurant, food chain, and retail sectors.
Online holiday market designed to support small businesses
The innovative e-commerce company, Upmarket, introduces Virtual Holiday Village to enable shoppers to find unique, handmade gifts and support the local economy and small businesses.
Digital retail trends to keep an eye on
The new year will bring new retail practices and trends. As expected, technology movements such as AR/VR, contactless payments, and predictive analytics will play a crucial role in retail moving forward. Read about the four retail tech trends to watch in 2021 to help you become a leader in digital retail.
Retailers believe in the future of small-format stores
Small-format stores combine technology with a limited, highly curated assortment to create a store-within-a-store. Many of these small-format experiences are offshoots of big brands, according to Forbes. Big box retail giant Target led the way with better-targeted store experiences in smaller spaces, with the merchandise localized to the area or neighborhood.
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