Deep Discounts from Merchants Boosted Sales
To attract more shoppers, retailers offered heavy discounts during the Cyber Week period and the weeks leading to Christmas. Adobe Analytics reports that these made goods irresistible to a lot of customers.
Lead analyst Vivek Pandya was quoted as saying that deep discounts spurred consumer spending to higher-than=expected levels, further reinforcing ecommerce as a major channel to drive sales and capture consumer interest.
In the electronic category, discounts of up to 25% were offered by popular brands in comparision to about 8% last year. The toys category saw a boost in sales of up to 452% in October. During Cyber Week, manufacturers and retailers were offering discounts of up to 34%. Adobe Analytics data is based on one trillion visitors to US ecommerce websites, covering 100 million SKUs and 18 product categories.
As expected, the spur of growth can be attributed directly to increased consumer shopping ahead of the holidays. Product categories that recorded top sales include games and gaming consoles, toys, Dyson products, Apple watches, drones, digital cameras, and strollers.
BNPL (buy now, pay later) campaigns were also a big draw to many holiday shoppers. According to Adobe insights, customers are more likely to use this payment method for more expensive purchases. Cyber Week BNPL orders grew 85% and 88% in revenues.