No Lumps of Coal for Retailers as Shopping Soars to $22 Billion Online
With five to eight days remaining for consumers to take advantage of free shipping offers before Christmas, the online shopping season still has a lot of legs left.
In the first 40 days of the holiday shopping season, comScore estimates that more than $21.95 billion has been spent online, increasing 12 percent vs. last year.
The most recent week saw a spike in sales with $5.15 billion in spending, an increase of 11 percent over last year, as two days each pushed passed $900 million.
But still, it’s likely that the biggest shopping day online has yet to occur. The industry would like you to believe that its “Cyber Monday,” the Monday following Thanksgiving, is the busiest, and while spending hit an all-time record of $1.03 billion on that day this year, procrastinators typically spend more as we get closer to Christmas.
This Monday, Dec. 13, has been coined “Green Monday,” presumably after the color of money. EBay came up with the term after the second Monday in December 2007 kicked off one of the busiest shopping weeks online.
This year seems particularly robust, as shoppers become even more comfortable seeking discounts online. ComScore chairman Gian Fulgoni, surmised: “This coming week, beginning with Green Monday, should see some of the heaviest online shopping activity of the season and we expect at least one more day to surpass the billion dollar spending threshold.”
But the holiday shopping season will naturally slow down starting on Friday, Dec. 17, as free delivery offers expire and it becomes more difficult to get guaranteed delivery by Christmas Eve. Until then, the post office can assume its sleighs will be packed full of cardboard boxes.
Amazon.com is offering free shipping on purchases of $25 or more until Friday, unless you have an Amazon prime subscription. Wal-Mart is offering free shipping–with no minimum–on 60,000 items until Dec. 20. And, Dec. 17 has been coined Free Shipping Day with lots of merchants trying to get shoppers to do last-minute spending online without the penalty of shipping costs.