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Cyber Monday Not Cannibalized by Early Consumer Spending, with Average Order Values Across Ecommerce Channels Up 6.5 Percent Yesterday
PHILADELPHIA (Nov. 29, 2016) – Monetate, the leader in personalization for brands worldwide, has unveiled its analysis of ecommerce activity during Cyber Week, during which mobile was the clear channel of choice for consumers. While Average Order Values (AOVs) were up 6.8 percent across all ecommerce channels compared to 2015, AOVs were up 29.4 percent on mobile phones. On Cyber Monday, specifically, AOVs experienced a 6.5 percent increase over 2015, with mobile up 34.6 percent.
As it relates to retailer sales, mobile accounted for 22 percent of all U.S. revenue during Cyber Week. This is a sizable increase over 2015, during which mobile represented just 8 percent of total U.S. retailer revenue tracked by Monetate.
“As we predicted a year ago, mobile is delivering for retailers this season,” said Lucinda Duncalfe, CEO, Monetate. “Mobile performed better than last year from Thanksgiving through Cyber Monday in almost every aspect—higher conversion rates, lower cart abandonment and higher average order values. Meanwhile tablets have underperformed consistently with only one bright spot: higher AOV on Black Friday. Despite the challenge of screen size on mobile, consumers are voting with their dollars for the convenience of a device that is always at hand. The retailers who have optimized their mobile ecommerce experiences are winning this holiday season.”
In a marked shift from traditional holiday shopping habits, this year marked the first that U.S. consumers had a higher average AOV across ecommerce channels on Thanksgiving Day ($189.07) than on Black Friday ($171.55) or Cyber Monday ($153.09). The AOV average across ecommerce channels for the entirety of Cyber Week was $163.54.
Other key findings from Cyber Week include:
Buyers Show Decisiveness: While add to cart rates (down 15.4 percent) and conversion rates from session to purchase were lower across all channels compared to 2015 (down 8.3 percent), buyers were more likely to purchase what was placed in their carts specifically on Thanksgiving and Cyber Monday, as evidenced by cart abandon rates being lower than previous years (down 5.1 percent across channels). In addition, average order values (AOVs) were higher (up 6.8 percent across channels). Monetate data also showed patterns of browsing behaviors leading up to Cyber Monday, which resulted in same buyer sales on Monday, indicating that shoppers were approaching Cyber Monday with intent and anticipation of larger discounts.
Bounce Rates Increase: The bounce rate for all of Cyber Week across channels was 34.10 percent, marking a 4.9 percent increase over last year. Bounce rates on desktop, mobile and tablet were 29.15 percent, 38.85 percent and 31.79 percent, respectively.
Canada Outspends U.S. and U.K.: AOVs in Canada averaged $195.91 across ecommerce channels, compared to $163.54 in the U.S. and $131.01 in the U.K.
Monetate’s analysis represents hundreds of millions U.S. consumer touchpoints across desktop, mobile and tablet collected from November 21-28, 2016. It includes aggregate, anonymized data from leading enterprise clients that leverage Monetate to power multi-channel personalization by translating their vast array of customer data into real-time action across channels and devices. By empowering brands to understand and interpret customer data in a meaningful way, retailers can deliver a more relevant experience that builds long-term customer relationships.
More details and data from Monetate’s analysis is currently available on the company’s blog. If you’re a member of the media interested in receiving more detailed analysis or further data throughout the holiday shopping season, contact Monetate@v2comms.com.
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create truly individual experiences that surprise and delight every customer, increasing engagement and improving performance.
Monetate’s approach to personalization starts with the understanding that each individual is unique, and instantly chooses the best interaction for each one. Unlike testing, which identifies the best choice for everyone, or segmentation, which defines the best choice for a group of people, Monetate’s 1-to-1 personalization engine reflects the full diversity of human beings and creates an experience for each one, in each moment.
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Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg Inc., J. Crew Group Inc., The North Face, and hundreds of other market leaders.