Online Retail Today

Did Your GMV Grow 80% on Cyber Monday? Our Retailers’ GMV Did.

Did Your GMV Grow 80% on Cyber Monday? Our Retailers’ GMV Did.
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Today, Kibo released its annual Cyber Week analysis. An in-depth, same store look at the sales numbers for our omnichannel retailers, Kibo’s Cyber Week data revealed dramatic growth in gross merchandise value (GMV). Our analysis also uncovered some interesting shopping trends, such as mobile devices accounting for more than 50 percent of Black Friday traffic. Let’s take a look at the numbers in more detail:

Black Friday Brings Bigger Sales and More of Them!

According to the National Retail Federation (NRF), for perhaps the first time ever, more people shopped online (103 million) than in stores (102 million) during the recent five-day shopping weekend. This increase was definitely felt by Kibo clients as they enjoyed substantial year-over-year growth of online sales from the Monday before Thanksgiving through Cyber Monday, including an overall 45% GMV aggregate retail sales increase for the eight days of Cyber Week.
Black Friday-specific sales growth (22% GMV year-over-year) was fueled by larger sales, as retailers saw a 40% growth in average order value on the day after Thanksgiving. But perhaps the most impressive figure of the past shopping week is the 80% GMV growth year-over-year that Kibo retailers experienced on Cyber Monday.

Buying Online, But Picking Up In Store

Cyber Week proved that in-store pickup remains a popular fulfillment option with today’s online shopper. Kibo’s analysis revealed that nearly 1 in 5 shoppers (almost 20%) ordered products online during Cyber Week, but picked them up from a store.
Here at Kibo, we were not surprised at this figure. The flexibility of in-store pickup during the holiday shopping season is a great convenience for many consumers. Being able to reserve the product online, so it is ready and waiting at the customer service counter saves consumers time, allows them to pick up on their own schedule and lets them avoid the in-aisle shopping frenzy. Add in the fact that shoppers make additional purchases more than 40% of the time when they visit your store makes in-store pickup a win-win for all involved.

Holiday Shopping on the Go

Mobile devices accounted for more than 50% of Black Friday traffic, and 40% of Cyber Monday traffic. But even with more consumers using mobile devices to do their holiday shopping, desktop users still purchased the most per order. With the average order value growth for desktop users more than twice as large as the mobile average order value, consumers clearly prefer to make larger, multi-item purchases in front of a computer, rather than from a smartphone.
Kibo’s Cyber Week analysis clearly demonstrates the importance of an omnichannel retail strategy for satisfying today’s demanding consumer. Now, more than ever, retailers must evolve to meet changing consumer expectations by uniting online and offline strategies to provide a convenient, reliable and efficient experience regardless of how and where customers choose to shop.
Learn more about Kibo’s order management solutions.
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