Nov 26, 2023 - Data from retailer websites has revealed that holiday shoppers in the U.S. are actively seeking the best discounts and making strategic purchases ahead of the much-anticipated Cyber Monday, which is set to be the biggest online shopping day of the year. As merchants ramp up their online promotions, consumers are carefully navigating through available deals to secure the lowest-cost and best-value merchandise.

According to Rob Garf, the vice president and general manager for retail at Salesforce, strong online traffic on Black Friday showcased a clear pattern of shoppers investing time and effort into selecting their purchases. Despite a lower number of attractive deals initially, consumers remained patient and diligent, successfully playing a "game of discount chicken" to their advantage.

On Black Friday, which followed Thanksgiving, retailers significantly increased their discounts to an average of 30% across the United States. As a result, consumers energetically clicked the buy button, contributing to a staggering $16.4 billion spent online in the U.S. and a massive $70.9 billion globally that day, according to Salesforce's data.

Garf emphasized that this robust online spending on Black Friday would boost the overall sales figures for the entire Cyber Week, which commenced on Tuesday and will culminate on Cyber Monday. Salesforce predicts that discounts on Cyber Monday will also average around 30%, urging consumers not to wait for fear of products becoming unavailable.

The anticipation for Cyber Monday's deals has led retailers like Walmart to offer early access to discounts. Walmart made its "Cyber Monday Deals" available on Sunday starting at 7 p.m. ET, with "sneak peeks" of heavily discounted products, including Bluetooth wireless headphones for $9.88 from the onn. brand. The retailer also introduced early access for members of its Walmart+ membership program, who paid the $98 annual fee.

Salesforce bases its analysis on data from its Commerce Cloud e-commerce service, which provides insights into the behavior of 1.5 billion people in 60 countries across numerous e-commerce sites. Adobe Analytics, a rival company, forecasts that shoppers will spend a record-breaking $12 billion on Cyber Monday, a 5.4% increase compared to the previous year. Average price cuts are expected to reach 30% for electronics and 19% for furniture, according to Vivek Pandya, lead analyst at Adobe Digital Insights.

Pandya also noted that last-minute shoppers on Monday could potentially spend $4 billion between 6 p.m. and 11 p.m. ET alone, as there may be concerns about the strength of discounts thereafter. Adobe's transaction data, derived through its Experience Cloud service used by 85% of the top 100 internet retailers, supports these predictions.

Overall, consumers are strategically maximizing their shopping experience by capitalizing on the best discounts available. The online retail sector, particularly for toys and seasonal holiday merchandise, empowers consumers to compare prices and make informed purchasing decisions. The shift towards digital shopping during the pandemic continues to accelerate, reinforcing the importance of the online retail landscape.