It happened! The Black Friday/Cyber Monday weekend brought record sales and an optimistic outlook for the impending holiday spending season. As the news poured in, we wondered what credit unions might learn about consumer behavior, secure payments, digital shopping and the importance of data as we round out another year.
Black Friday Fatigue: Some 174 Million Shoppers Disagree
Black Friday is not what it used to be, but that doesn’t mean it’s not a potent indicator of retail health. New statistics from the National Retail Federation tell the story of a consumer base that is not as jaded, shopping-averse or Scrooge-like than previous years have suggested. Then again, this is not the time to set aside your digital priorities.
Cyber Monday Was Dominated by Mobile Sales
On the biggest online shopping day in U.S. history consumers rang up a whopping $6.59 billion in online sales, with mobile accounting for $2 billion. Some 75 percent of Millennials were more inclined to shop on their smartphones than online.
Black Friday Recap: 7 Facts that Might Surprise You
In-store traffic might have been down on Black Friday – about 1.6 percent compared to last year – but that didn’t necessarily translate into bad news for retailers. And here’s some surprising news: Small retailers that invested in mobile optimization saw two times to conversion rates of their larger competitors.
How Amazon Conquered Cyber Monday
The evolution of Cyber Monday can be tracked in a thousand ways, including this one: Here’s how Amazon approached Cyber Monday in its own press materials every year since 2008.
Do Shoppers Rely More on Discount or Product Reviews?
It’s complicated. A survey of 500 consumers and 500 publishers found that product reviews are influential in consumers’ buying decisions, but many also wait for the best discounts before they hit the “buy” button. Translation for credit unions: Consumers are savvy and digitally-driven in gathering product and pricing information.
BONUS READ: Check out PYMNTS.com’s post “New Insight: How Budget-Conscious Banks Can Smarten Up Security,” featuring insights from CO-OP’s Chief Product and Strategy Officer Shazia Manus on how credit unions can leverage AI even if they don’t have billions to invest in technology.
