The biggest shopping period of the year has kicked off with Black Friday and Cyber Monday and yet again, we see that Commerce has become much more than just a transaction. It is an interaction between brands and consumers.
In contrast to China’s shopping extravaganza 11.11, Black Friday saw a step-back compared with 2020, generating $8.9bn in online sales versus $9bn last year. This trend continued into Cyber Monday, which racked up $10.7bn in online sales, down 1.4% from 2020. This decline was due to multiple factors: supply chain issues that have dogged the industry, “Grey Friday” (spreading deals over a range of days), and lower discounts than previous years. The forecast remains rosy though with overall sales for the U.S. holiday season projected to rise by a record 8.5% to 10.5%, reaching an estimated $859 billion, according to the NRF.
With this holiday season a testament to Commerce as the new canvas of creativity, read as VMLY&R COMMERCE takes a deeper dive into how brands and retailers leaned into new strategies and platforms to engage shoppers beyond the discounts to find growth.