Social Retail Proves it's No Fad this Christmas
The early take is impressive. Shoppers last week spent £10. 5 billion online on Black Friday. A few days later they spent another £1 billion on Cyber Monday. Online sales tally for Manic Monday 29th November, it was was expected to top £537 million.
Analysts predict it will be the biggest e-Christmas yet, impressive when you consider offline sales are largely flat in most markets.
What is the formula? Why are e-tailers outperforming retailers by such a wide margin? The winning formula is nothing new. It is all about generating attention and buzz and so far online retailers are doing a better job at this then their offline counterparts. And, it is retailers' increased investment in social media, something we have been chronicling all year at SMI, that is proving the big difference, generating greater buzz, and, so far, sales. Consider this observation from The National Retail Federation in the U. S. They have already witnessed more traffic to web sites and larger purchase amounts when shoppers click through to the checkout, this even amidst such an uncertain economy.
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