- Cyber Monday Sales on course to break records and hit $9.4B, according to Adobe Analytics.
- A trend towards buying goods online is great news for e-commerce, but not for shopping malls and retail clerks.
- Andrew Yang says universal basic income would help workers at-risk of displacement from the digital economy.
The United States’ annual consumerist extravaganza broke records again this year.
Retailers racked up $7.4 billion in online sales on Black Friday, making it the second-largest online shopping day in history, narrowly behind Cyber Monday 2018 when sales hit $7.9B.
But Adobe Analytics predicts Cyber Monday 2019 sales will shatter last year’s record and hit $9.4B, an increase of nearly 20%.
For the full holiday weekend, Adobe Analytics predicts sales to top $29 billion, up from 19% in 2018.
Although the weekend was an emphatic triumph for e-commerce retailers, the reality was a little different for stores dependent on physical traffic.
According to Retail Dive, the number of shoppers visiting stores over the weekend declined 3% compared to last year. On Black Friday alone, physical store visits dropped by 6.2%.
E-Commerce Offers Convenience, but Threatens In-Store Jobs
Rocketing digital sales are no surprise. By offering access to an abundance of products, one-click buying, and quick delivery, E-commerce has become invincibly convenient for shoppers.
The growing popularity of digital shopping was highlighted in a recent survey by Business Insider and Morning Consult.
The nationwide survey asked 2,300 American adults about their shopping preferences.
The results showed 58.2% of participants prefer shopping on Cyber Monday, compared to 41.8% who prefer Black Friday.
The infatuation with e-commerce is easy to understand, but the desire for convenience could have dire consequences.
When retailers lose physical traffic, they also lose the need for cashiers, cleaners, inventory…