American consumers spent a record of 10.8 billion dollars in online purchases after the day of offers known as “Black Friday”reported over the weekend Adobe Analytics.
In a day marked by the use of technology artificial intelligence (IA) to find the best offers, the sales amount exceeded that of the same day in 2023 by 10.2%.
Buyers mainly focused on toys, jewelry, appliances, care products, clothing and electronics.
“Exceeding 10 billion dollars is an significant stage for e-commerce due to Black friday, a day that in the past was more intended for in-store purchases,” he summarized. Vivek Pandyaanalyst Adobe Digital Insights.
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This year was not the inflation which mechanically increased the amount compared to last year, but rather an increase in demand, Adobe highlighted.
“The prices of online businesses fell for 26 months,” and are 2.9% below the average from a year ago, they indicated. Consumers turned to AI to navigate between the various offers.
Traffic to retail sales sites from these types of services “increased 1,800% compared to Black Friday” in 2023, according to adobe. Artificial intelligence is also applied to quickly find specific items or obtain brand recommendations,according to a survey conducted by Adobe on 5,000 American buyers.
“Black Friday”, the day after the holiday Thanksgiving, marks the start of the year-end shopping season.
This Monday will be the one called “Cyber monday“, for electronics sales, “the biggest shopping day of the season and of the year” with expected record expenses of around 13.2 billion dollars, which would mark an increase of up to 6.1% over last year.
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In the five days of theCyber Week”,from Thursday to Monday,$40.6 billion in expenses are expected, 7% more than last year and 16.9% of holiday sales, Adobe estimates.
Mario Clementea Mexican tourist, traveled from Guadalajara “first for the experience, but we also found very good prices.”
Compared to Mexico, it is much cheaper to come here in the USAsaid.
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What are the key factors driving increased consumer spending during Black Friday 2023?
Interview with Vivek Pandya: insights on black Friday 2023 Spending Trends
Time.news Editor: Welcome, Vivek Pandya, an analyst from adobe Digital Insights. Thank you for joining us today. it’s been reported that American consumers spent a record $10.8 billion on Black Friday 2023. What do you attribute this important growth to?
Vivek Pandya: Thank you for having me. The increase can be largely attributed to two main factors: heightened consumer demand and the advancements in technology, notably artificial intelligence (AI). We saw a 10.2% increase in spending compared to last year, which wasn’t simply a byproduct of inflation, but rather a reflection of genuine enthusiasm for online shopping.
Time.news Editor: That’s an impressive growth rate. Can you tell us which categories consumers focused on the most during Black Friday?
Vivek Pandya: certainly! The primary categories included toys, jewelry, appliances, care products, clothing, and electronics. These categories were particularly popular, and shoppers leveraged AI tools to navigate and uncover the best deals across these segments.
Time.news Editor: AI seems to be playing a pivotal role in this shopping season. How exactly are consumers using AI to their advantage?
Vivek Pandya: This year, we observed a staggering 1,800% increase in traffic to retail sites stemming from AI services. Buyers utilized AI to quickly find specific items, make brand recommendations, and sift through the myriad of offers available online. The ability to access real-time price comparisons and tailored suggestions has substantially enhanced the shopping experience.
time.news Editor: Fascinating! You mentioned earlier that prices for online purchases have decreased over the past couple of years.How does this impact consumer behavior?
Vivek Pandya: Indeed, online prices have fallen for 26 consecutive months, with current prices sitting about 2.9% lower than the previous year. This decline encourages consumers to explore online shopping further, especially as they perceive better value for their money. More than ever, consumers are willing to invest in quality products when they can find competitive prices.
Time.news Editor: With the upcoming Cyber Monday expected to generate around $13.2 billion, what predictions do you have for this shopping holiday?
Vivek Pandya: Cyber monday is projected to be the biggest shopping day of the year, with an anticipated 6.1% increase over last year. During the five days of ‘Cyber Week’ from Thursday to Monday, we anticipate $40.6 billion in spending,which accounts for 16.9% of holiday sales. This underscores a growing trend where more consumers are turning to online platforms for their holiday shopping needs.
Time.news Editor: It’s clear that Black Friday and Cyber Monday are evolving significantly. Do you have any practical advice for consumers aiming to make the most of their shopping experience during this period?
Vivek Pandya: Absolutely! My key piece of advice would be to leverage AI tools for price comparisons and deal hunting. Start your research early and set clear budgets. Don’t hesitate to sign up for alerts from your favorite retailers, as they often provide exclusive discounts. Lastly, be sure to verify purchase return policies to ensure a smooth shopping experience.
Time.news Editor: Thank you,Vivek. Your insights into consumer spending behavior and the role technology plays are incredibly valuable as we navigate this shopping season.
Vivek Pandya: Thank you for having me. It’s an exciting time for e-commerce, and I look forward to seeing how these trends develop in the coming years.