One thing is true this year, 2020 has been a record year for online sales. And, as consumers gear up for the holiday shopping season, with a host of new coronavirus regulations preventing mass gatherings at retail stores and with major big box stores closing for Thanksgiving Day, online retailers could be in for record sales on Black Friday and Cyber Monday.
What Does it Usually Look Like?
Historically, Thanksgiving Day sales have continued to increase by double digits year over year since 2010, when stores first began opening for exclusive ‘Turkey Day’ sales. Last year, in 2019, Thanksgiving Day sales alone totaled in excess of $4.2 billion, with over 45% of all purchases being made on a mobile device.
This year, Walmart, Target, Best Buy, and other major retailers have made the decision to close their stores on Thanksgiving, leaving eager consumers with no other option but to make their holiday purchases online.
The ‘Turkey 5’ & Small Business Saturday
Known as the ‘Turkey 5’, the days between Thanksgiving and Cyber Monday, retailers generally make 86% higher sales in this time period alone when compared to average monthly sales for all other times during the year. This year, with the pandemic still crippling in-store purchases, retailers will need to be creative to ensure they can cash in on the annual holiday shopping rush.
In the middle of ‘Turkey 5’ is Small Business Saturday, which encourages consumers to purchase from local small businesses. Last year, sales on Small Business Saturday alone were $19.6 billion, the highest it has ever been since the shopping holiday was established in 2009.
As consumers recognize that retailers, especially small businesses, have been particularly hard hit during the pandemic, Small Business Saturday could be on pace to set sales records. This is especially true as 82% of consumers are now willing to pay higher prices to support a small business.
What Should You Do?
For those retailers that do decide to stay open on Thanksgiving Day and offer exclusive sales through ‘Turkey 5’, making the shopping experience as safe and convenient as possible for consumers will be key. That’s why curbside pickup, free delivery, and store-to-home shipping will be what consumers seek out to ensure they can get the products they want, without having to put themselves or their families at risk.
For the retailers that go the extra mile and make online shopping seamless for consumers now and through ‘Turkey 5’, expect their sales to be handsomely rewarded.