The holiday shopping season is seeing record-high sales figures.
This holiday season, CBRE is predicting that e-commerce sales will increase by 40% from a year ago. That is almost triple the 14% increase we saw in 2019.
Data from Adobe Analytics showed that Americans spent about $9 billion via websites on Black Friday — a 22% hike from the previous peak of $7.4 billion last year. In addition, Cyber Monday is on track to become the biggest online shopping day in United States history, with spending predicted to grow between 15% and 35% year over year to $10.8 billion through $12.7 billion.
Retailers started offering deals earlier than ever, the recent changes in our world have retailers pushing for even more inventory, a “safe stock” to be ready for unforeseen events.
Although a number of companies had ramped up investments to bolster their supply chains, the heightened demand during the holiday shopping season undoubtedly poses several logistical challenges.
A surge in digital sales has led to strained shipping capacities at a time when businesses are already contending with uncertainties surrounding consumer behavior, rising costs from delivery providers like UPS and FedEx and other broad financial implications stemming from the pandemic.
Retail has been evolving for years now, but mass shutdowns of brick-and-mortar retail locations brought about by COVID-19 has accelerated the process and driven more consumers to online shopping.
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