Thanksgiving weekend has traditionally marked the kickoff to the crucial holiday shopping season for retailers. This year's early data suggests a robust e-commerce period ahead.
Surging Sales
Salesforce, a leading customer relationship management (CRM) platform, tracks real-time shopping activity. Their initial figures for Thanksgiving Day 2024 are positive:
- Global online sales are up 7% compared to 2023, generating $15.6 billion.
- U.S. online sales increased by 4%, reaching $3.1 billion.
Comparison to Previous Years
These figures are a significant improvement over 2023's sluggish Thanksgiving online shopping performance. Last year, Salesforce reported:
- Total online sales of $31.7 billion across the entire day.
- U.S. sales reached $7.5 billion.
- Both figures only saw a modest 1% year-over-year increase.
Salesforce Methodology
Salesforce gathers its data from 1.5 billion consumers across its customer base and other data sources within its Commerce Cloud, Marketing Cloud, and Service Cloud. You can find more details on their website.
Mobile Shopping Dominates
Thanksgiving Day has become a significant mobile shopping day in the U.S. With most physical stores closed and families gathered, smartphones provide a convenient way to access sales.
Salesforce predicts peak buying will occur in the evening after the Thanksgiving feast. 35% of all sales are expected to happen between 7 pm and midnight. Thanksgiving is also projected to be the biggest mobile shopping day of the week, with 73% of sales happening on mobile devices.
The Evolving Holiday Shopping Landscape
The internet has significantly impacted holiday shopping traditions. Black Friday, the day after Thanksgiving, was once a uniquely American phenomenon that launched the season.
Today, "Black Friday" sales events occur worldwide, even in countries that don't celebrate Thanksgiving. Additionally, other sales days like Cyber Monday have been bundled into "Cyber Week," which starts well before Thanksgiving.
This year, Salesforce identified Tuesday as the official start of Cyber Week, with online sales rising 7% globally and 14% in the U.S.
The Rise of Generative AI (GenAI) in E-commerce
While e-commerce innovation might seem stagnant, generative AI (GenAI) could be a game-changer. Salesforce reports a 32% increase in retailer use of digital agents and GenAI compared to the previous week.
GenAI Potential and Challenges
It's important to note that Salesforce has a vested interest in promoting these AI-powered tools. The "32% increase" statistic doesn't reveal the total number of retailers using AI or its effectiveness in driving sales. Additionally, poorly implemented AI can frustrate customers and lead them to abandon websites.
More concrete data is needed to understand the true impact of AI on e-commerce.
Looking Ahead
"Holiday shopping momentum is building throughout Cyber Week with online traffic and sales on the rise," stated Caila Schwartz, Salesforce's Director of Consumer Insights. "Shoppers are eager to find the best deals and are turning to their mobile devices to make purchases."
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