Shoppers click 'buy' as retailers cut prices ahead of Cyber Monday; Salesforce eyes huge discounts | Tech News

Shoppers click 'buy' as retailers cut prices ahead of Cyber Monday; Salesforce eyes huge discounts

Holiday shoppers in the U.S. are seeking out the best deals and strategically nabbing the deepest discounts ahead of Cyber Monday.

By:REUTERS
| Updated on: Nov 27 2023, 06:39 IST
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1/5 Motorola Razr 40: The Motorola Razr 40 features a 6.9-inch full-HD+ foldable pOLED panel and a 1.5-inch cover display. The main display comes with a 144Hz rate and 1400nits peak brightness. It is powered by a Snapdragon 7 Gen 1 chipset coupled with 8GB LPDDR4X RAM. It comes with a dual-camera setup of a 64MP primary camera coupled with a 12MP ultra-wide camera. It is backed by a 4200mAh battery. The smartphone retails for Rs.99999, however, during the Amazon sale you can get it for Rs.44999 including bank offers. (Motorola)
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2/5 Techno Phantom V Fold: The smartphone features a 7.85-inch 2K LTPO Display with a 6.42-inch FHD+ sub-display. It is powered by MTK Dimensity 9000+ processes with a 1.08 million AnTuTu score. It features a 50MP main and telephoto camera along with a 13MP ultra-wide camera. It is backed with a 5000mAh battery which supports 45W fast charging. The smartphone retails for Rs.109999, however, during sale, you can get it for Rs.80999 including bank offers. (Amazon)
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3/5 Motorola Razr 40 Ultra: The smartphone features a 6.9-inch full-HD+ pOLED screen with 3.6-inch cover display. It is powered by a Snapdragon 8+ Gen 1 chipset and a 3800mAh battery which has 30W charging support.  it features a 12MP primary camera and a 13MP ultra-wide-angle camera along with a 32MP macro vision camera. The smartphone retails for Rs.119999 and during the Amazon sale, you can get it for Rs.72999 including bank offers. (Amazon)
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4/5 Samsung Galaxy Z Flip5: It features a 6.7-inch foldable dynamic AMOLED 2X display and a 3.4-inch cover display. It comes with a 120Hz refresh rate and 1750 nits peak brightness. It is powered by a Snapdragon 8 Gen 2 processor coupled with 8GB of RAM. It is backed with a 3700mAh battery and supports 25W fast charging. The smartphone retails for Rs.102999, however, during the sale, you can get it for Rs.92999 including bank offers.   (Samsung)
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Cyber Monday
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Cyber Monday, as the first Monday after the Thanksgiving holiday has become known as merchants step up online promotions, is set to be the biggest online shopping day of the year in the United States. (Pixabay)

 Holiday shoppers in the U.S. are seeking out the best deals and strategically nabbing the deepest discounts ahead of Cyber Monday, according to data from retailer websites aggregated by third parties. Cyber Monday, as the first Monday after the Thanksgiving holiday has become known as merchants step up online promotions, is set to be the biggest online shopping day of the year in the United States.

Strong online traffic on Black Friday demonstrated a notable pattern of shoppers putting time and effort into selecting the lowest-cost, best-value merchandise, said Rob Garf, vice president and general manager for retail at Salesforce, which tracks data flowing through its Commerce Cloud e-commerce service.

Despite an earlier start to retailers' holiday promotions this year, there weren't a lot of great deals initially, Garf said. Yet "consumers were patient, diligent, and they played a game of discount chicken. And they won once again."

On Black Friday, the day after Thanksgiving, retailers "stepped up the discounting" to roughly 30% on average in the U.S., he said. And "consumers clicked the buy button," spending $16.4 billion online in the U.S. and $70.9 billion globally that day, according to Salesforce.

"We saw a big spike," Garf said, adding that the strong Black Friday online outlay would "pull up" the overall tally for the entire Cyber Week, which started on Tuesday and ends on Monday.

On Cyber Monday, Salesforce expects to see discounts averaging 30% again. The risk for consumers, however, is that products may not be available if they wait, he said.

Salesforce says it derives its benchmarks for online traffic and spending from data flowing through its Commerce Cloud e-commerce service, which it says provides a window into the behavior of 1.5 billion people in 60 countries traversing thousands of e-commerce sites.

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Other firms use different measurements to gauge online shopping patterns.

Rival Adobe Analytics forecasts that shoppers will spend a record $12 billion Monday, 5.4% more than last year, representing what it says will be the largest-ever e-commerce shopping day in the U.S. Retailers are set to dangle average price cuts of 30% on electronics, and 19% on furniture, said Vivek Pandya, lead analyst at Adobe Digital Insights.

Last-minute Cyber Monday shoppers could spend $4 billion between 6 p.m. and 11 p.m. EST alone "because consumers are going to be concerned about discounts weakening after that," Pandya said.

Adobe provides merchants with Experience Cloud, a service which powers their e-commerce platforms, giving Adobe a window into aggregate transaction data at 85% of the top 100 internet retailers.

Overall, "consumers are being very strategic, wanting to maximize their shopping when they think they'll get the best discounts," Pandya said. "The online retail sector is one of the few where the consumer is a bit more in the driver's seat," he said, particularly with toys and seasonal holiday merchandise.

"There are a lot of online merchants vying for their dollar and they can easily compare prices."

Mastercard, which measures retail sales across all forms of payment, said e-commerce sales rose 8.5% on Black Friday, while in-store sales rose 1%.

"Digital grew dramatically during the pandemic and then it had a reversion to the mean, when people went back to stores," said Steve Sadove, senior adviser for Mastercard and former CEO of Saks Inc. "Now you are seeing an acceleration in digital, once again. It's becoming more important."

 

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First Published Date: 27 Nov, 06:39 IST
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