Analysis of apparel, accessories and footwear products show consumers reaped benefits of slashed prices this season.
NEW YORK - 29 November 2016 - EDITED, the world’s biggest source of real-time data for brands and retailers, today unveiled its latest analysis of online consumer spending between Thanksgiving day and Cyber Monday. It found that while 64% more products sold out online year-over-year, the average rate of discounts was at 44%, compared to 36% last year.
Consumers took advantage of the retail discounts, with the average advertised discount of sold out items being a whopping 60%. Contrary to the tradition of Black Friday and Cyber Monday being the biggest day for sales, aggressive retail discounts peaked over the weekend - on Saturday, 18% of the market was reduced by 50% or more, while on Sunday 50.6% of the U.S. mass market discounted its products. In contrast, on Wednesday only 17% of the U.S. luxury market had discounts, but this increased to 25% on Black Friday and 40% on Cyber Monday.
EDITED analyzed over 20,000 U.S. accessory, apparel and footwear brands for its latest findings. The company’s proprietary software utilizes big data analytics, machine learning and image and text recognition to access and collect information on what’s selling in real-time. EDITED monitors over 520 million products worldwide, adding more than half a million products each week to create billions of data points for its customers to give them a competitive edge.
Katie Smith, Senior Retail and Fashion Analyst at EDITED said, “The concept of ‘Black Friday' and ‘Cyber Monday’ being the best days for discounts is officially gone - today, they refer to a near week-long incremental discounting event. Following a lackluster retail season thanks in part to uncertainty around the U.S. election, retailers took an aggressive discounting approach to make up for sluggish sales.
“However, the danger of Black Friday and Cyber Monday seeping into a longer timeframe is that ongoing discounting will discredit the full price on retailers' wares, leading to discount fatigue and an even greater reluctance by consumers to pay anything but the biggest price drop,” Smith said.
Additional findings for Black Friday and Cyber Monday:
Customers received a better deal in 2016, with the average price of items selling at $50 this year compared to $57 last year.
There was a massive 236% increase in product sellouts between Thanksgiving day to Cyber Monday this year, compared to the week prior.
Full-priced product sellouts increased by 56% from Thanksgiving day to Cyber Monday, compared to the five days prior.
The retailers with the most product sell outs this year were ASOS, Lord & Taylor, Missguided, Nordstrom and Shopbop.
On Cyber Monday, almost one-third (30%) of the entire luxury market discounted its products between 26-50%.
Despite Cyber Monday being the 'online' day, mentions of Black Friday outnumbered Cyber Monday by 308% in retailer email newsletters and website promotions, with many number of retailers still referring to Black Friday over the weekend and into Cyber Monday, despite the day having passed.
The top selling out item this year was footwear, while jewelry, tops and dresses were the least popular categories.
In the last week of October, despite a 46% increase in discounts on products year-over-year, product sells outs were down by 60%. In addition, despite aggressive discounting by retailers ahead of the US election and Black Friday, consumers bought more when there were less discounts immediately after the election - despite 64% less discounts compared to the U.S. election week, full price sell outs increased by 17% compared to the week prior.
About EDITEDEDITED helps the world’s best retailers drive sales by eliminating guesswork. The Retail Decision Platform uses A.I. to optimize buying and merchandising decisions, ensuring retailers get their product and prices right every time. This is how the world’s most innovative retailers stay ahead of the competition; including PUMA, Tommy Hilfiger, Diesel, Ann Taylor and the Arcadia Group. For more information, visit www.edited.com. Media Contacts
Laura Kubica Grigerova
EDITED
[email protected]
Phone: +1 866-450-1549
