According to the latest research by Commonwealth Bank, the four days from Black Friday through to Cyber Monday were fruitful for Aussie online retailers.
New data has revealed that the dollar value of online electronic sales increased by 205 percent during the popular shopping weekend, compared to normal November averages.
The research, conducted by the Commonwealth Bank of Australia has also revealed that clothing and footwear sales jumped by 127 percent, while online furniture sales saw a 77 percent boost.
According to the big bank, online retail spending in 2018 has grown by 11.9 percent year-on-year so far, with the number of online transactions also jumping by 4.9 percent YOY. This growth is slower than previous years, with the number of online transactions made in the lead up to Christmas jumping by 13.4 percent in 2017 and 12.6 percent in 2016.
The average online transaction value also increased this year, sitting at $97 compared to $91 in 2017 and $87 in both 2015 and 2016.
“In the lead-up to Christmas, we’ve seen consumers continuing to spend more online compared to the previous few years, while also looking for bargains,” Commonwealth Bank Managing Director Industrial Transport and Consumer Nick Fletcher said.
“This year, an increasing number of Australian retailers appear to be capitalising on this trend and using marketing events, such as the Black Friday and Cyber Monday weekend sales, to capture sales.
“These early sales may show that shoppers have been more active earlier in the Christmas shopping period but no doubt there will still be the last minute retail rush,” Fletcher said.