By all accounts, the Black Friday/Cyber Monday weekend lived up to its hype, especially in terms of the online shopping boom. During the extended Black Friday weekend (which we defined as Nov 21 – 26, 2018), eCommerce sales topped the charts and online sales records were broken. According to data from Adobe Analytics:
- U.S. online retail sales on Thanksgiving Day reached $3.7 billion, which represents +16.5% YoY growth
- Black Friday sales came in at $6.2 billion, +23.6% YoY growth
- Cyber Monday reached $7.9 billion — +19.7% YoY growth from 2017 — accounting for the biggest online sales day ever!
As anticipated, online deals and discounts were aplenty. But just how did retailers stack up in terms of pricing online?
Profitero analyzed thousands of prices collected on exactly matched products from Nov. 21 – 26, 2018 in five key categories — electronics, appliances, tools & home improvement, video games, and toys & games — at Amazon.com, Walmart.com, Jet.com, Target.com and other select retailers. In the time period studied, any price collected at the item level was checked across all retailers within a 24-hour period.
Once again, we found Amazon with a tight rein on pricing during the six-day holiday shopping event, averaging 13.8% less expensive than retailers carrying the same items. The next closest priced retailer was Walmart with an overall 6.5% gap in pricing vs. Amazon on the like-for-like products analyzed. Jet and Target.com followed, recording a 15.9% and 16.0% pricing differential vs. Amazon, respectively.