Cyber Monday sales are up as its appeal goes global. According to IBM, online sales had already jumped 15% from the prior year only halfway through the day.
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Matt Donovan, Managing Partner of advertising firm, McCann Erickson in New York, says social networking and more sophisticated online shoppers around the world are translating into greater couch commerce:
“This is a little bit different. It’s expanded beyond the shores of the United States. It’s a really exciting time for shoppers in other markets to take advantage of the deals they can see with U.S. retailers – particularly when you add the discounts or the free shipping. It becomes a really attractive offer.”
Using a social listening tool, McCann is able to monitor Cyber Monday activity in real time. Driving the rising sales are rampant deals, discounts and free shipping, which some fear could take a toll on margins and possibly sales from coming weeks.
Adrienne Tenant, of Janney Capital Markets, says retailers are in a tough spot.
“I kind of think all bets are off. You’re just going to run that giant promotion every weekend from now until Christmas. And the wild card in recent years has been week five of December. What happens with gift cards and what happens with all of that traffic that comes in after Christmas returning all the gifts?”
Between Black Friday and Cyber Monday, shoppers have been on a binge. The reality is that many in the United States are still under severe financial pressure. And retailers remain concerned that they could close their wallets just as easily as they opened them in the past few days.
Bottom line: Retail sales post double-digit gains from the prior year as the appeal of Cyber Monday goes global.