Stitch Labs has done an analysis on more than 300,000 orders from the Wednesday before Thanksgiving to the Tuesday after Cyber Monday in 2013 and found a few shockers in the results. For one, “Black Friday and Cyber Monday drive 24 percent more sales for shopping carts than marketplaces.” Here’s what else they discovered.
Please note that for the purposes of the Stitch Labs report the phrase “The Big Shopping Days” refers specifically to Black Friday and Cyber Monday. It does not include the weekend in-between those two days.
“For every sale a shopping cart receives during the Black Friday weekend, three orders are received on ‘The Big Shopping Days.’ Whereas for every sale a marketplace receives during the weekend, only one and a half sales on ‘The Big Shopping Days’ is received,” according to the report.
It appears then, at least from this analysis, that the mega online marketplaces like Amazon and eBay do not necessarily have the advantage on the biggest shopping days of the year. That information comes as a surprise to many shoppers and retailers alike.
The Stitch Labs report went on to reveal the prime and least popular online shopping hours for the period. Retailers and sellers of all types may find this information helpful in planning their strategies.
Here are a few of the key findings:
Whether these trends will hold true this year are yet to be seen. There are outside influencing factors on any given shopping season ranging from weather and the economy to illness outbreaks such as the flu. It is unclear as to whether Stitch Labs computed such factors in their descriptive analysis.
But vendors like Stitch Labs are not the only ones in retail striving to unlock information on customer behavior to the benefit of retailers.
For example, The Association for Retail Technology Standards (ARTS), a division of the National Retail Federation (NRF), announced this week ARTS Operational Data Model version 7.0 and the ARTS Data Warehouse Model 3.0.
The ARTS Operational Data Model is “a retail-specific roadmap that allows a company to plan how it organizes and uses its transaction data. Additionally, it offers a basis for building integrated applications or selecting off-the-shelf retail solutions, and for helping application developers and analysts understand retail business principles and terminology,” according to the announcement.
“Like the Operational Model, the ARTS Data Warehouse offers companies a template that retailers and their vendors can use to create their own data warehouses,” continues that announcement.
However, details on both the operational data model and data warehouse model updates are only available to NRF members. But if you were in search of something made specifically for retailers, now you know where to look for it.
“The Data Subcommittee worked hard to make the documentation for the models easy to use, and we are excited to be able to release these substantial updates,” said John Glaubitz, principal architect at Vertex Inc., and chair of the ARTS Data Subcommittee in the announcement. “The HTML version of the operational model combines the diagrams and offers explanations of what the model contains and how it can be used.”
Meanwhile, check out the preview of an infographic provided by Stitch Labs on the findings in their report. You can view the full infographic on the Stitch Labs website, or by clicking on the preview.