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BizReport : Ecommerce archives : November 20, 2015

Reports: Businesses bullish on Black Friday

Black Friday isn't losing it's luster, at least according to retailers and marketers. Three new reports indicate just how strong many believe Black Friday sales will be this year.

by Kristina Knight

First, Bank of America recently surveyed 1000 small businesses around the US and found most (62%) are optimistic about local holiday revenue and just over half (56%) are optimistic about the national economy. About one-third plan to apply for business loans in the new year while 44% say they have applied for a small business loan within the last two years.

"We're seeing a dramatic increase in optimism among small business owners in the economy, revenue growth and hiring," said Robb Hilson, Bank of America Small Business executive. "Even with instability in the global markets and the uncertainty they have about the upcoming election, small business owners are confident and ready to expand their businesses. They are seeing the light at the end of the tunnel, and we commend them for their entrepreneurial spirit and stamina through a challenging economic time."

Other interesting findings from the Bank of America survey include:

• 59% worry about their online security
• 66% say they 'have taken steps' to secure their business information online
• Around the country, more than half of small businesses expect growth over the next five years

Meanwhile, HookLogic has released some early data surrounding the holiday shopping season. Through November 8, mobile traffic was beating out desktop traffic (51% vs. 49%); the average cart value through November 8 was just over $114. So far the most-searched items have been toys and apparel.

And MasterCard's latest SpendingPulse indicates a nice bump in retail revenue over the Black Friday Weekend. According to their predictions revenue should increase about 4% YoY - with much of that being spent in stores. According to their data about 92% of Black Friday sales will be made in-store with 7% being made online.

"Dueling discount days are causing consumers to diversify when they spend, but retailers have seen their strategies pay off," says Sarah Quinlan, SVP, Market Insights for MasterCard Advisors. "Bigger question marks surround eCommerce, which remains relatively low except for certain categories. We're also seeing consumers putting their money where their mouth is--literally--as consumers put more of their discretionary dollars toward eating out."

Electronics is the exception with about 53% of purchases made in-store and 46% made online.

Image via Shutterstock

Tags: Bank of America, Black Friday trends, ecommerce, ecommerce trends, HookLogic, MasterCard

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