President of Vantagepoint ai, Lane Mendelsohn, appeared on Fox 5 in Washington D.C via Skype for a live interview, talking about record breaking sales for Black Friday and Cyber Monday.
Fox 5 News Host: Black Friday, small business Saturday. They’re over and done with. Today people across the country, firing up their laptops or tablets, whatever, and clicking for Cyber Monday. Analyst expect online holiday shoppers to spend a record amount. So, let’s bring in technology market expert Lane Mendelsohn with us today to talk about things. Lane, good to see you.
Lane Mendelsohn: Thank you so much.
Fox 5 News Host: All right, let’s talk. For Cyber Monday, we know this has been around for years, and it seems like as the stores have, and sort of that creep with starting with the Black Friday sales a little bit, a couple days sooner, it looks like a lot of the online retailers have been stretching Cyber Monday well beyond, but it’s paying off for them.
Lane Mendelsohn: Oh, yeah, paying off big time. In fact, I have seen several advertisements, they’re not even calling it Cyber Monday, they’re calling it Cyber Week. So, they’re really trying to stretch it out, not just on Black Friday, not just on Cyber Monday, but now it’s become Cyber Week, and it’s really paying off big for the retailers.
The retailer specter had really taken a hit leading up to the holidays and a lot of people were unsure of whether or not the online shopping would be enough to pull the stocks out of the slump, and it really has and the stocks really made the big jump today.
We actually have been forecasting the retail stocks to go up for about a week now and it was just really nice to see some positive news given the fact that the markets had been so weak leading up to the holiday.
Fox 5 News Host: I gotta tell you, first of all, I have a confession to make for people at home. I did go out late on Thanksgiving. I walked into a large retailer. I walked out 20 minutes later with a TV for my dad. I didn’t see a lot of people shopping that late, but a lot of people said they were gonna wait through the weekend. So, what were the deals that people were shopping for today?
Lane Mendelsohn: Well, the deals were widespread and I just wanna say one thing. On Thanksgiving, the actual day of Thanksgiving, online shopping was 3.7 billion dollars.
Fox 5 News Host: Wow.
Lane Mendelsohn: Yeah, and that’s up 28% from a year ago. So, on Thanksgiving day, you may have been one of the only people in there shopping in the brick and mortar, but people were online shopping in a big way. The Black Friday record sales, I mean
this was a record that we hadn’t seen before for online sales. It was 6.22 billion dollars, which was up 23% from a year ago. So, that’s a big jump there.
The big thing that I think a lot of people are talking about or thinking about is the smart phone sales. So, there’s over two billion dollars in sales stemming from smartphones on Black Friday-
Fox 5 News Host: So, people pulling out their phones and buying it right off the phone?
Lane Mendelsohn: Yeah, absolutely. So, you’re right, foot traffic has decreased, but it’s been more than made up for by online shopping, both on Black Friday and Cyber Monday.
Fox 5 News Host: Well, I’ll tell you what. That’s one thing a lot of people in my family said on Thanksgiving dinner is they just assume people are buying more online now, and obviously we’re seeing that play out.
Lane, we got to go, but I appreciate your insight. Lane Mendelsohn from Vantage Point AON. Thanks for joining us tonight.
Lane Mendelsohn: Thank you so much.
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