This year, eCoupons.com predicts that Cyber Black Friday sales will grow to almost $1 billion.Last year, shoppers spent $816 million online. This year more than one thousand retailers are starting their online sales ahead of Cyber Monday, and this could lead to 20% more sales.
In order to survive and grow, a retailer’s rate of change has to accelerate faster than the rate of consumer change.
For the last 60 years, retailers have collectively trained and motivated consumers—through advertising and marketing across every demographic—to be hyper-sensitive to price. J.C. Penney, for example, recently learned that you can’t take away coupon promotions, discounts and savings from consumers and expect to grow profits.