This may have been a tough year for the economy, but you wouldn’t be able to tell from this year’s Cyber Monday numbers.
A new article from CNN.com reports that Cyber Monday 2011 was the highest-grossing online shopping day in U.S. history, with spending reaching $1.25 billion. That’s up 22% from the previous record. An interesting note: the previous record was actually last year’s Cyber Monday, showing that online commerce is quickly gaining momentum.
During a press conference in San Francisco this week, Sony Electronics President Phil Molyneux explained, “There’s a pent-up demand from consumers.”
But how does that demand relate to the big picture?
Jordan Weissman at the Atlantic writes that the record-breaking numbers aren’t a crystal ball for the economy as a whole, but says companies should take note of digital demand. Weissman predicts, “Our future is on our phones. And the companies that learn to compete in that environment are the companies that will survive.”
One New England company that’s taken notice is the clothing and accessories chain Mexicali Blues. Topher Mallory, CEO of the Maine-based company, told The Portland Press Herald that online sales are playing a bigger role in revenue.
The growth goes beyond online retail sales. Once purchases are made online, they need to be shipped. Ahead of Cyber Monday, FedEx announced it was hiring 20,000 workers to deliver holiday packages, an 18% increase from last year. USA Today reports “the number of shipments FedEx handles at this time of year has climbed steadily through the recession as holiday shoppers have gifts shipped after buying them online.”
FedEx isn’t the only shipping company that noticed the increase in online sales. UPS announced plans to hire up to 55,000 seasonal workers nationwide, which is 5,000 more workers than last year. Alan Gershenhorn, UPS chief sales and marketing officer, is optimistic. In a company press release, Gershenhorn declared, “Early indications point to a solid holiday shopping and shipping season.”