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eCommerce Sales Exceed $1 Billion for Cyber Monday – Yes, that’s Just 1 Day!

December 7th, 2010

If you ever thought that online shopping hasn’t made the mainstream, think again.  On Cyber Monday, Nov. 29, 2010, there was reportedly more than 1 billion dollars ($1.028 billion to be exact) spent in online sales in the U.S. for the first time ever as reported by comscore.com What makes this story this even more compelling is November saw the loss of 28,000 retail jobs in November.

Could this be an early-warning indicator that there’s a fundamental shift happening in the retail industry?  There will probably always be retail outlets; people will always want to kick the proverbial tires, but one wonders how bricks and mortar retailers with their overhead will be able to complete against online sales, at least with respect to price.  While writing this, I came across thi
s article for an iOS app that tracks purchases you make at any Best Buy and alerts you if there’s a price drop which may make you eligible for a refund of the price difference.  So, even when the retailer has your cash, they really can’t count it until the timeframe expires on their terms of sale.

Ten years from now, will we be looking back at 2010 as a milestone year  that indicates either the decline or transformation of the retail landscape as we know it today?  Perhaps we will see a resurgence of smaller mom-and-pop businesses that can compete based on service and experience instead of just dollars.  What do you think is in the cards for the retail industry?

Every day numbers fly past us and we discuss them so casually, but if you stop for a moment to actually try to process the magnitude of these numbers, it’s really is quite staggering.  Let’s break down the $1.028 billion:

$1,028,000,000 in 24 hours

$42,833,333 per hour

$713,888 per minute

$11,898 per second

If that doesn’t put things in perspective for you, consider that 1 billion seconds is over 30 years!

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