The holiday shopping season in the United States started with a bang on Black Friday and Cyber Monday. Online sales for Black Friday hit a record high and Adobe Analytics reported that American consumers spent a record $7.9 billion on Cyber Monday.
Even with the success, however, there were some declining trends. Visits to brick-and-mortar stores were down again, as much seven percent on Thanksgiving and Black Friday according to RetailNext.
One positive about the in-person traffic according to the same report is that shoppers spent more per transaction. Still, Black Friday is not the same as it once was, with most stores not participating in the customary early-morning openings.
Retailers attentions are also increasingly divided between their in-store and online business. They are using their physical locations even more for pickups of online orders.
If you want a speaker that understands how e-commerce is rapidly changing the retail industry, Erik Brynjolfsson is one of the top experts in the world. He is the Director of the MIT Initiative on the Digital Economy and a professor at the university's Sloan School.
Brynjolfsson also researches digital commerce and other topics as an associate at NBER. He previously served on the faculties at Harvard and Stanford.
Brynjolfsson has co-authored several books, including the New York Times bestseller "The Second Machine Age: Work, Progress and Prosperity in a Time of Brilliant Technologies." He has been on the editorial boards for several academic journals and currently serves as editor of SSRN's Information Systems Network.
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