Ready or not, the holiday shopping season is upon us. More retailers than ever before are abandoning malls as online shopping continues to rise. Business Insider recently reported 2019 as the “retail apocalypse,” with 8,600+ retail store closings so far this year. Household names such as Payless, Gap, and Sears are all closing hundreds of stores as they collapse in competition to online shopping.
A recent study by Adobe Analytics predicts U.S. online shopping will hit record highs during November and December 2019. The study anticipates the following staggering numbers over 2018 online sales:
- An overall increase of 14.1% for a total of $143.7 billion for online retail spending alone.
- Increase in Black Friday sales by 20.3% for a total of $7.5 billion.
- Increase in Cyber Monday sales by 19%, for a total of $9.4 billion.
- 20% of overall holiday shopping dollars to be spent in 5 days, Thanksgiving Day - Cyber Monday.
- For the first time, each day in November and December to surpass $1 billion in online retail sales.
Also notable: Thanksgiving falls in late November this year, leaving only 22 days between Thanksgiving and Christmas, nearly a week less of shopping days than 2018. Adobe predicts retailers will combat the potential revenue loss by commencing sales and specials earlier than usual to make up for the abbreviated shopping calendar.
If all this anticipated record-breaking online spending brings you feelings of dread and doom, chances are you may work in the A/R department for a supplier, distributor, or manufacturer. The surge in goods purchased online can only mean retailer chargebacks and deductions, shipper carrier claims, and returns will follow at increased levels. And don’t expect any mercy from retailers like Amazon, Walmart, or Costco. Instead of falling into a depression at the thought, what if there was something you could do NOW, to ease the pain and suffering of the inevitable looming wave of post-holiday deductions?
It's not too late. In as little as 4-6 weeks following a 60-minute phone consult, iNymbus can save the holidays and have robots automatically resolving and disputing deductions and chargebacks for you. Get started with your most problematic retailer or deduction type today!