Of the record 154 million customers who shopped between Thursday and Sunday of Thanksgiving week, 44% went online and 40% shopped in store, according to the National Retail Federation. The surge helped online sales surpass the $3 billion mark for the first time in history, with a similar-sized haul expected to be recorded for Cyber Monday.
The figures underline the need for both B2C and even B2B CEOs to continually assess their e-commerce strategies to tailor to customers’ increasingly changing desires. Pure-play tech companies such as Amazon are leading the charge with ever-more sophisticated online sales platforms, but traditional retailers such as Walmart are catching up with cyber offerings of their own. For instance, in August, Walmart agreed to buy e-commerce platform Jet.com, whose CEO, Marc Lore, is now heading up the retail giant’s online offering.
Under Lore’s guidance, Walmart started its Cyber Monday sales on Friday. Target, meanwhile, kicked off its online sales drive on Sunday.
Target has spent “billions of dollars” over the last couple of years on technology and its supply chain to better compete with the likes of Amazon, according to CEO Brian Cornell. “We want to make sure it’s really easy for our guests to shop our brand any way they want,” he said over the long weekend. “It’s a combination of a great in-store experience and a great online experience. And when that comes together, we think we win.”
There was some bad news for CEOs this Thanksgiving, however, with shoppers spending $289.19 each on average, down from $299.60 in 2015, indicating discounting was needed to bring them out in force. “It was a strong weekend for retailers, but an even better weekend for consumers, who took advantage of some really incredible deals,” NRF CEO Matthew Shay said. “In fact, over one third of shoppers said 100% of their purchases were on sale.”
The head of the world’s biggest retail trade association is also fearful that Donald Trump’s pledge to start slapping tariffs on imported goods from China-to-Mexico will strike at the very heart of what makes the U.S. economy tick. “Two thirds of what goes on in this country is driven by consumption,” he told CNBC. “And when you import $2 trillion worth of goods to make the economy work, if we’re going to tax those goods, the people who are going to be hurt most are consumers.”
Still, like Berkshire Hathaway CEO Warren Buffett, Shay isn’t sure if Trump will actually follow through on all of his campaign pledges. “One of the things that we have to keep in mind is that you have one set of conversations when you campaign,” he said. “You have another set of conversations when you govern.”
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
