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Online electronics merchant credits increased consumer confidence for its record-breaking sales growth during first weekend of holiday shopping season
CITY OF INDUSTRY, Calif. - Newegg Inc., the world’s largest privately owned online retailer, defied Black Friday/Cyber Monday retail sales predictions by posting 48% year-over-year growth in revenue during the traditional kickoff to the holiday shopping. Strengthened consumer confidence in online security, paired with newegg.com’s reputation for quality service and timely delivery, brought more than 1 million visits to its site on Black Friday alone.
On average, online retail spending grew on 22% on Black Friday and 21% on Cyber Monday over 2006, according comScore, a leading Internet market researcher. On Cyber Monday alone, Newegg.com experienced 89% year-over-year growth.
“While we were confident that Black Friday and Cyber Monday would be strong, the actual results exceeded even our own expectations,” said Bernard Luthi, vice president of merchandising, Newegg. “What it tells us is that consumer confidence in online purchasing is stronger than ever.”
Beating expectations is a hallmark of the newegg.com success story. Newegg.com has consistently outperformed industry forecasts since its launch in 2001, due in large part to its cult-like following. “Our founders instilled a culture of fanatical focus on customer satisfaction rather than hype,” Luthi explains.
While the site has been popular with IT professionals, tech-savvy kids and those in the know since its early days, newegg.com experienced it largest volume ever, with more than 6.6 million visits over the period.
Newegg.com is the world’s second-largest online-only retailer, attracting more than 6 million registered users and earning industry-leading customer service ratings. Founded in 2001, Newegg Inc. posted approximately $1.5 billion in revenue in 2006. “Those who know” — IT professionals, do-it-yourself computer enthusiasts, avid online gamers, students, small-to-midsize businesses, resellers and consumers — consider newegg.com their top choice for computer and IT products and consumer electronics. At its award-winning Web site, www.newegg.com, shoppers can compare a comprehensive selection of the latest high-tech products, view detailed product descriptions, pictures, how-to information and product reviews, and interact with other members of the technology and gaming community. Newegg.com is headquartered in City of Industry, Calif. For more information, visit http://www.newegg.com/.