The 2020 holiday shopping season will be unlike any other as the world continues to navigate impacts from the coronavirus. Consumers are altering their shopping habits during this critical time period for businesses. Instead of hitting the stores, shoppers are hitting their keyboards - and making history in the process.
In fact, this past Cyber Monday set a record for the largest U.S. internet shopping day ever, according to Adobe Analytics data. Consumers spent $10.8 billion on Cyber Monday, a more than 15% increase over last year's spending.
The explosion in e-commerce is an opportunity for tremendous growth in South Carolina - and, we are ready. Our state's prime geographic location, superior infrastructure and robust logistics networks offer companies unparalleled connectivity.
As the trend for e-commerce continues to skyrocket, technology is at the forefront of growth. According to the 2020 SC Logistics Study, the logistics industry's reliance on technology has tripled over the last decade. That technology reliance is leading to innovations in supply chain automation - which reduce costs, increase efficiency and improve profitability. Innovative solutions must continue to evolve to make online commerce accessible and affordable for businesses of all sizes.
The growth of e-commerce is also increasing demand for cybersecurity networks and investment in technology workers. Having a qualified tech workforce that manages the equipment, consumer data and network security is imperative to competing in the marketplace.
In a comprehensive look at technology trends across South Carolina, the SC Council on Competitiveness' newest cluster, SC Tech, will release the first statewide technology cluster impact study on December 9. The report reveals companies across industries are relying on tech firms in S.C. more than ever - with transportation and warehousing technology supplier spending up more than 144% since 2010, and retail trade reliance on technology up over 77% since 2010.
E-commerce is the driving force of the 2020 holiday shopping season and will only continue to grow. With the strategic and innovative development of our state's technology and logistics assets, South Carolina is poised for unlimited e-commerce growth potential.