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Thanksgiving generates $5.3 billion in revenue, and Black Friday 2022 saw record-breaking e-commerce sales of $9.12 billion

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This year’s online holiday shopping season is expected to be subdued, according to analysts and e-commerce leaders. Sales in the first three weeks of November were essentially flat compared to the same period last year because of a weaker economy, inflation, and an increase in people returning to traditional in-store shopping in the wake of the Covid-19 pandemic. However, on the surface, the long Thanksgiving weekend appears to be more prosperous than anticipated, even though development has undoubtedly slowed this year after the spike during the pandemic.

According to data from Adobe Analytics, Black Friday sales surpassed $9 billion for the first time yesterday, with online sales totaling $9.12 billion. This represents a record for the day, an increase of 2.3% over sales from a year ago, and is also somewhat higher than what Adobe had anticipated before the day. Adobe doesn’t break out volumes in its report, making it difficult to determine whether the higher numbers are attributable to more purchases or simply higher prices this year owing to inflation.

For those assessing how the e-commerce market and consumer confidence are faring during what is the most significant and significant time for shopping in the year, Black Friday is a primary focus.

Salesforce releases its own statistics based on 1.5 billion shoppers, and it said that at 5 p.m. ET on Black Friday, online sales had hit $8 billion in the United States and $40 billion globally, with the most heavily discounted products being luxury handbags, clothing, and home appliances.

According to Rob Garf, VP & GM of retail at Salesforce, “Our data shows such a strong association between discount rates and online sales as buyers hung on for the biggest and best offers.” “Consumers on a tight budget are looking for value and pricing. And on Black Friday, stores responded by offering the biggest holiday discounts.

According to Adobe, the most popular categories for customers looking for deals and discounts on Black Friday were toys, video games, and consumer electronics.

Thanksgiving Day’s results were also better than expected: On Thursday, consumers spent $5.29 billion online. This is higher than the $5.1 billion that Adobe had originally predicted for the day and is up 2.9% from a year ago. According to Salesforce, worldwide online sales increased 1% on Thanksgiving to $31 billion, while domestically they increased 9% to $7.5 billion. Furthermore, according to Salesforce, mobile devices accounted for 78% of sales traffic. It claimed that the average order value was $105 globally and $120 for sales in the United States.

With the growth of e-commerce, “Christmas shopping” has undergone a significant change. Online shopping has expanded not only the days and hours that people can shop, but it has also expanded and muddled the idea of seasonality in “holiday” shopping. Black Friday, the day following Thanksgiving, used to be the “first day” of holiday shopping, but that tradition was abandoned years ago when deals began on Thursday.

Of course, it has also had an effect on how people shop. An ever-increasing part of that is being played by mobile devices. On Black Friday, smartphones accounted for a record 48% of total e-commerce transactions (up from 44% in 2021). Thanksgiving remains a stronger day for mobile sales, in part due to the fact that customers are not in stores or at their computers (they are spending time with friends and family, not at their offices!). Thursday saw a 5.5% increase in online transactions made through mobile devices compared to a year ago.

According to Vivek Pandya, chief analyst at Adobe Digital Insights, “mobile shopping had struggled to develop for many years as customers found the experience insufficient compared to desktop.” Thanksgiving this year marked an important turning point, demonstrating how much these encounters have advanced thanks to smartphones.

Additionally, the use of buy-now-pay-later services is increasing, a sign that both customers need to utilize this method and that it is becoming a more common alternative to credit. BNPL orders increased 78% on Black Friday, and according to sales data, they are up 81% from the same day a week prior. Notably, there is a significant increase over the day before as well. Buy-now-pay-later sales and orders increased by 1.3% and 0.7%, respectively, on Thanksgiving (indicating more of it being used for bigger-ticket items). Everything is great as long as there are no longer manageable bills down the road.

According to Adobe, it tracks sales for about 100 million SKUs and 18 different product categories across approximately 1 trillion visits to U.S. retail websites. It claims that 85% of the largest online retailers in the United States utilize it, and its analytics will contain anonymised data from some of its consumers. It stated that since November 1st, around $77.74 billion has been spent online.

The bigger question may actually be whether the increase in activity seen on Thanksgiving will be sustained through the rest of Cyber Week, which includes today’s Black Friday, Cyber Monday, and the weekend in between, as well as the rest of the days and weeks leading up to the New Year. Salesforce and Adobe may have different numbers and measurement parameters, but both are seeing growth. Overall, Adobe forecasts that this year’s Cyber Week will bring in $34.8 billion in online purchases, up 2.8% from the $33.9 billion the previous year.

The Cyber Week of 2021 was actually 1.4% lower than the Cyber Week of 2020, therefore this is a change.

In order to put those numbers into perspective, the National Retail Federation forecasts holiday sales growth of 6% to 8%, while Digital Commerce 360 predicts growth of 6.1% for the time period.

Whatever the case, it’s possible that sales won’t continue in full or even in the near future. According to Adobe, sales for today, often known as Black Friday, are likely to reach $9 billion, an increase of just 1% from 2021 figures.

For a few reasons, it’s crucial to monitor the holiday shopping season. First off, it is typically the busiest sales time of the year for retailers, with the potential to make or break the entire year. (For this reason, Amazon’s stock fell by about 20% following its most recent earnings, which saw the company slash its sales guidance and issue a warning about lower-than-expected holiday spending.)

Due to their disproportionate significance, Christmas sales data from online retailers can be used to predict the health of the e-commerce sector as a whole.

But there are some signs that choppy waters lie ahead if growth is what we’re chasing. According to Adobe, online sales in the first three weeks of November were steady at $64.59 billion, representing a 0.1% increase over 2021.

This is in contrast to physical retailers becoming more assertive in regaining their audience. The U.S. National Retail Federation predicted that 166.3 million people will shop over the long weekend.

Although there is a lot of speculation over how inflation will affect consumer behavior, our research indicates that this Thanksgiving holiday weekend will see strong store visitation and a record number of customers taking advantage of value pricing, according to NRF President and CEO Matthew Shay. “Retailers are ready to meet consumers wherever they want to shop with great products at prices they want to pay, and we are optimistic that retail sales will remain robust in the weeks ahead.”

More sales statistics updates will be posted when they become available.

As Editor here at GeekReply, I'm a big fan of all things Geeky. Most of my contributions to the site are technology related, but I'm also a big fan of video games. My genres of choice include RPGs, MMOs, Grand Strategy, and Simulation. If I'm not chasing after the latest gear on my MMO of choice, I'm here at GeekReply reporting on the latest in Geek culture.

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The Pentagon is requesting $14.5 billion for cybersecurity expenses, which includes implementing a zero trust approach

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The U.S. Department of Defense is requesting $14.5 billion for its efforts in cyberspace, which involve protecting information networks through zero-trust strategies, expanding its workforce, and exploring advanced computers.

The fiscal 2025 budget request revealed on March 11 exceeds the Biden administration’s prior request by almost $1 billion. In fiscal 2023, it requested $11.2 billion, which is now higher.

The department is focusing on cyber-related matters because of the escalating digital competition with Russia and China. All three major world powers are renowned for their extensive virtual weapons stockpiles and their inclination to investigate and test boundaries without inciting armed confrontation.

The senior defense official at the Pentagon informed reporters that the FY25 cyber activity budget prioritizes investments in three portfolios: cybersecurity, cyberspace operations, and cyber research and development. “Cyber capabilities will remain an essential element of our national defense and will be a top priority in our budget.”

According to the Government Accountability Office, the Defense Department has experienced over 12,000 cyber incidents since 2015, with the number decreasing annually since 2017. Foreign hackers who want to steal their intellectual property target defense contractors.

The department is implementing a zero-trust approach to enhance the security of its sensitive information. The zero-trust cybersecurity paradigm operates under the assumption that networks are constantly at risk or have already been infiltrated, necessitating continuous verification of devices, users, and their virtual access.

The fiscal plan for 2025 designates a little over $977 million for the zero-trust transition. The budget includes about $300 million for updated identity, credential, and access management (ICAM) to customize available information for individuals and monitor their activities.

The senior official stated that the cybersecurity budget request enhances the department’s cyber posture by allocating funds for the creation and upgrading of cybersecurity tools and capabilities. Additionally, it increases investment in zero-trust technology to assure the entire security and protection of the department’s assets.

By 2027, the department must establish a foundational level of zero trust. Further safeguards, known as advanced zero trust, are necessary in the future. Cybersecurity experts have previously stated that meeting the approaching deadlines will be difficult.

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Tim Cook subtly promotes Apple Vision Pro while complimenting Porsche

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Porsche has introduced the new Taycan Turbo GT electric car and unveiled Race Engineer Cockpit software for the Apple Vision Pro.
Porsche has collaborated with Apple to incorporate CarPlay into older vehicles and plans to enhance its integration in future app updates. Porsche CEO Oliver Blume expressed gratitude to Apple for their relationship during the launch of the company’s new Taycan Turbo GT EV.

The debut involved setting a new electric vehicle lap record, and during Porsche’s introduction, Blume was seen seeing the action on an Apple Vision Pro. Blume may watch TV-style footage and monitor the car’s perspective, together with regularly updated data.

Tim Cook congratulated the Porsche team on setting a new record with their remarkable new vehicle in a video. Such remarkable achievements demonstrate the potential when a group of highly committed individuals collaborate to innovate on a significant concept.

“Porsche is renowned for its excellence, and we are pleased to see that several of our products are involved in your work,” he stated. “It’s wonderful to see Apple Vision Pro contributing to the transformation of track experiences.”

“I strongly believe that spatial computing has the capacity to transform nearly every industry,” he added. “You are demonstrating how Apple Vision Pro will achieve the seemingly unachievable.”

Blume revealed that its racing application will soon be available to users of the Apple Vision Pro. “We will definitely have some unexpected things in store for you,” he continued.

In 2020, the Porsche Taycan became the first car to fully include Apple Music. Porsche revealed that in addition to providing access to the service in their vehicles, they will also be developing exclusive playlists for it.

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Renowned computer scientist predicts that highly advanced artificial intelligence may be developed by 2029

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The computer scientist who introduced the term artificial general intelligence (AGI) anticipates its potential arrival by 2029.

Ben Goertzel, the founder of SingularityNET, spoke at the Beneficial AGI Summit 2024, where he discussed the goal of creating a decentralized, democratic, inclusive, and beneficial artificial general intelligence. During the presentation, he informed the audience that there may come a time when artificial intelligence may enhance itself.

Although this stage may appear distant, he provides several reasons why he thinks it could happen rapidly. Goertzel explains that the reason for this is due to the current period of exponential development rather than linear growth, which can be challenging to fully grasp and understand the rapid pace of change.

“It seems probable that within the next 10 to 20 years, a single computer will possess computational capabilities comparable to those of a human brain by 2029 or 2030,” stated Goertzel during his presentation. “In about 10 to 15 years, a single computer would possess approximately the computational capacity equivalent to that of the entire human society.”

Goertzel acknowledges that large language models (LLMs) like ChatGPT have raised awareness about AI’s potential but argues that they are not the route to achieving Artificial General Intelligence (AGI) due to their lack of true comprehension of the world, functioning more as an advanced autocomplete tool.

He thinks that LLMs could play a role in AGI that leads us closer to the singularity, possibly within his company’s OpenCog Hyperon.

Goertzel stated in an unreviewed preprint publication on arXiv that it is feasible to instruct a Hyperon system to create and write software code. LLMs are proficient in basic situations; Hyperon aims to enhance this skill with advanced creativity and more sophisticated multi-stage reasoning. When a system is capable of designing and writing code proficiently to enhance itself and create future iterations, we are on the brink of potentially triggering a complete intelligence explosion and technological singularity.

Goertzel has both reservations and enthusiasm on this matter. Before releasing Pandora, we must establish appropriate safeguards, a task we have not yet mastered. If the singularity is imminent, as Goertzel and other computer scientists suggest, there is a significant need to ensure accuracy promptly.

“Once human-level AGI is achieved, it could rapidly progress to radically superhuman AGI, unless its development is hindered by its own conservatism,” stated Goertzel during his presentation.

An AGI capable of introspection could do technical and scientific tasks at a level comparable to or above that of humans. An AGI should be capable of creating a more intelligent AGI, leading to an intelligence explosion. This could result in an exponential growth rate surpassing even the expectations of computer scientist Ray Kurzweil.

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