For eRetailers, a Post-Holiday Pulse
Chase Paymentech Pulse Index - 01/04/08
The Pulse Index saw strong sales activity during the final few days of the 2007 calendar year. Following an unusually robust performance during Christmas week, the 10 Pulse Index eRetailers saw a 46.9 percent year-over-year increase in sales for the year’s final weekend period. This was followed by a sales spike on Monday 12/31 of $63 million.
An expected activity dip on the Tuesday’s New Year’s Day holiday was followed by an immediate bounce-back on Wednesday 1/2, with $63.9 million in sales. Thursday 1/3 saw a further jump to $80.9 million – the highest Pulse Index single-day sales total since before Christmas.
While sales and transaction levels are not approaching the highs achieved during the November-December holiday shopping period, this sustained year-over-year rise in Pulse Index numbers to start 2008 suggests that the online retail sector has attracted and retained a significant number of new shoppers. As of Thursday, Pulse Index year-over-year sales activity is running 29 percent higher than last year’s holiday season.

End-of-Year Sales Spikes Ring Out 2007 Pulse Index
Chase Paymentech Pulse Index - 12/28/07
What was expected to be a back-to-normal period for online shopping – the days immediately prior to and after Christmas – actually produced year-over-year sales and transaction volume rises in Pulse Index tracking data.
Because Christmas Eve fell on a Monday this year, Pulse Index eRetailers experienced a December 24th spike totaling $55.7 million in sales on 1.2 million transactions. This is in sharp contrast to 2006’s Christmas Eve and Christmas Day, which fell on a Sunday-Monday sequence and produced a two-day Pulse Index sales total of $37.6 million.
Given the tendencies of consumers to carry out online purchases early in the week and from their workplace Internet connections, this 2007 pre-Christmas surge indicates that a significant number of people were in the office on Monday 12/24 and were shopping online.
The second Pulse Index activity spike this week occurred on Thursday 12/27, with sales of $73.7 million, an increase of 34.9 percent year-over-year from the comparable Thursday in 2006. Moreover, that $73.7 million was a 32.8 percent rise from Wednesday 12/26, whereas the comparable Wednesday-Thursday period in 2006 saw essentially flat sales activity.
Whether or not this Thursday activity hints at a late-year online shopping mini-rally, or simply an isolated single-day surge, may become clearer once Pulse Index numbers from Friday 12/29 and the following weekend are compiled.

Major Online Retailers Hit 2007 Sales Peak on Tuesday, December 18th: Forrester Principal Analyst, Sucharita Mulpuru Provides Insight Into Online Holiday Shopping Results to Date
Americans rushed to the web on Tuesday, December 18th to do their 2007 holiday shopping as Christmas delivery deadlines loomed, resulting in a single-day Chase Paymentech Pulse Index high of $169 million in sales and more than 3 million transactions.
Sustained strength in online shopping only days before the holiday deadline can be largely attributed to a concentrated effort by eRetailers, according to Forrester principal analyst Sucharita Mulpuru: 
"Consumers typically know that a week to 10 days before the holiday is the 'safe period' to purchase items online and hopefully still get their gifts in time," said Mulpuru. "Web retailers also were very proactive about clearly communicating specific shipping deadline dates, which no doubt contributed to the surge of online sales on 12/18."
"So long as the online retail industry works hard to deliver on expectations, it should be a good year and bode well for next season. We know that last year, a significant portion of consumers received packages later than expected. The problem will be if anyone has over-promised and subsequently under-delivers, which happens all too often."
Mulpuru sees the seasonal aspect of online shopping as having a wider impact for the retail sector. "The overall growth of eCommerce sales year-to-date has been about 20 percent, while holiday sales have been growing at 29 percent. This puts more and more pressure on retailers to execute every aspect of their business perfectly during the 4th quarter: marketing, merchandising, website availability and execution, package fulfillment, etc. Any lapses means lost customers and sales."

Wednesday Pulse Index Sales of $149 Million
Chase Paymentech Pulse Index - 12/20/07
With less than a week before Christmas Day, Pulse Index eRetailers clocked in Wednesday 12/19 sales of $149.2 million on 2.6 million transactions. As expected, activity dropped off from the Pulse Index record highs achieved on Tuesday 12/18 ($168.9 million sales/3 million transactions), although only by about 10 percent.

Pulse Merchants Set New Record Highs on Tuesday
Chase Paymentech Pulse Index - 12/19/07 
Online shoppers responded to Christmas crunch-time by delivering all-time activity highs for Pulse Index eRetailers on Tuesday 12/18. Total sales reached $168.9 million on 3 million transactions, easily beating the previous Pulse Index records of $155.4 million and 2.8 million, which were set only last Tuesday. This notable sales/transaction spike is over 50 percent higher than the comparable week-before-Christmas period in 2006.
Shipping deadlines for ensuring gift delivery by Christmas Day (next Tuesday) are likely a chief factor in driving up online sales as the 2007 holiday shopping season comes to a close. It’s possible that we will see similar high Pulse Index volumes for Wednesday, with an expected drop-off as shipping date deadlines pass and the weekend approaches, forcing last-minute shoppers to resort to brick-and-mortar stores.
This year’s Pulse Index results indicate that online retailers have dedicated much heavier promotional resources this season to drive sales growth – a strategy that clearly has resonated with online shoppers. Additionally, Tuesday’s performance, and the average 30 percent increase in year-over-year sales and transactions for 2007, point to a continuing preference by consumers to use the online channel for their critical holiday-season shopping.

Pulse Index Monday Sales of $120 Million Kick Off Pre-Christmas Online Shopping Push
Chase Paymentech Pulse Index - 12/18/07
Pulse Index eRetailers started the last full week before Christmas Day with a healthy shopping surge. Index activity for Monday 12/17 bounced back from the weekend decline, posting sales of $120.2 million on 2.2 million transactions - a 20.7 percent increase over Sunday’s performance.
Timing now becomes critical as, at this point of the season, online shoppers have to factor in shipping time for gifts to arrive before the Christmas deadline. Many retail websites have been using free and discounted shipping offers to drive up order volumes and average ticket prices throughout the holiday season. As last-minute shoppers take advantage of those special shipping services just before they expire today, we expect to see high Pulse Index numbers during the early part of this week.
Given the arrival of Christmas Day on a Tuesday this year, and based upon last year’s Pulse Index data, we could expect a major spike for 2007’s holiday season to come either Wednesday or Thursday of this week.

Pulse Index Merchants Hit Almost $150 Million Average Daily Sales During Peak Period
Chase Paymentech Pulse Index - 12/17/07 
Last week’s sales performance for Pulse merchants capped off the most robust period of the Index to date. The cumulative sales from Tuesday 12/11 through Friday 12/14 totaled $598.1 million for a daily average of $149.5 million, easily the busiest stretch so far for the 2007 online holiday shopping season.
In the final Christmas shopping rush to make guaranteed shipping dates, shoppers continued to make online purchases into the latter weekdays. Pulse Index eRetailers posted Friday 12/14 sales of $146.1 million on 2.69 million transactions. This was basically a sustained level of activity from Thursday 12/13, as the numbers for those two days were virtually identical.
As we head into the final week before Christmas Day, online retailers are likely to see a softening of sales as merchandise shipping times tighten. Today is the deadline for shoppers to take advantage of some eRetailers’ special shipping services for Christmas Eve delivery, so Pulse trackers will be watching Monday results closely.
Of special note: Tuesday of last week saw the all-time single-day record in Pulse Index sales ($155.4 million) and transactions (2.8 million), setting the pace for the rest of the week. This comparable week in 2006 also saw last year’s single-day high in sales reached with $118.8 million, but that came at the end of the week, on Friday December 15th – essentially culminating a strong week-long performance.

Pulse Index Sales Strong as Pre-Christmas Online Shopping Nears Peak
Chase Paymentech Pulse Index - 12/14/07
Thursday 12/13 saw Pulse Index sales of $146.2 million on 2.7 million transactions. For the week starting Monday 12/10, so far the 10 online retailers tracked on the Pulse Index have raked in over $565.3 million in sales, with Friday sales expected to remain strong and with weekend sales still to come.
This continues the mid-December spending surge that has characterized Pulse Index performance for the past three years. Because shipping times and costs have to be factored into most online purchases (digital media is the notable exception), this week amounts to the online shopper’s buying rush to ensure Christmas delivery.

With 12 Days to Go to Christmas Pulse Index Sales Stay Above $150 Million
Chase Paymentech Pulse Index - 12/13/07 
Wednesday 12/12 saw the third-highest daily activity from Pulse Index eRetailers this season. Sales volume totaled $150.3 million on 2.75 million transactions, which was a continuation of a strong early-to-midweek performance from holiday shoppers. This is a 26.8 percent year-over-year increase from the comparable calendar day in 2006.
Thanks to the $155.4 million sales total achieved on Tuesday 12/11, this will be the first time since before Thanksgiving in which Wednesday is not the highest-performing day of the week. However, when looking at the 2007 holiday season as a whole so far, Wednesdays are still emerging as the prime shopping days for online retail.
While the Pulse Index weekly trend to this point has seen sales and transaction volume declines set in starting on Thursdays, the gift-buying “deadline” represented by Christmas Day (now 12 days away) should break that pattern. Year-over-year, this comparable Wednesday through Friday period from last year also experienced steady daily volumes which combined to produce the highest online sales and transaction activity of the 2006 season.

Tuesday 12/11 Sets a New Pulse Index Record of $155 Million Sales and 2.8 Million Transactions
Chase Paymentech Pulse Index - 12/12/07
New all-time Pulse Index record highs were set on Tuesday 12/11, with sales of $155.4 million and 2.8 million transactions. These tallies were reached less than a week after the previous 2007 peaks on Wednesday 12/5 of $154.1 million sales and 2.75 million transactions.
Tuesday’s results were 37.1 percent higher than Monday 12/10. This could indicate the beginning of an upward trend in the lead-up to the peak shopping period that has characterized Pulse Index performance the past three years. Year-over-year, this comparable week results yielded the highest daily totals of the 2006 online holiday shopping season, including that year’s single-day high of $118.8 million. Based on that, sales this week could be the highest of the 2007 season. In 2006, the biggest Pulse shopping day of the year was Friday, December 15, making this coming Friday (12/14) a likely candidate for a marked spike.
Overall, the 2007 Pulse Index continues to run approximately 30 percent above last year’s performance, above industry analysts predictions of 20-21 percent.

Good But Not Great "Green Monday" for Pulse Index
Chase Paymentech Pulse Index - 12/11/07
As retail industry observers anticipate record-breaking results from yesterday’s Green Monday online activity, the volume achieved by Pulse Index eRetailers for the second Monday of December (12/10) shows a healthy rebound from the prior weekend. In fact, sales totals increased 31.1 percent from Sunday 12/9 to Monday.
However, the totals from the day – $113.3 million sales and 2.1 million transactions – fell short of previous Pulse Index record-setting days during the 2007 holiday shopping season. In particular, it’s well below the current Pulse Index all-time high of $154.1 million, set on Wednesday 12/5. This would indicate that Green Monday may not have much of a halo effect for the online shopping sector beyond eBay and its affiliated websites.
Monday’s upward trend is consistent with the established online shopping pattern of pronounced early-week activity by consumers. Pulse Index data for the 2006 holiday shopping period found Tuesdays to be the busiest online shopping days, and Wednesdays appear to be experiencing the heaviest volume of the week during 2007. Based on this, Monday’s uptick should usher in higher totals for the next couple of days.

Pulse Index Drops to Near-2006 Levels the Weekend Before Green Monday
Chase Paymentech Pulse Index - 12/10/07
Shopping activity slowed for Pulse Index eRetailers this past weekend, with net sales going from $126.4 million on Friday 12/7 to $97.9 million on Saturday 12/8 – a 22.5 percent drop. Sunday 12/9 sales were even lower at $86.3 million.
The weekend totals were still higher than the year-over-year Pulse Index performance from the comparable weekend in 2006, although Saturday’s sales numbers came close to matching last year’s tally ($95.5 million on Saturday 12/9/2006). This slowdown – the continuation of a decline from the all-time Pulse Index high of $154.1 million set last Wednesday – reflects established consumer behavior of less online spending at the end of the week.
Pulse Index data points to a rebound in online activity starting today, leading to another early-week surge. In fact, this second Monday in December has been identified by eBay as "Green Monday", by virtue of the markedly high sales activity the auction site has experienced on this day for the past three years. If Green Monday has a ripple effect to other online retailers, we could see the highest volume of sales and transactions of the 2007 holiday season this week.

Pulse Index Posts Second-Highest Sales Total of 2007 Season
Chase Paymentech Pulse Index - 12/07/07 
One day after setting all-time record highs in sales and transactions, Pulse Index eRetailers registered a drop in activity on Thursday 12/6. Net sales totaled $127.7 million, a 17.1 percent decrease from the $154.1 million surge on Wednesday 12/5.
This dip is in line with traditional Pulse Index late-week declines as shoppers tend to switch gears from online to brick-and-mortar shopping heading into the weekend. Year-on-year, Thursday’s sales totals were still 17.6 percent higher than for the comparable day in 2006, continuing the overall stronger performance for the online shopping sector this year.
For the 2007 holiday shopping season to date, Pulse Index sales and transaction activity remains well above last year, at almost 32 percent higher levels than the comparative period in 2006. And despite Thursday’s drop, the $127.7 million sales tally is still the second-highest total of this season, and well above 2006’s single-day high of $118.8 million.

December Kicks Off Record-Breaking Highs for Pulse Index Sales & Transactions
Chase Paymentech Pulse Index - 12/06/07
Less than a week into December, Pulse Index eRetailers have already shattered the all-time sales and transaction highs from last year. Wednesday 12/5 saw total net sales of $154.1 million, easily surpassing the 2006 holiday season single-day record of $118.8 million, which was set last December 15th. A new all-time transaction volume high of 2.75 million was also established yesterday, breaking last year’s single-day high of 2.29 million from December 12, 2006.
With more than two full weeks to go for shoppers to complete their holiday gift-buying online, we can expect to see even higher Pulse Index numbers. This early-month surge, coming without the urgency of last-minute purchasing pressures, indicates that consumer preferences and heightened online promotions are driving more dollars than ever to the Web.
Significantly, Wednesday’s totals represent the first major shift in the day-to-day shopping patterns tracked by the Pulse Index. On the comparable first Wednesday in December for 2006, sales/transaction volume actually decreased from the previous Tuesday activity high that week, leading into a familiar weekend swoon for Web retailers. Combined with the strong mid-week performances seen this year, we may see Wednesdays emerge as the most robust online shopping day of the 2007 holiday season.

Leading Forrester Analyst Sucharita Mulpuru Assesses Pulse Index Results
Chase Paymentech Pulse Index - 11/30/07 
The upward trend in Pulse Index numbers that commenced on Black Friday appears to have ended on Thursday 11/29. Pulse Index sales volume dropped from an all-time high of $134 million on Wednesday 11/28 to $113.4 million Thursday. Transaction volume on the day also dropped, to slightly just above the 2 million level.
The week was still a strong one for Pulse Index eRetailers, as both Tuesday and Wednesday experienced activity well above Cyber Monday numbers.
Of note is the significant year-over-year increase between 2007 and 2006 performances. While the comparable drop in 2006 took both sales and transaction volumes back to 2005 levels, Thursday's 2007 totals remained markedly higher than both previous years - 55 percent in sales and 34.6 percent in transactions.

Pulse Index Wednesday: New 2007 Highs Set in Sales, Transactions, & Ticket Size
Chase Paymentech Pulse Index - 11/29/07
Mid-week performance by the 10 major Web retailers tracked by the Chase Paymentech Pulse Index continued the upward trend seen since Thanksgiving. Wednesday 11/28 registered new 2007 highs in sales ($134 million) and transactions (2.1 million). Wednesday’s sales volume is also an all-time high in Pulse Index tracking history.
Pulse Index results so far this year show a consistent year-over-year increase of between 30 and 35 percent. In fact, this pattern has manifested itself on a day-over-day level, to the point where the 10 percent sales volume increase between Tuesday and Wednesday of this week mirrors of the same 10 percent increase from last year. Based on this high level of predictability from 2006, we can expect a corresponding drop in sales/transaction activity on Thursday 11/29.
Related to this, Wednesday saw the Pulse Index’s largest average ticket size of 2007, at $62.57. This corresponds to the average ticket of $60.64 on the same Wednesday-after-Thanksgiving day last year, which was also the highest average-ticket figure for 2006. Given the reliability demonstrated to this point Wednesday’s ticket size of $62.57 could also end up representing this year’s peak in online average-ticket sales.

Cyber Tuesday? Pulse Index Reaches All-Time Sales High of $121.8 Million
Chase Paymentech Pulse Index - 11/28/07
Pulse Index eRetailers experienced another strong day of e-shopping on the day after Cyber Monday, with combined net sales of $121.8 million on Tuesday 11/27. This marks an all-time sales high in the Chase Paymentech Pulse Index tracking history, dating back to 2005. Transaction volume also broke through the 2 million threshold for the first time during the 2007 holiday shopping season.
Significantly, the average Pulse Index ticket size on Tuesday was $58.65, five dollars more than the average on Cyber Monday. Combined with the higher transaction volume on Tuesday, this suggests that online shoppers actually looked beyond the heavily-promoted discounts that kicked off Cyber Monday activity.
Tuesday’s Pulse Index numbers provide early evidence to support Forrester Research’s assessment that Cyber Monday may be largely a myth, at least in terms of being an especially robust day for online shopping.
It is worth nothing that, even with these record highs, year-over-year Pulse Index performance to date is still consistently at 30 percent over 2006 performance. Additionally, just as last year’s data showed the strongest activity occurring at mid-week, there’s reason to expect Wednesday 11/28 to outdo even Tuesday’s numbers.

Cyber Monday: Pulse Index Records $104 Million Sales, Almost 2 Million Transactions
Chase Paymentech Pulse Index - 11/27/07
Following on a strong performance over the Thanksgiving weekend, Pulse Index eRetailers posted record-high numbers on Cyber Monday. Sales volume for the 10 retail websites reached $104.8 million, while transaction volume hit 1.9 million.
While this marks the first time during the 2007 holiday shopping season that the Pulse Index broke the $100-million barrier in sales, Cyber Monday was in line with the average year-over-year increase from 2006 (32.5 percent) experienced so far during holiday period tracking. In fact, Cyber Monday activity actually dipped, percentage-wise, from the 38 percent increases seen in the preceding Friday-Saturday-Sunday period.
Transaction volume for the day, on the other hand, rose 40.6 percent year-over-year. This accounts for the lower average ticket amount for 2007 Cyber Monday – $53.60 versus $56.90 in 2006 – and may point to the effect of aggressive discounting by online retailers in order to generate more customer purchases.
Historical Pulse Index data indicates that the ultimate sales and transaction peaks for e-shopping are yet to come, with mid-December performance expected to significantly surpass these numbers.

Pulse Index Shows a 38 Percent Increase Over 2006 During Cyber Weekend
Chase Paymentech Pulse Index - 11/26/07
While the Black Friday focus was on brick-and-mortar retail activity, online shopping also experienced a boost on the year's most-anticipated shopping day. The post-Thanksgiving Day weekend sales volume for the Pulse Index merchants rose 38 percent over the same weekend in 2006, including a 39.6 percent year-over-year increase on Black Friday itself.
This indicates that the aggressive promotions by retailers had a halo effect on eRetailers, with consumers turning to the Web as readily as they did to physical storefronts. eBay reported especially strong sales on Black Friday, prompting a spokesperson for the online auction site to state, "many shoppers are grabbing their mouse instead of their car keys this holiday season."
Pulse Index sales were especially strong on Sunday 11/25. The sales volume of $82.8 million is the second-highest total for 2007, behind only last week's $86.1 million on Wednesday 11/21 (the day before Thanksgiving). This Sunday performance is all the more impressive because weekend days traditionally see lower online sales and transaction volume than weekdays.
These robust Cyber Weekend numbers suggest that the Cyber Monday event today could yield especially strong numbers this year, perhaps well surpassing the average 30 percent year-over-year increases that have typified the 2007 holiday shopping season so far.

Pulse Index Reaches a New Sales High of $86 Million on Wednesday Before Thanksgiving
Chase Paymentech Pulse Index - 11/23/07
The Pulse Index marked a new 2007 season sales volume high by mid-week, before experiencing a sharp drop on the Thanksgiving Day holiday.
Wednesday 11/21 saw Pulse Index total sales of $86.12 million for the 10 leading online eRetailers tracked, the second consecutive day of sales volume above $80 million. This represents a 32 percent increase from last year on the day before Thanksgiving. Thanksgiving Day itself registered $52.88 million in sales, a sharp drop of more than 38 percent from the day before. This mirrors a similar drop in 2006.
As in 2006, early indicators are that Tuesdays and Wednesdays are emerging as the preferred online holiday shopping days, a trend the Pulse Index will continue to monitor.
Today, Black Friday, marks the official start of the pre-Christmas retail shopping blitz. In contrast, the Pulse Index is indicating that the online shopping bonanza has already begun, with an average of 30 percent early year-over-year growth.

Tuesday Registers New High with Index Sales of $80 Million
Chase Paymentech Pulse Index - 11/21/07
Yesterday marked a new 2007 holiday shopping season high for Pulse Index eRetailers, with $80.3 million in total sales. This surpasses the earlier sales peak of $78.3 million, set last Tuesday (11/13), and amounts to a 30 percent increase over the Tuesday before Thanksgiving in 2006.
Transaction volume yesterday also showed a spike, as the ten Indexed eRetailers collectively processed more than 1.5 million orders. Average ticket value also peaked at $51.70.
Overall, the Pulse Index continues to follow a familiar pattern of pronounced online shopping activity for the early/middle part of the week. Based on last year's holiday season activity, this pattern is likely to continue into next week. As we approach Black Friday/Cyber Monday, we should see consistent gross increases from the previous year. Historical data from the Chase Paymentech Pulse Index suggests that the peak online shopping days won't come until mid-December.

One Week Before Cyber Monday, Sales Show 29 Percent Increase
Chase Paymentech Pulse Index - 11/19/07
In the lead-up to the 2007 cyber weekend, sales for Index eRetailers continue to climb. On Monday 11/19, sales for Indexed retailers spiked to $74.5 million, which represents a 29 percent increase over 2006 for the Monday before Thanksgiving.
On sales from November 5th through yesterday, the Pulse Index registered a total increase of more than more than 31 percent over the same period in 2006.
Based on Pulse Index 2006 data, a bigger spike could be seen tomorrow, with new release sales of digital music and movies being the key driver.
Tuesday 11/13 remains the highest Pulse sales day so far this season with sales of $78.3 million. Last year’s Pulse Index showed a single-day net sales high of $118.8 million, set on Friday, 12/15.

Pre-Thanksgiving Online Shopping Indicates Strong Early Growth
Chase Paymentech Pulse Index - 11/19/07 
Through Sunday 11/18, sales for Indexed retailers registered a total increase of more than 28 percent over the same period in 2006. Early indicators are that shoppers may be taking advantage of heavily - promoted offers that have already begun pre-Cyber Monday.
Pulse Index activity to date is following a similar pattern to that of previous years. Indexed online sales took off on Tuesday 11/13, reaching a high of $78.3 million, which remains the highest sales peak so far. This indicates that Tuesdays may again see the season’s largest net-sales totals throughout this cyber holiday season.
The Chase Paymentech Pulse Index gauges U.S. eCommerce activity during the November-December Holiday season. This year, industry analysts anticipate a repeat of previous years' robust online shopping growth, with JupiterResearch estimating a 20 percent increase and Forrester predicting 21 percent.

Chase Paymentech Pulse Index - Week Ending November 18
As the Pulse Index consists of actual aggregated sales and transaction activity, these forecasts will be measured here against hard data from benchmark retail websites. Early indicators show a larger increase so far this season, with Pulse Index activity running 30 percent higher than 2006.
Pulse Index activity to date is following a similar pattern to that of previous years. Starting from relatively low totals on Sunday 11/11, online shopping took off starting Monday 11/12, and by Tuesday 11/13 increased dramatically, reaching a sales high of $78.3 million. These early results indicate that Tuesdays may again see the season’s largest net-sales totals this year.

Chase Paymentech Pulse Index - Week Ending November 11
The Chase Paymentech Pulse Index gauges U.S. eCommerce activity during the year’s most important online shopping period: the November-December Holiday season.
The Pulse Index tracks payments generated by 10 of the nation’s 30 top Web merchants, as ranked by Internet Retailer magazine. Pulse eRetailers comprise a major share of the online sector, so their collective performance serves as a dependable benchmark for the consumer-driven economy. This Index is distinct from other industry forecasts that rely on sample-based estimates, as it draws from payment transactions as they occur.