03 Dec 2019
Cyber Monday sales were on track to break records, reeling in $9.2 billion, according to estimates published on Monday evening.
The sales run was extended from a busy Black Friday weekend for U.S. retailers, led by promotions and free shipping discounts which were rolled out earlier than usual.
Consumers have already enjoyed nearly a month of deals and discounts, as retailers look to prolong the crucial festive shopping season, which is six days shorter this year due to Thanksgiving arriving late.
Adobe Analytics forecasts $72.1 billion were spent online in the month ending December 1, with Cyber Monday – currently the U.S.’s economy number one day for e-commerce – recording a rise of 16.9% from the previous year, as of 7 p.m. ET.
Adobe, which takes into consideration sales from 80 of the 100 biggest American retailers, said it lowered its previous $9.4 billion forecast as more data rolled in.
Retailers including Amazon.com Inc and competitors such as Target Corp and Walmart Inc were set to capitalise from the event, have enhanced their delivery services in order to cater to large amounts of online orders. Carol Spieckerman, president at consultancy Spieckerman Retail said that in-store pickup of online orders had also improved.
“At the end of the day, Cyber Monday is just Black Friday revisited so the momentum, and the deals, really started last week,” Spieckerman said.
Adobe also noted that $3 billion of total estimated sales would be generated from smartphones, breaking U.S. records.
Director of Adobe Digital Insights Taylor Schreiner said that major companies performed positively in this aspect, outdoing smaller firms due to their increased investment in mobile apps and technology, as well as more varied selections for products and deals.
“The big companies are still getting disproportionate growth versus the small ones,” he said.
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