Online sales are really picking up pace of late. Only a few weeks ago, we had Singles day sale blow through the roof, generating huge revenues for Chinese firms. Now, data from Cyber Monday has started piling in and it appears as if citizens have gone out of their way to splurge this season, making Monday the largest online sales day in history.
As per data coming in from Adobe, Cyber Monday saw a mammoth $3.45 billion in sales in the United States. This not only beats the $3.34 billion spent on Black Friday just a few days earlier but also marks a substantial 12.1 percent jump over the amount brought in during Cyber Monday last year.
As per Adobe,
Cyber Monday is on track to hit a new record with $3.39 billion spent online, a 10.2 percent increase year-over-year (YoY). This will mark the largest online sales day in history, surpassing Black Friday ($3.34 billion) by a narrow margin.
Adobe cites the 23 billion anonymised visits to retail websites that it tracked as the source of its information. The visits account for almost 80 percent of all online transactions for the top 100 U.S. retailers. Add to it the adjustments Adobe undoubtedly made to the data to accommodate the remaining 20 percent and other factors, and this is probably as reliable an estimate as we are likely to get.
In case you are unaware of it, Cyber Monday marks the end of a week long shopping season that also includes the festival of Thanksgiving. The weekend is particularly awaited by retailers who have taken to offering deals and discounts in form of Black Friday and Cyber Monday deals — so as to make the most of the crowds of holiday makers.
Some other highlights of Adobe’s report are as follows:
- A total of $12.81 billion was spent between November 24 and November 28. This marks an increase of 16.4 percent over last year.
- Sales really kicked off after a slow start, with just $1.93 billion spent on Thanksgiving. (Yeah, when we start using terms like “just” before almost $2 Billion, it means that sellers just had a very good month.)
- The holiday shopping season (until November 1-28) is expected to drive a total of $39.9 billion in online revenue, a 7.4 percent increase YoY.
- 27 out of 28 days that have already passed this holiday season generated over $1 billion.
- The five best-selling toys on Cyber Monday were Lego sets, Shopkins, Nerf, Barbie and Little Live Pets.
- The five best-selling electronic products that literally walked off shelfs this season included Sony PlayStation 4, Microsoft Xbox, Samsung 4K TVs, Apple iPads and Amazon Fire.
- Highest price drops were seen for televisions (average discount of 21.5 percent). Indeed, I swear I saw a 40-inch Sony for $150 somewhere!
- Search ads drove 35.5 percent of sales, while direct sales and e-mails were responsible for 23.8 and 19.9 percent respectively.
Meanwhile, mobile devices were responsible for driving the majority of visits to retail websites on Cyber Monday. Tablets (9 percent) and Smartphones(44 percent) were together responsible for over half the traffic. However, PCs still accounted for well over 60 percent of the total sales.
Speaking on the topic, Tamara Gaffney, principal analyst, Adobe Digital Insights said,
Cyber Monday is on track to be the biggest online shopping day ever, surpassing our forecast by almost $27 million or 0.8 percent. This indicates that consumers still had more appetite for online shopping despite the incredible volume of online sales on Black Friday. Prices are expected to start climbing after today as retailers shift attention to extend the season late into December with quick shipping deals and the option to click and collect in store.
So, what did you splurge on this week? Do let us know by commenting right below.