Business News

2018 Thanksgiving day could see sales to the tune of $3.5 Billion

With lower unemployment and a growth in online penetration, the 2018 Thanksgiving season is expected to be a Blockbuster for eCommerce services across the globe. As per Adobe, $1.75 Billion have already been spent by 2 PM pacific time, and the company said that it expects somewhere around another 2 Billion by the time the day is over and done with.

Adobe came up with these stats after tracking transactions at across 80 of the top 100 US online retailers, over 1 trillion visits, and 55 million SKUs. The company believes that sales today will exceed $3.5 Billion, up from the last projections of $3.1 Billion.

And it is just the start of the holiday season. Research firm Internet Retailer predicts that the total amount of money spent over the 5 days between Thanksgiving and Cyber Monday will be to the tune of $21.6 Billion. Interestingly but unsurprisingly, it is expected that Amazon will take home over one-third of these sales.

Overall sales from retailers, both online and offline, are expected to stand at a whooping $1 Trillion, with total sale from eCommerce retailers big and small, at $123 Billion.

Coming to the medium, mobile so far accounts for 48.4 percent of all retail site visits and 28.2 percent of sales. Tablet will account for around 8 percent, with desktop making up the difference. Since the start of the month, almost $35 Billion has already been spent online. This is an increase of over 17% year-over-year.

The spread of the sales was pretty even with all 21 days collecting over $1 Billion in revenue.

As per Taylor Schreiner, director, Adobe Digital Insights:

Pre-Thanksgiving deals appear to have enticed consumers to spend a little earlier as we saw our second $2 billion day of the holiday shopping season. That growth is continuing in the early morning hours of Thanksgiving Day and we expect strong growth in sales and mobile throughout the day.

Among the products doing specially well, are L.O.L. Surprise! and Hatchimals in the toys category, and Amazon Fire TV, Roku and Apple iPads in the electronics category.

A bibliophile and a business enthusiast.

mudit.m@thetechportal.in


Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *