Black Friday has come and gone, and it has caused several billion dollars to fly out of buyers pockets and into the waiting arms of online retailers. According to projections, Cyber Monday is on cue to repeat the stellar performance, and we could see buyers splurge as much as $7.8 Billion on shopping online.
The projections come from Adobe, which tracks trillions of transactions across major US retailers to come up with its estimates. The company has predicted that this year will mark an increase of 18 percent in year over year spending. In case you are interested, buyers spent $6.6 Billion last year on Cyber Monday.
By 7 AM PST/10 AM EST, Adobe estimates that shoppers have already spent somewhere around half a billion dollars. With plenty of time left before the shopping fiesta ends, it seems like Adobe’s projections could very well be met. The company’s forecasts for the month (which stood at $43 Billion for the month of November) have already been surpassed, and retailers have raked in around $44.2 Billion so far.
Of this figure, $3.7 Billion in sales took place on Thanksgiving, with Black Friday accounting for another $6.2 Billion. Small Business Saturday, which is a rather new trend, accounted for around $3.02 Billion in sales.
Meanwhile, MasterCard’s SpendingPulse has a relatively more conservative estimate according to which, total sales “could exceed” $3 billion.”
According to SpendingPulse, last year’s Cyber Monday sale day brought in around $2.4 billion. This major difference in figures could be because of the way Adobe and SpendingPulse estimate sale figures. While the former is based on sale tracking accross major websites, the latter
…uses national retail sales across all payments types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check.
Either way, the one undisputed fact is that sales are increasing. And that good news for retailers.