Cyber Monday Online Sales Set To Hit $9.2B, Adobe Says

Posted: Dec 2 2019, 11:20pm CST | by , in Technology News

 

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Cyber Monday online sales set to hit $9.2B, Adobe says

Cyber Monday is breaking records again this year.

Cyber Monday continues to be the biggest online shopping day in the United States as it is expected to reach a record $9.2 billion in online sales, according to Adobe Analytics.

The analytics provider recently released preliminary figures based on data pulled from more than 1 trillion retail site visits and 55 million stock keeping units.

According to the report, Cyber Monday online sales rose 16.9% year over year as of 7:00 p.m. ET. Shoppers are expected to spend $2.8 billion, or about 30% of the estimated total revenue, during the so-called golden hours of retail, or the four hours from 10:00 p.m. to 2:00 a.m. ET.

Consumers are also set to spend an average of $11 million per minute during the peak hour of 11:00 p.m. to 12 a.m. ET, the report said, as they rush to snag deals before the day ends.

In addition, online sales through smartphones are projected to contribute a record $3.0 billion in a single day, or about 33% of Cyber Monday sales, 46% higher year over year. Smartphones are driving most visits to retail sites at 54%, up 19% year over year, according to the report.

So far, the best-selling items on Cyber Monday include Frozen 2 Toys, L.O.L Surprise Dolls, NERF products, Madden 20, Nintendo Switch, Jedi Fallen Order, Samsung TVs, Fire TV, Apple AirPods and Air Fryers.

John Copeland, head of marketing and consumer insights at Adobe, said Cyber Monday will “become the first day in history where consumers spend more than $3 billion on smartphones.”

“Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday,” Copeland said in the report. “Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in.”

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<a href="/latest_stories/all/all/81" rel="author">Mandy Jean</a>
Mandy covers the latest news in Tech and Business.

 

 

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