US ‘Cyber Monday’ Sales at Record-Setting Pace

Prime
  • Online deals for gadgets, games, wine, and clothes put “Cyber Monday” sales on track for record levels in the United States, according to an industry tracker.
  • Adobe Digital Insights expected Cyber Monday to remain “the king of online shopping days,” racking up sales of between $10.8 billion and $12.7 billion.
  • E-commerce colossus Amazon and others began offering Cyber Monday deals early, and shoppers were pouncing on discounts that might not get any better during the year-end holiday season.
  • Visit The Financial Today’s homepage for more stories.

SAN FRANCISCO — Online deals for gadgets, games, wine, and clothes put “Cyber Monday” sales on track for record levels in the United States, according to an industry tracker.

Adobe Digital Insights expected Cyber Monday to remain “the king of online shopping days,” racking up sales of between $10.8 billion and $12.7 billion.

It predicted that at least $13 million per minute would be spent during peak online shopping on Monday night.

After weaker than expected e-commerce action during the US Thanksgiving holiday, the pace picked up on the traditional “Black Friday” bargain-shopping day and through the weekend, according to Baird Equity Research.

E-commerce colossus Amazon and others began offering Cyber Monday deals early, and shoppers were pouncing on discounts that might not get any better during the year-end holiday season.

“Cyber Monday is on track to break all previous records for online sales,” said Adobe Digital Insights director Taylor Schreiner.

“Shoppers are encouraged to do their gift buying soon as shipping in time for Christmas will get more expensive in the coming weeks.”

Schreiner expected consumers to snap up the most deeply discounted items, such as televisions, toys, and computers, before prices “start creeping back up.”

Despite deals offered during the weekend, the majority of consumers believe that retailers saved the best bargains for Monday, according to Adobe.

Cyber Monday is known for deep discounts on computers, toys, appliances, and electronics.

Top selling products during the weekend included Star Wars toys, video games, Apple smartwatches, and Xbox consoles, according to Adobe.

Use of smartphones for shopping is having “a break-out year” due to investments made by retailers in improving their mobile apps, it added.

Buyers were also showing a preference for ordering online but picking up purchases curbside from local merchants.

US consumers spent a record $4.7 billion on “Small Business Saturday,” but e-commerce giants still outperformed their smaller competitors, according to Adobe.

Image by Marco Verch

Total
0
Shares

Leave a Reply

Previous Post
Bitcoin

Bitcoin on Record Tear Towards $20,000

Next Post
NYSE

Stock Markets Continued to Soar As Traders Anticipate Vaccine Roll-Out

Related Posts