Even though shoppers are not queuing up in front of the stores for Cyber Monday, that doesn’t mean that they aren’t shopping. Cyber Monday shoppers have already spent $473 million in online sales, as of 2nd December as per a report of Adobe analytics that monitors online transactions of the top web retailers in the US.
As Adobe Analytics report, online sales hit a record of $9.4 billion, which is a push of 18.9% YoY growth.
As there are reports of extreme weather in some parts of the country, shoppers are motivated to carry out their shopping online instead of driving down to a store. States that had 2 inches of snow reflected nearly 7% boost in online sales. Adobe is expecting shoppers to spend about $10 million per minute, i.e., 30% of the day’s revenue.
‘Frozen 2’, L.O.L. Surprise Dolls, Paw Patrol, Madden 20, FIFA 20, Nintendo Switch, Samsung TVs, Apple products, and Amazon Echo were among the most popular buys as per the Adobe Analytics report. But this year, the shoppers did not wait until Cyber Monday to begin their holiday shopping. Many online retailers started showcasing their deals in early November, and there were thinner lines in front of physical retail stores this year during Black Friday.
Even though the long weekend is supposed to be one of the busiest shopping days of the year in the US, but shoppers did not head out to the store, instead started loading their virtual carts for online sales. Therefore, online spending hit a new record of $5.4 billion, which is up 22% since 2018, as per Adobe data.
Smartphones have been a prime shopping tool this season, accounting for about 36.1% of online sales so far, which is 24.1% higher than last year. Retailers are not hiking up their discounts to lure customers but offering flat promotions instead.
Shoppers have spent approximately $72 billion between 1st November and 1st December, among which the past week alone brought in $7.4 billion in online sales, setting a track record of nearly $140 billion in online sales for the full holiday season.