Holiday shoppers went online Monday and spent $10.8 billion, setting a record for the largest U.S. internet shopping day ever, according to Adobe Analytics data.
Cyber Monday spending rose 15.1% year over year, according to Adobe, which analyzes website transactions from 80 of the top 100 U.S. online retailers. That came in short of Adobe's original forecast of $12.7 billion. The firm had been revising its Cyber Monday estimate downward in recent days.
Adobe cut its online sales forecast for the entire holiday season to $184 billion, which is a 30% increase from last year. It originally estimated online sales of $189 billion.
This year, shoppers started their gift buying earlier than ever, as retailers spread out deals to avoid crowded stores during the coronavirus pandemic. With such an extended holiday shopping period, it is difficult to gauge what this one day says about the entire season.
For many retailers, Cyber Monday has a diminished role. Big-box companies like Walmart and Target started their deals in mid-October to coincide with Amazon Prime Day and plan to have more in the weeks ahead. And on Black Friday — a one-day event that's typically centered around stores and malls — customers made many of their purchases on companies' websites instead of in person.
The shift to online shopping has also lessened the importance of some typical metrics that companies, analysts and investors watch: long lines and big crowds at stores on Black Friday.
"Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays," said Taylor Schreiner, a director at Adobe Digital Insights.
On Cyber Monday, Adobe said the number of orders picked up curbside was up 30% from a year ago, as shoppers sought out ways to safely retrieve their items bought online that same day.
Many people used their smartphones to shop deals, too, as retailers have been investing more in their mobile apps. Thirty-seven percent of digital sales on Cyber Monday were made on mobile devices, Adobe said.
During the final hours of Cyber Monday, from 7 p.m. to 11 p.m. Pacific time, consumers spent $2.7 billion, accounting for 25% of the day's revenue, the firm said.
Thanksgiving Day and Black Friday also set records for online shopping, according to Adobe. Online spending rose nearly 22% year over year to $5.1 billion on Thanksgiving Day. On Black Friday, online spending jumped by about the same percentage to a total of $9 billion.
As shoppers bought popular items like Hot Wheels, Lego sets and Apple AirPods, Adobe found many made those purchases on their smartphones and a growing number retrieved their online purchases through curbside pickup.
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December 01, 2020 at 09:24PM
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Online sales reach $10.8 billion on Cyber Monday, the biggest U.S. e-commerce day ever, Adobe says - CNBC
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