Cyber Monday sales in U.S. grosses a record $9.2 billion

Cyber Monday sales, riding on the back of a bumper Black Friday sales, are on course to bring in a record $9.2 billion, according to evening estimates.

Shoppers have had nearly a month of offers and deals with retailers banking on their vital holiday season sales, which incidentally is shorter by 6 days this year due to a late Thanksgiving.

According to estimates by Adobe Analytics, $72.1 billion was spent online in the month ending December 1, and Cyber Monday. Sales during this shopping festival logged a 16.9% jump over the previous year as of 7 p.m. ET.

Adobe, which measures transactions from 80 of the biggest 100 U.S. retailers, said it marked down its prior $9.4 billion forecast slightly as more data came in.

E-Commerce majors such as Inc, Walmart Inc and Target Corp were poised to benefit from the event, having beefed up delivery services to fulfill online orders more quickly. In-store pickup of online orders has become smoother, too, said Carol Spieckerman, president at consultancy Spieckerman Retail.

“At the end of the day, Cyber Monday is just Black Friday revisited so the momentum, and the deals, really started last week,” said Spieckerman.

According to Adobe, $3 billion of the estimated sales would come from smartphones, a new record for the U.S.

Large companies, with investments in technology areas including mobile apps, had an advantage ofer their smaller counterparts, said Taylor Schreiner, director of Adobe Digital Insights while adding, “The big companies are still getting disproportionate growth versus the small ones”.

As per an estimate by the U.S. National Retail Federation, nearly 69 million Americans scoured the web on Monday for deals, ranging from mobile phones to kitchenware; Adobe estimates that the biggest discounts came from televisions and computers.

Top sellers included toys from the film “Frozen 2,” L.O.L surprise dolls and Nintendo Co Ltd’s Switch games console, said Adobe.

“#CyberMonday2019 The day of the year 85% of the U.S. population pretends to actually be working,” tweeted Erika Mayor, a user in Miami.

Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Strategy

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