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Cyber Monday broke online sales record with $7.9B

By Thomas Barrabi FOXBusiness
Will Cyber Monday sales supersede Black Friday?<br>

Adobe Marketing &amp; Customer Insights Vice President John Copeland discusses whether Black Friday sales will hurt Cyber Monday sales. <br>

The 2018 edition of “Cyber Monday” will go int the books as the largest U.S. online shopping day of all time, according to data from Adobe Analytics.

Cyber Monday is projected to hit $7.9 billion by the end of the day.

This represents a 19.7 percent increase year-over-year as of 7:00 p.m. ET.

“Despite some of the best deals coming earlier in the holiday season, the Cyber Monday brand has great staying power,” said Taylor Schreiner, director of Adobe Digital Insights. “Many shoppers have waited on certain purchases, with three hours tonight expected to bring in as much revenue as an average full day. While certain discounts have remained since Black Friday, out-of-stock rates are starting to peak up and shoppers looking for the hottest products should not wait much longer.”

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The record sales haul comes just days after U.S. online shoppers spent an estimated $6.22 billion during “Black Friday” sales promotions, which also marked a record. Electronics, such as television and computers, are among this year’s most discounted items for the popular online events.

U.S. online retail spending reached $50.6 billion through Nov. 25, up 20 percent year over year, according to Adobe.

“Cyber Monday sales topped $7.9 Billion according to Adobe Analytics data, making it the single largest shopping day in U.S. history,” said John Copeland, head of Marketing and Customer Insights at Adobe. “Sales coming from smartphones hit an all-time high of $2 Billion and we saw a significant spike in the Buy Online, Pickup In-Store trend.”

Additional findings:

  • Golden Hours of Retail: Shoppers are taking advantage of final Cyber Monday deals before heading to bed. The three hours between 10:00 p.m. and 1:00 a.m. ET on Cyber Monday are expected to drive $1.7 billion in online sales.
  • Biggest Discounts: Black Friday saw the best deals for televisions (prices down 18 percent) and computers (17.8 percent).
  • Out-of-Stock Levels: 2.4 percent of product page visits saw an out-of-stock message on Cyber Monday, up over a season average of 2.1 percent. This cost retailers up to $187 million in potential sales.
  • Top Cities By Spend: Denver had the biggest shopping baskets since Thanksgiving with orders averaging $163, followed by $157 in San Francisco, $156 in New York, $156 in Portland and $154 in the Seattle/Tacoma area.

This article has been updated.

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