Cyber Monday Shatters Every Online Record So Far

Cyber Monday is shaping up to be one of the biggest days of online shopping ever in the U.S., with consumers buying up deeply discounted toys and electronics. Significantly, many of these American consumers are using their mobile phones to make purchases during Cyber Monday.

According to news from Reuters, citing Adobe Analytics (a collector of eCommerce data), Cyber Monday is forecasted to generate $6.6 billion in retail sales, which is higher than the $5.6 billion seen in 2016. As of 10:00 A.M. on Monday (Nov. 27), sales were 16.9 percent higher at $840 million. Revenue from mobile shopping purchases increased 41 percent year over year.

Over the Thanksgiving and Black Friday weekend, consumers in the U.S. spent $7.9 billion, with more consumers than last year using their mobile device to make an eCommerce purchase. Traffic in-stores, however, was hurt by online discounts and promotions throughout the month of November.

Barclays said in a research report that the deals during the Black Friday weekend weren’t that inspiring. The Wall Street firm said deeper online discounts could persist throughout December.

Adobe Analytics told Reuters that toys are expected to see the biggest discounts on Cyber Monday, followed by computers and televisions. The Thanksgiving/Black Friday crush was a boon for online shopping, with an estimated $7.9 billion in consumer spending between that two-day period. At its peak, shoppers were spending about $1 million per minute online, soaking up those big deals and buys.

All told, retail sales were up 17.9 percent year over year on Saturday, according to Adobe Analytics. TVs, laptops, toys and gaming consoles — particularly the PlayStation 4 — were the most discounted items for online shoppers, and thus also the day’s biggest sellers, according to retail analysts and consultants.

The ramp-up to the shopping holiday saw many retailers announcing big improvements and upgrades to their websites and shipping platforms, in an effort to compete with digital commerce’s resident 800lb. gorilla, Amazon.