Retail

Cyber Monday Sales Expected To Reach $9.4B

Cyber Monday Sales Expected To Reach $9.4B

Seeking to maintain the momentum of a record $11.6 billion in online sales on Black Friday and Thanksgiving, U.S. retailers started Cyber Monday by rolling out a series of early deals over the weekend. Merchants aim to lengthen the holiday season, which is technically six days shorter this year due to a late Thanksgiving, Reuters reported.

Among the merchants who are targeting early holiday shoppers, the big winners are those offering services like buy online, pick up at store, as well as those with a more significant online presence. Adobe Analytics estimated that the opening weekend of the holiday season would reach a record of nearly $30 billion in sales.

Adobe Lead Analyst Vivek Pandya said, according to the report, “The weekend between Black Friday and Cyber Monday is emerging as a truly lucrative period for online commerce. Consumers … are accelerating spend in the run-up to Cyber Monday.”

The National Retail Federation estimates that almost 69 million Americans will search online for deals for items ranging from housewares to iPads.

Amazon, as well as traditional retailers like Walmart and Target, have stepped up their delivery services to fill eCommerce orders faster as more shoppers order from their tablets and mobile phones. Walmart offers free two-day shipping or in-store pickup on the same day, while Target makes free shipping available during the shopping season.

The news comes as Cyber Monday is tracking to break eCommerce records and possibly go down in history as the biggest day for online sales in the United States. According to analytics company ShopperTrak, retail visitors during Thanksgiving and Black Friday dropped a combined 3 percent compared to 2018. 

However, Adobe Analytics showed that eCommerce sales set new records. Online shoppers were projected to spend $9.4 billion on Cyber Monday, approximately 19 percent more than last year, after having already spent $7.4 billion on Black Friday.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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