Update: Adobe reported a record $7.9 billion spent on Cyber Monday, with $2.2 billion coming from smartphones. “Buy Online Pick Up In Store” saw a 65 percent spike year-over-year, as more shoppers are taking advantage of “click and collect” offers from physical retailers.
Shoppers are set to make e-commerce history today.
Cyber Monday online sales are expected to reach $7.8 billion, which would make it the biggest online shopping day in U.S. history, according to Adobe Analytics. That’s also up 18.3 percent from last year.
Early data from Adobe showed $531 million in online sales as of 7 a.m. PT on Monday.
“Despite some of the best deals coming earlier in the holiday season, the Cyber Monday brand has great staying power,” Taylor Schreiner, director, Adobe Digital Insights, said in a statement. “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.”
Online sales also increased on Black Friday, with consumers spending $6.22 billion, up 23.6 percent. More than $2 billion in Black Friday purchases this year were made via smartphones, or 34 percent of online sales, up from 29 percent a year ago. Adobe expects the same for Cyber Monday purchases made on smartphones.
Shoppers also broke records on Thanksgiving weekend, with $3 billion spent on Saturday and another $3.4 billion on Sunday, making it the biggest online shopping weekend in U.S. history.
Overall online spending in the U.S. for the period of Nov. 1-Nov. 25 stands at $50.6 billion, up 20 percent year to date, with $15.3 billion coming from smartphones, up 56 percent.
The overall trend has positive implications for companies such as Amazon but it also reflects the growing push by traditional retailers to accommodate the demand for online shopping among U.S. consumers.
The Adobe Analytics service measures transactions from 80 of the top 100 online retailers in the country.