This holiday e-commerce spending season is off to a flying start after Cyber Monday posted the largest-ever single day of online sales in the U.S. According to Adobe, consumers purchased $6.59 billion online during Cyber Monday, with purchases made on smartphones also breaking a record with $2 billion in sales.
The figures come from Adobe, which has been tracking shopping online in the last few days as retailers officially kick-off of holiday shopping season, the most important time of the year for their businesses. These early days are seen by many as a bellwether for how the next six weeks will play out.
Interestingly, Cyber Monday was the only day in the last five — the ‘start’ of the holiday shopping period that kicks off with the Thanksgiving long weekend, including Black Friday — that sales totals did exceed Adobe’s estimates. In fact, they fell just slightly short of the $6.6 billion it predicted.
Adobe — which extrapolates its figures by analysing 80 percent of online transactions to the 100 largest web retailers in the country — says that November has so far racked up $50 billion in online revenue, up 16.8 percent increase year-on-year.
2017, it projects, will be the first year to break $100 billion in online sales, which is actually a downward revision from Adobe’s previous figure of $107.4 billion. (As a point of comparison, online sales in the US reached $94.4 billion for the holiday season in 2016.)