Cyber Monday Sales Total USD 9.2 Billion | Financial Buzz

Cyber Monday Sales Total USD 9.2 Billion

Cyber Monday smashed ecommerce records once again as U.S. shoppers totaled USD 9.2 Billion in online sales, according to Adobe Inc. (NASDAQ: ADBE)

To put it into perspective, consumers were spending approximately USD 11 Million per minute at the peak, as smartphones accounted for USD 3 Billion in total sales during the day, according to TechCrunch. The record-breaking day surpassed 2018 sales by USD 1.3 Billion. And in the month of November alone, consumers have spent over USD 72 Billion.

Smartphone sales grew by 46% year-over-year, outpacing the overall growth of online sales. 

While smartphones only accounted for roughly a third of total Cyber Monday sales, smartphones accounted for 54% of all site visits, increasing by 19% year-over-year. 

However, consumer purchases fell short of what Adobe had anticipated. The Company expected totaled sales of USD 9.4 Billion, representing a 17% increase, but instead, total sales rose by 16.5%, according to TechCrunch.

“Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday,” said John Copeland, head of Marketing and Consumer Insights at Adobe, in a statement. “Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in.”

Adobe highlighted some of the top products sold over the past week were L.O.L. Surprise Dolls, Frozen 2 Toys, Nintendo Switch, VR devices, Samsung TVs, Madden 20, NBA 2K20, FIFA 20, and Fire TVs. 

A report by 9to5Mac claims that Apple (NASDAQ: AAPL) sold over three million AirPods between Black Friday and Cyber Monday. 

Moreover, Adobe forecasts that this year’s shopping period may get a boost due to the bad weather affecting the different regions around the U.S. Typically, when extreme weather hits, consumers tend to stay indoors and shop at home. 

“Online shopping received some unexpected boosts this holiday season. Retailer fears of a shorter season meant that deals came much sooner than usual, and consumers took notice. In some areas of the country, adverse weather in the form of snow and heavy rain meant that many opted to stay home instead and grabbed the best deals online. Just look at Black Friday, which brought in USD 7.4 Billion online and is just below last year’s Cyber Monday at USD 7.9 Billion,” said Taylor Schreiner, principal analyst and head of Adobe Digital Insights.

Schreiner highlighted that Adobe expects consumers to spend USD 14 Billion more this holiday season on their smartphones.