Shoppers went wild on Cyber Monday, spending $10.8 billion and set a record for the largest U.S. online shopping day ever, according to Adobe Analytics data.
Cyber Monday spending grew just over 15% from last year, according to the research that analyzed website transactions from 80 of the top 100 U.S. online retailers.
Shoppers started their gift buying earlier than ever. Retailers helped make that happen by spreading out deals to avoid crowded stores during the pandemic. With an extended holiday shopping time period, it’s hard to predict what this single day will mean for the entire season.
Early Bird Special
Unlike small businesses, Big-box retailers like Walmart and Target started their deals as early as mid-October to compete with Amazon Prime Day with more planned in the weeks ahead. And as expected, Black Friday — the one-day event that’s usually focused around shopping centers and malls — customers made most purchases on companies’ websites instead of in person.
This greater shift to online shopping has also diminished the importance of some typical metrics that companies, analysts and investors watch. These metrics include the typical long lines and big crowds at stores on Black Friday.
“Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays,” said Taylor Schreiner, a director at Adobe Digital Insights.
Many Cyber Monday shoppers made purchases from mobile phones. And a large majority of these purchases were made locally for (you guessed it) curbside pickups. Regardless of the coronavirus, this trend will likely become a part of future business model for both large and small businesses.