Cyber Monday again sets e-commerce record with $6.59B spent

Cyber Monday again sets e-commerce record with $6.59B spent

The holiday shopping season from November 1 to November 27 drove a total of $50 billion in online revenue.

Cyber Monday dates back to 2005 when it was first used as a promotion for Shop.org.

Adobe projected internet sales would still reach a record $5 billion by the end of the night, with online retailers forecast to rake in an additional $6.6 billion on Cyber Monday. However, Black Friday's record $5 billion in online sales reflect consumer confidence is at its highest point.

Cyber Monday was launched a little more than a decade ago as a way to prolong the post-Thanksgiving shopping spree while also feeding the then-nascent e-commerce sector.

Adobe said that on Black Friday 54.3, percent of retail website visits and 36.9 percent of revenue happened on a mobile device, with conversion rates for tablets up 13 percent year over year, and smartphones up 16.5 percent year over year. This marks a 16.8 percent year-over-year (YoY) increase as of 10:00 p.m. ET, Nov. 28.

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Digital retail has grown, but brick-and-mortar isn't dead yet. image source: Getty Images.

Despite anecdotal signs of muted in-store sales - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand - consumers are still expected to spend more overall this holiday season than last, analysts and industry executives said. Because they are portable, smartphones allow people to look at merchandise in stores and buy at better prices online, nearly instantaneously.

Fair weather across much of the nation also was factor, said National Retail Federation President Matthew Shay.

The growth is consistent with other data on holiday shopping so far this year that show mobile becoming the new norm for browsing products, even if final purchases still tend to be made on desktop computers. "Millennials were likely another reason for the dramatic growth in mobile, with 75 percent expecting to shop via their smartphone". Black Friday saw the largest discounts for computers (15.9 percent on average), followed by TVs (21.6 percent) and toys (17.3 percent). It is a season for gift giving, and the increased retail "traffic" in the stores generally gives a boost to most categories-people products or pet. People not only buy online.

The growing online shopping trend has forced the toy chain Toys R Us and apparel retailers True Religion, The Limited, Rue21 and Payless Shoe Source to file for bankruptcy in 2017.

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