Cyber Monday Online Sales Spike 17% to Record Highs
Cyber Monday is pacing to become the biggest-ever Internet shopping day in the United States as many more Americans shopping on their phones.
Adobe Analytics, a leading collector of e-commerce data, said Cyber Monday is expected to generate $6.6-B in sales, up from $5.6-B a year ago.
Thanksgiving and Black Friday, when shoppers spent $7.9-B and bought more on their mobile devices than last year, had also generated record online sales.
That action brightened the outlook for traditional retailers that have expanded beyond brick-and-mortar outlets into e-Commerce.
However, the availability of deals and promotions throughout November hurt shopper traffic at stores.
Promotions during the weekend were largely uninspiring, Barclays analysts said in a note, adding that deeper discounts could continue into December rather than being concentrated on Cyber Monday.
Adobe collects the data by measuring 80 percent of all online transactions from the top 100 U.S. retailers. Of every $10 spent at the top 500 US retailers, $7.50 goes through the Adobe sales platform.
Toys are expected to see the biggest discounts Monday followed by some deals on computers and televisions, Adobe said.
Wal-Mart Stores Inc. (NYSE:WMT) started Cyber Monday deals at Midnight Monday and said it will bring back discounts from Black Friday that were popular with shoppers.
Wal-Mart is now close to matching Amazon.com Inc.’s (NASDAQ:AMZN) online prices for the 1st time, a Key milestone in its effort to regain the “low price leader” title, the data show.
Shares of retailers were off earlier highs in Monday’s trading.
Monday, the US major stock market indexes finished at: DJIA +22.79 at 23580.78, NAS Comp -10.64 at 6878.51, S&P 500 -1.00 at 2601.42
Volume: Trade on the NYSE came in at: 766-M/shares exchanged
- NAS Comp +27.8% YTD
- DJIA +19.3% YTD
- S&P 500 +16.2% YTD
- Russell 2000 +11.5% YTD
Over all the US major stock markets are Bullish to Very Bullish across the board.
Latest posts by HEFFX Australia (see all)
- Tesla (NASDAQ:TSLA) Stock Update - December 2, 2020
- Amazon (NASDAQ:AMZN) Stock Update and Technical Analysis from Metastock - December 2, 2020
- Facebook (NASDAQ:FB) Charts Show More Upside - December 2, 2020