Cyber Monday sets new online spending record

“Cyber Monday is on track to be the biggest online shopping day ever, surpassing our forecast by nearly $27 million or 0.8%”, said Adobe analyst Tamara Gaffney.

Adobe said the sales record on Cyber Monday this year exceeded by 2.6 percent in their initial prediction.

Customers are also attracted by bigger promotions for the Holidays. “I have a huge family; shopping the deals between Black Friday and Cyber Monday give me the opportunity to buy better quality items while keeping a budget”.

The bump was fueled by shoppers turning to online deals. “Seeing both the number of shoppers and buyers exceeding expectations as they did is a significant moment for all of us as we work together to make this one of the best holiday shopping seasons yet”.

A survey for the National Retail Federation found that more people shopped online than in stores over the Black Friday weekend as some shoppers looked to avoid the crowds and hassle.

“We believe the holiday season is off to a good start”, he wrote in a research note. Americans armed with mobile devices, tablets, and computers pulled out their credit cards and placed orders, turning yesterday into the biggest sales day in the history of online shopping. Google was gracious enough to provide us with some early Cyber Monday metrics, showing what people are searching for and where they’re searching from.

Target Corp (TGT.N) trimmed product offers by 10 percent on Cyber Monday. This was mainly due to a lower sales base in 2015 for those two days, Adobe said. $39.9 billion in online sales have been generated since November 1 of this year, with 27 out of 28 days producing over $1 billion in revenue. That figure was 12% in Sydney, 7% in Brisbane and only 1% in Perth. The popular online auction site beat out Amazon as the most mentioned online retailer during Cyber Monday, according to Adobe. Among the top selling electronic items were Sony’s PlayStation 4, Microsoft’s Xbox gaming consoles, Samsung 4K TVs, Apple’s iPhones and Amazon’s Fire tablets.

Adobe recently reported that Black Friday online spending had hit a record-breaking billion this year, with over a billion coming from mobile devices. Studies have shown that click through rates (CTR) increased 0.11% this Black Friday and 0.10% on Thanksgiving this year.

Did you spend the majority of your holiday shopping this past week online or in stores?