Cyber Monday on track to set record for online sales

By Retail FOXBusiness

Cyber Monday expected to see more than $6B in sales

Barrons.com editor-at-large Jack Otter on the rise in online shopping.

Cyber Monday was poised to set a new record for online sales in the U.S., as more holiday shoppers used their smartphones to search for bargains.

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Shoppers spent a whopping $3.38 billion by the end of the work day on the East Coast, according to Adobe Analytics data cited by USA Today. Adobe projected that a surge in online purchases would come between 8 p.m. and 11 p.m. in each time zone.

Online retailers are expected to book $6.6 billion in revenue by the end of Cyber Monday, which would reflect a 16.5% increase over last year’s $5.65 billion.

Mobile shopping has accounted for a larger share of e-commerce spending during the first five days of the holiday shopping season. Earlier on Cyber Monday, revenue from mobile shopping had soared 41%, according to Reuters. Thanksgiving and Black Friday also generated more revenue from mobile devices, contributing to $7.9 billion in total online sales.

Adobe analysts say consumers can find the biggest Cyber Monday discounts on toys. Retailers are also offering deals on computers and televisions.

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The retail battle on Cyber Monday put a spotlight on Walmart (WMT), whose online prices are rivaling Amazon.com (AMZN). Market Track said Walmart’s prices are now just 0.3% higher compared to Amazon. A year ago, Walmart’s prices were 3% higher.

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