Cyber Monday on track to set record for online sales

By Matthew Rocco
Published November 27, 2017
FOXBusiness

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.

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.

The retail battle on Cyber Monday put a spotlight on Walmart (NYSE:WMT), whose online prices are rivaling Amazon.com (NASDAQ: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.