Thanksgiving Day on pace for record $3.7B in online sales

By MarketsFOXBusiness

Retailers' high expectations for the holiday shopping season

National Retail Federation CEO Matt Shay on the outlook for the holiday shopping season.

Thanksgiving day is tracking toward one of the fastest growing retail days in online shopping history.

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By late Thursday afternoon, online sales reached $1.75 billion representing growth of 28.6 percent year-over-year, according to Adobe Analytics data.

Based on that growth rate, it is expected that online retail sales for Thanksgiving Day will hit $3.7 billion, up 29 percent from 2017.

Between Nov. 11 and Nov. 22, $38 billion is forecast to be spent online. That would be an increase of 18..6 percent.

Smartphones are doing the bulk of the work with 54.4 percent of all traffic to retail sites.

The share of traffic from desktops and tablets fell.

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Additional Adobe Analytics Insights: 

Top Products: Nintendo Switch continues to dominate top gaming consoles just as it did last year.

Discounts: We’re seeing average savings of 16.3% for computers, 4.7% for televisions and 12.2% for toys.

Expectation for Thanksgiving Weekend & CM: Adobe Analytics is expecting $5.9 billion in online sales on Black Friday (17.2% growth YoY).  Cyber Monday is expected to be the largest and fastest growing day at $7.8 billion (17.6% growth YoY).