U.S. online consumers are on a torrid spending pace through mid-December and are still on track to shatter previous revenue records for e-commerce outlets, according to updated statistics from Adobe Analytics released this week.
Shoppers spent an estimated $110.6 billion through online platforms from Nov. 1 to Dec. 19, the firm said. That total marked a 17.8 percent increase compared to the same period one year ago and shattered the previous record of $93.9 billion by more than $16 billion.
Mobile-based transactions boosted revenue totals, with shoppers spending more than $33 billion on orders submitted through their smartphones. A growing portion of last-minute shoppers are also opting to shop online and pick up products in-store rather than wait in line to pay for products.
“Weary holiday shoppers continue to look for alternatives to crowded stores, long lines and empty shelves in the final push to Christmas,” said Taylor Schreiner, director of Adobe Digital Insights. “Retailers who can offer the easiest shopping experience, whether through excellent use of data to anticipate shoppers’ needs or by providing an option for picking up products at brick-and-mortar stores, are the ones people are flocking to this week. With a record 47 percent growth in Buy Online Pick Up In-Store (BOPIS) purchases, retailers need to impress consumers in both the real and virtual worlds.”
Based on online shopping volume, Adobe now expects this holiday season to produce at least $126 billion in e-commerce revenue, up from a previous estimate of $124.1 billion earlier this month. A final tally is expected on Jan. 15.
The previous record for the full holiday season was $108.2 billion, set in 2017.
Adobe bases its projections on data from 80 of the top 100 U.S. online retailers, including Amazon and Walmart.