By Tonya Garcia
Online sales this Cyber Monday are expected to break an all-time record, according to Adobe Analytics, with sales forecast between $10.8 billion and $12.7 billion.
That represents as much as a 35% year-over-year increase.
During the peak hour between 8 am PT and 9 am PT, sales are expected to reach $13 million per minute as shoppers clamor for deals before the day ends.
The forecast comes after a Thanksgiving holiday weekend in which shoppers already spent billions online.
Online retail rang up $5.1 billion in sales on Thanksgiving Day, up 21.5%, and $9 billion on Black Friday, up 22% from 2019. On Small Business Saturday, online sales reached a record $4.7 billion, up more than 30% from last year.
The holiday season’s online shopping activity continues the massive shift to e-commerce that consumers have been making throughout the coronavirus pandemic.
Moreover, retailers set out to spread holiday shopping throughout the season, launching deals earlier than ever. Retailers have also ramped up services like same-day pickup to encourage online shopping without the margin-busting delivery costs.
Computers will have the biggest Cyber Monday discounts of 30% on average, Adobe says, with electronics prices down 26% and appliances down 21%.
Mobile shopping has increased as well, accounting for 40% of online sales for the holiday season so far.
And curbside pickup was a hit over the weekend, with 67% growth year-over-year.
Salesforce.com Inc. (NYS:CRM) is forecasting Cyber Monday sales in the U.S. of $11.8 billion, up 18% from last year. Globally, the company expects $46 billion in sales.
New e-commerce customers have been the driving force of the holiday shopping weekend, Salesforce says. And now with concerns about delivery deadlines coming, retailers offered deeper promotions over the weekend, and shoppers are responding.
“With anticipated shipping cutoff dates looming soon after after Cyber Week, online demand is expected to stay at peak levels this Cyber Monday as consumers search for final deals and avoid late deliveries,” said Rob Garf, vice president of strategy and insights at Salesforce.
The SPDR S&P Retail ETF (PSE:XRT) has gained 30.4% for the year to date. The Amplify Online Retail ETF (PSE:IBUY) has soared more than 103%. And the benchmark S&P 500 index (S&P:SPX) is up 11.8% for the period.