Cyber Monday wrapped up with $10.8 billion in sales, up 15.1% from last year and setting a record for the biggest online sales day in U.S. history, according to Adobe Analytics /zigman2/quotes/200389143/composite ADBE -3.89% data.
“Cyber Monday continued to dominate the holiday shopping season, becoming the biggest online shopping day in U.S. history, despite early discounts from retailers,” said Taylor Schreiner, director at Adobe Digital Insights.
“Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays.”
Mobile accounted for 37% of sales on Cyber Monday, Adobe said.
Cyber Monday discounts included as much as 28% off computers. Shoppers should expect discounts to lessen by 5% to 10% across many categories as we get closer to Christmas Day, according to Adobe.
Still Marshal Cohen, NPD Retail’s chief industry adviser, notes on Twitter that “Cyber Week continues,” as his inbox fills with promotions.
“Either Monday wasn’t big enough or we are just caught in one long continual promotion from the beginning of November,” he tweeted .
BMO Capital Markets analysts observed Cyber Monday promotions that held flat year-over-year, as well as throughout the Black Friday shopping weekend. Some retailers, like Urban Outfitters /zigman2/quotes/208403734/composite URBN +6.04% , Nike Inc. /zigman2/quotes/203439053/composite NKE -2.01% and L Brands Inc.’s /zigman2/quotes/202062875/composite LB -1.68% Bath & Body Works actually became less promotional on Cyber Monday.
“[W]e expect ongoing upside for retail and into next year and believe, for the first time in a while, the power lies in the hands of the retailers and their inventory management; the question will be who chooses to hold the line versus cross it,” wrote analysts led by Simeon Siegel.
So far this holiday season, Adobe says online shoppers have spent $106.5 billion, up 27.7% from last year.
Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -2.89% says that, through Cyber Monday, “2020 has been the largest holiday shopping season so far in our company’s history.” Amazon, as is the company’s usual practice , did not provide numbers to illustrate that statement, but said that world-wide sales at small- and medium-size grew 60%.
Numerator data found Amazon was “the big winner” for the weekend with 19% of total spend, or $1 of every $5 spent.
Amazon kicked off its holiday shopping season with a delayed Prime Day shopping event in October.
Amazon’s bestsellers for the season so far include President Barack Obama’s memoir “A Promised Land,” Revlon Inc.’s /zigman2/quotes/207032377/composite REV +2.82% One-Step Hair Dryer, and Amazon’s own Echo Dot.
Shopify Inc. /zigman2/quotes/209033712/composite SHOP -6.78% says sales for its merchants reached $5.1 billion over the long weekend, up 76% between Black Friday and Cyber Monday. Shopify merchants are largely small and independent brands.
U.S. consumers spent an average of $89.20 per order with New York, Los Angeles and London among the top cities.
The Amplify Online Retail ETF /zigman2/quotes/206522380/composite IBUY -3.04% has skyrocketed more than 105% for the year to date. The SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -0.37% is up 32.7%. And the benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.31% has gained 13% for the period.