Markets

Cyber Monday was the biggest online shopping day ever

Cyber Monday was the biggest online shopping day ever

More tellingly, over 64 million people bought online and in person, underscoring the fact that retailers need to do both well to be successful today - especially because those consumers spent more money than those who only shopped online or in-store.

The National Retail Federation says that of the 174 million Americans who shopped between Thursday and Monday, 58 million of them exclusively made online purchases, versus 51 million who only shopped in stores.

Over the holiday weekend, shoppers said they headed to department stores (43 percent) and shopped online (42 percent). But the group said the average amount spent per person was $335.47 with 75 percent of it going toward gifts. The group didn't offer a comparable number from a year ago because it changed its methodology.

Unsurprisingly, people shopped on their phones more than ever before, with smartphone revenue on Cyber Monday rising 39.2 percent from past year to $1.59 billion, according to Adobe. Second to that was just past noon on Black Friday. This worry will likely drive more shoppers to pick up gifts in stores during the final days of the season. Yet although Cyber Monday has become the posterchild for online holiday shopping, the day still hasn't dominated social media, giving weight to the idea that retailers can be doing more to promote Cyber Monday deals.

The amount spent on United Kingdom online retail sites on Black Friday 2017 was up 11.7% to £1.39bn. As of last night, Cyber Monday was on track to hit $6.57 billion in sales, up almost 17 percent from 2016, making it the biggest one yet.




"Thanksgiving and Black Friday each saw impressive online spending totals on desktop computers while posting 20-percent growth rates, adding to the holiday season's fast start compared to 2016", said comScore SVP of Marketing and Insights Andrew Lipsman. Online shopping surpassed $1 billion every day so far in November, with five $2 billion days.

Skyhook's analysis found that Walmart, Target, and Best Buy beat Macy's, Kohl's, and Sears in volume of in-store foot traffic on Thanksgiving Day and Black Friday, and that peak in-store shopping took place late on Thursday afternoon. The firm measures 80 percent of online transactions from 100 major USA retailers.

The long weekend had set retailers up for a strong finish to the year, Shay said, but they would need to keep inventory tight to deliver similar or deeper discounts that the vast majority of consumers are expecting for the rest of the holidays. "Black Friday continued the online shopping frenzy, surging to an all-time high of more than $2 billion in desktop spending, and proving once again that it is now as much an online shopping holiday as a brick-and-mortar one". Nearly a quarter of shoppers spent "much more" over Black Friday weekend.

Of those who chose to shop at the last minute, 52 percent planned to shop online.