Cyber Monday is expected to become the largest online shopping day in history as more consumers decide to digitally fill their holiday stockings this year instead of venturing out to brick-and-mortar stores.
Cyber Monday sales expected to break record
December 1, 2020 at 2:29AM
Adobe Analytics predicted as of 8:15 p.m. Monday that the day could bring in between $10.8 billion and $11.4 billion in online sales, or between 15% and 21% more than last year.
"Cyber Monday is on track to break all previous records for online sales," Taylor Schreiner, director of Adobe Digital Insights, said in a Monday morning statement.
Retailers started offering online deals in October, trying to spread out consumers' purchases and keep crowds down at physical stores because of the coronavirus pandemic.
"Consumers will likely take advantage of the best discounted items today like TVs, toys and computers before price levels start creeping back up throughout the rest of the season," Schreiner said. "Shoppers are encouraged to do their gift buying soon as shipping in time for Christmas will get more expensive in the coming weeks."
Beyond the deals that started more than a month ago, retailers also kicked off Black Friday specials online as well in the stores. Most closed on Thanksgiving but still offered the deals early online.
Big-box traffic was slow in the early morning Friday and mall traffic also was down significantly from last year, with the Mall of America reporting 60% less foot traffic throughout the weekend than it saw last year. However, malls still saw a noticeable uptick from earlier during the pandemic as customers lined up outside stores limiting capacity at the Mall of America and Twin Cities Premium Outlets in Eagan. Ridgedale Center was also busier than expected, said Joan Suko, its general manager.
Shoppers didn't turn only to general retailers for their gifts. Smaller businesses saw success with online revenue growth of 294% on Saturday compared to an average day in October, according to Adobe. Consumers spent a record $4.7 billion online on Small Business Saturday, representing more than a 30% increase compared with last year.
Overall, analytics company GlobalData reported Monday that holiday spending on Black Friday deals through the weekend showed Americans spent a total of $62.45 billion, an increase of 2.1% over the same period last year.
"Retailers will be pleased with overall Black Friday trading," said Neil Saunders, GlobalData managing director, in a statement. "However, the new pattern of business will produce some winners and losers. Those, like department stores, that rely on strong foot traffic to malls will have suffered more than those with a strong multichannel offer. There will also be increased costs from having to fulfill a higher volume of online orders."
Nicole Norfleet • 612-673-4495
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