Online shopping reached a high record on Cyber Monday where shoppers bought worth $11.3 billion in sales, according to the figures from Adobe Analytics. As Adobe analytics tracks seasonal e-commerce activity, this time it recorded consumers spending 5.8% more than in previous years. It sets a record for both the year.
According to Adobe Digital Insights lead analyst Vivek Pandya, traders concentrated on heavy discounts to manipulate market demand in acknowledging the “softening consumer spending environment”. Heavy discounts attracted buyers.
“It spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest,” Pandya said.
On Monday in the peak hour, shoppers spent $12.8 million per minute. The toy category saw a large drive of customers and the high spending figure was the toy category. The online sale of this particular category rose to 684% compared to the average day of the last month.
Not only the toy category but the sale drove many consumers’ demand for electronic products as well. The category saw a jump of around 391% and a 372% increase in sales according to Adobe. After electronics, various other category products also witnessed a rise in demand. The categories were mostly Sporting goods, appliances, books, and jewelry, according to the data by Adobe.
Electronics products discounts were as high as 25% whereas in the same period last year it was around 8% and the highest discount was in the category of toys with an average discount of 34%.
Cyber Week, which starts from Thanksgiving through Cyber Monday, goes on for the whole week. The week witnessed spending that crosses over a hefty $35.27 billion, which jumps up to 4% year over year.
According to the data, Black Friday and Thanksgiving saw record online spending at $9.12 billion and $5.29 billion, respectively.
Consumers spent around $107.7 billion online from Nov. 1 to Nov 28 which is an increase of 8.7% annually.
Adobe predicts that in the shopping season which spans from Nov 1 to Dec 31 the spending will reach up to $210.1 billion which is a 2.75% increase from the previous year, according to the data.
Cyber Monday is a marketing term for e-commerce following Thanksgiving weekend in the US. It was created to encourage people to buy from e-commerce retailers. Online retailers give big discounts, promotions, and sales on products on this day or week.
It occurs the day after Thanksgiving. It is also a traditional mark for the onset of the Christmas shopping season in the United States. The sales start from Thanksgiving to Cyber Monday or the whole week. Black Friday is the busiest shopping day of the year in the US.