When will online retail surpass in store sales?
Boxed CEO Chieh Huang discusses online retail as shopping season kicks off, delivery services given poor weather conditions, the future of online retail, and his company remaining private.
Shoppers let their fingers fly across the keyboard to set a record for Cyber Monday sales.
Preliminary data from Adobe projected sales of $9.2 billion by the end of Monday and remains the largest online shopping day in the U.S, growing 16.9 percent year-over-year as of 7:00 p.m. ET.
Women wearing red sweater shopping online and using credit card at home office
There is more to come as shoppers hit the “golden hours of retail”, which are the 4 hours between 10:00 p.m. and 2:00 a.m. ET, will drive 30 percent of all Cyber Monday revenue at $2.8 billion, as shoppers hit buy before deals run out.
During the peak hour of 11:00 p.m. ET- 12 a.m. ET, consumers will be spending $11 million on average every minute.
Amazon announced on Tuesday that Cyber Monday was once again the single biggest shopping day in the company’s history, based on the number of items ordered worldwide.
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Smartphones were the device of choice hitting a new record, accounting for 33 percent of Cyber Monday sales at $3.0 billion, which represents 46 percent growth year-over-year.
“Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday,” said John Copeland, head of Marketing and Consumer Insights at Adobe. “Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in.”
Top sellers on Cyber Monday include Frozen 2 Toys, L.O.L Surprise Dolls, NERF products, Madden 20, Nintendo Switch, Jedi Fallen Order, Samsung TVs, Fire TV, Airpods and Air Fryers.
Other highlights include:
Cyber Monday had the best deals for televisions with average savings above 19 percent.
Shoppers that participated most in Black Friday online sales came from New Jersey, Connecticut, and Oklahoma. Due to unusually high rainfall and snow, some consumers have opted to stay indoors and finish their shopping online.
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The holiday shopping season, from Nov. 1 through Dec. 1, has generated $72.1 billion online to date, at 16.3 percent growth year-over-year, topping Adobe’s forecast of 14.1 percent.