Cyber Monday sales on record pace to crack $3 billion
Retailers are rolling out online deals on Cyber Monday.
This Cyber Monday could be the largest online sales day ever, according to early numbers from Adobe Systems Inc.
As of 7 a.m. PST, online sales totaled $490 million, 14% higher than the same period last year. Adobe expects sales to reach a record $3 billion for the first time ever.
That number would be a 50% increase from Cyber Monday sales of $2 billion three years ago.
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The booming Cyber Monday sales come on the heels of a slower Thanksgiving and Black Friday for retailers. Combined sales for those two days totaled about $12.1 billion, according to preliminary data from Shoppertrak, down from $12.3 billion over the same period last year.
Black Friday numbers were hurt by early November retail sales, as well as earlier opening times on Thanksgiving.
On Monday morning, some customers experienced delays while shopping on Target Corp.’s website. When shoppers logged on to the retailer’s website, some saw a screen asking them to “hold tight,” as high traffic was causing some delays. Target said traffic was already twice as high as its busiest day ever, but that the site was not down.
“As we experience spikes in traffic, our systems place guests in a queue,” the company said in a statement. “We apologize to guests who experience any delays, we appreciate their patience, and encourage them to try again in a few minutes by refreshing their browser.”
According to the National Retail Federation, nearly 60% of shoppers started their holiday spending before Thanksgiving, the highest proportion ever reported.
Read on to find out more about Cyber Monday sales so far.
Strong weekend sales online
$8.03 billion was spent online between Thanksgiving and Sunday, a 17% increase from last year, according to Adobe.
$135.25 was the average order value, an increase of 4% from last year.
The average discount was 23%.
Importance of mobile
32% of online sales were made on a mobile device, with 20% from a phone and 12% from a tablet, according to Adobe.
More than $156 million in sales is attributed to mobile devices -- $98 million from phones and $58 million from tablets.
Most popular products
Toys and electronics top the list of products that could be out of stock on Cyber Monday. For toys, that means mostly "Star Wars" products. Electronics include gaming bundles of consoles and games.
But the best deals might not be in video games or electronics. According to WalletHub analyst Jill Gonzalez, jewelry is the best buy with an average discount of 56%. Next best is books, movies and music, which is about 51% off, followed by apparel and accessories at a 46% discount. Video games, computers and phones are the lowest discounted products at 28%.
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