It’s Cyber Monday, and it’s packed with online sales and discounts for shoppers. Cyber Monday sales are estimated to reach $11.2 billion, up 5.1% from last year, according to Adobe Analytics forecasts.
Adobe reports a record $9.12 billion in online sales on Black Friday, despite continued high inflation. This is a 2.3% increase from a year ago. Adobe predicted a meager 1% increase in Black Friday sales.
US shoppers now do much of their holiday shopping on their smartphones instead of flocking to malls. Mobile shopping accounts for about 48% of all digital sales on Black Friday, according to Adobe data.
Electronics were the main contributor as online sales surged 221% compared to the average day in October. Toys were another popular category for shoppers, up 285%. Exercise equipment sales he increased by 218%.
Consumers also used flexible payment plans on Black Friday. According to Adobe, Buy Now Pay Later (BNPL) payments increased by 78% compared to the previous week, and BNPL revenue increased by 81% from the previous week.