From Nov. 1 through Nov. 27, $50 billion has been spent online thus far, on track to reach $100 billion by the New Year, the firm said Tuesday.
The largest discounts on Cyber Monday were on toys with discounts averaging nearly 19%, followed by televisions with discounts averaging 16.5% and computers with average discounts of 14.7%.
Consumers spent a record $6.59 billion online on Monday, a 16.8 percent increase from last year's $5.6 billion. Online sales were particularly robust, with Adobe Digital Insights reporting that Americans spent about $5 billion on Internet-based shopping.
Still, a sharp rise in online sales brightened the overall outlook for those traditional retailers that have expanded beyond brick-and-mortar outlets, sending their shares higher in day-after-Thanksgiving trading.
Price drops started in September: Retailers averaged 20 to 30 percent for initial discounts in September this year, with 42 percent of initial discounts at 40 percent or higher.
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The National Retail Federation (NRF), which had predicted strong holiday sales helped by rising consumer confidence, said on Friday that fair weather across much of the nation had also helped draw shoppers into stores. The practice, known as showrooming, has been hard to combat. People increasingly know where to find the best deals and what they want to purchase, which results in less price matching behavior typically done on desktops.
Looking at both Thanksgiving Day and Black Friday, however, in-store foot traffic was actually down almost 2% compared to the same two days past year. "Millennials were likely another reason for the dramatic growth in mobile, with 75 percent expecting to shop via their smartphone". Toys" R " Us, which filed for bankruptcy earlier this year, offered 15 percent items site-wide and another 25 percent off all Hasbro games online. One store I saw boasting 'Black Friday bargains - five weeks only!' - after which of course the post-Christmas stock clearance sales would kick-in, meaning we're looking at the best part of two months of discounting.
Cyber Monday's busiest period was late in the day from 8 p.m.to 11 p.m. for each market, while the last hour from 11 p.m.to midnight will be the single business hour at over four times the annual average. People not only buy online.
Digital retailers get a lot of the holiday sales hype because they have been growing at a faster rate than traditional brick-and-mortar chains.