Smartphone revenue grew by over 32.1% compared to last years, with more than $1.59 billion that set a new record high.
Cyber Monday 2017 is going down in the history books. According to data from Adobe Digital Insights, US shoppers parted with $5 billion in spending over a 24 hour period, 16.9% up on previous year. The data also show that total online sales have topped $1 billion every day in November.
Adobe projected internet sales would still reach a record $5bn by the end of the night, with online retailers forecast to rake in an additional $6.6bn on Cyber Monday. Mobile traffic also surged, representing 47.4 percent of overall visits - 39.9 percent on smartphones, and 7.6 percent conducted through tablets - and accounted for roughly 33.1 percent of retailer revenue this Cyber Monday.
That's an increase of 16.9 percent from a year ago, the company said.
More complete data on in-store sales is expected from the National Retail Federation on Tuesday. The practice, known as showrooming, has been hard to combat. Kit Yarrow, a consumer psychologist and professsor emeritus at Golden Gate University in San Francisco, says her research with consumers indicates many of them are snapping up all the good deals they see with plans to return the items they ultimately will decide not to give as holiday gifts. He singled out Walmart.com and BestBuy.com for offering the lowest prices for some items available only in-store.
Though it usually kicks off with Black Friday, in the past few years, the long-time tradition is has starting to taper off with more people choosing to stay put and do their shopping online instead of wrestling with crowds. "Millennials were likely another reason for the dramatic growth in mobile, with 75 percent expecting to shop via their smartphone". Toys "R" Us recently filed Chapter 11.
Cyber Monday has traditionally been an especially strong day for buying online. "While the retail industry has banked on aggressive discounts weeks before Black Friday and Cyber Monday to boost consumer spending, they need to make sure that this does not sacrifice margins in the long term".
The trend is relentlessly negative for traditional retailers. The brick-and-mortar retailers are left with nearly no defense of their century-old business model.
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.