Tuesday in CE: A Single-Day Spending Record was Set on Cyber Monday
Though it fell roughly $1 million short of the projected total, Cyber Monday was still an absolutely, overwhelmingly, undeniably successful day for online retailers. According to early reports from Adobe Insights, consumers spent roughly $6.59 billion (just shy of the projected $6.6 billion) during the course of the day.
That makes Cyber Monday 2017 the largest day of online shopping in U.S. history. Spending was up 16.8 percent over last year.
According to the firm, toys, handheld electronics, and apparel merchandise were what drove the record-setting spending. Top products included Google’s Chromecast, iPads, PlayStation VR, and Hatchimals. Additionally, Adoe found that the top 100 U.S. retailers drove 80 percent of all online transactions—which might not read too well for the little guys out there.
As for how consumers shopped, the easiest way to answer that is late at night and on their smartphones. Adobe found that the last three hours of the day in each time zone were when spending was at its peak. Actually, according to Adobe, those last three hours likely drove more spending than an average 24-hour day on the retail calendar.
— GfK (@GfK) November 28, 2017
Retail research firm GfK has a ton of data in its FutureBuy study about how consumers use their smartphones as it relates to shopping. Bottom line: Consumers hunt for deals, and they do so by any means possible, meaning they’ll gladly mix and match digital and online resources at will.
The firm’s report offers tips for how retailers can stay on top of the fast-evolving retail world.