Cyber Monday Breaks Online Sales Record with $7.9 Billion in Sales
Fueled by a long weekend of record-setting performance online, the Black Friday holiday shopping weekend closed out on Cyber Monday by once again setting a single-day online sales record, according to the latest figures from Adobe Analytics. As of 9:30 p.m., Cyber Monday was on pace to hit $7.9 billion in sales, up 19.7 percent over Cyber Monday 2017, the previous single-day sales record holder.
Interestingly, though, Adobe’s data shows that Cyber Monday was actually the slowest growing day on a year-over-year basis when compared to Thanksgiving Day (sales increase of 28 percent to $3.7 billion), Black Friday (23.6 percent, $6.2 billion), and the Saturday-Sunday period (25 percent, $6.4 billion). The full season thus far (November 1 to 26) has driven $58.5 billion in online sales, a 19.9 percent increase. Every single day has driven sales of more than $1 billion online.
Moreover, with regard to Adobe’s data on Cyber Monday, the firm found that Cyber Monday was also a record-setting day for sales on smartphone devices. Adobe reported that consumers made more than $2 billion in purchases online through their smartphones on the day, making it the most successful day for smartphone sales ever in the U.S.
The improvement in smartphone sales on Cyber Monday and the Black Friday shopping weekend in general also resulted in a sharp increase in the amount of consumers who took advantage of retailers’ Buy Online, Pickup In Store option. According to Adobe, the BOPIS benefit saw a record 55 percent increase on Cyber Monday alone.
“Converting mobile traffic to sales has long been a thorn in the side of retailers, but investments in making the experience faster and easier have paid off,” Taylor Schreiner, a director at Adobe Digital Insights, said in a statement. "Cyber Monday shoppers relied heavily on their mobile devices, resulting in an unprecedented 55.6 percent year-over-year increase from smartphones alone. Additionally, Buy Online Pick Up In store saw a record 65% increase, signaling that retailers are increasingly fulfilling consumer expectations for integrated cross-channel experiences."
Here are some of the other key highlights of Cyber Monday, as reported by Adobe Analytics:
- The best performing hours on Cyber Monday were the three hours between 10 p.m. and 1 a.m. Eastern, just as consumers were heading to bed on the East Coast and getting finished with dinner out West. That time period drove roughly $1.7 billion in online sales—roughly 21.5 percent of the entire day’s sales. That figure also represents roughly $300 million more than an average full day of retail shopping throughout the rest of the year.
- Out of stock levels averaged around 2.4 percent of product pages during Cyber Monday, which was up from the season average of 2.1 percent. That figure represents up to $187 million in lost potential sales to retailers, according to Adobe.
- On Cyber Monday, direct website traffic ranked highest for driving revenue at 25.3 percent share of sales, which was actually down 1.2 percent compared to last year. That was followed by paid search (25.1 percent), email marketing (24.2 percent), and natural search (18.8 percent). Social media drove just 1.1 percent of sales, according to Adobe.
- In the big box vs. local scope, Adobe found that larger retailers performed 6 percent better than smaller retailers in converting sales with smartphone shoppers. Smaller retailers, though, were 7 percent more successful at converting sales with desktop shoppers.
Collectively, per Adobe’s figures, the Black Friday holiday shopping weekend produced more than $24.2 billion in online sales, or roughly half of all online sales to this point in November. That figure outpaces Adobe’s pre-Black Friday weekend prediction of $23.4 billion in sales during the five-day shopping weekend.