Overall online sales on this year's Cyber Monday exceeded $1 billion

By Stephen Silver

Overall online sales on this year's Cyber Monday exceeded $1 billion for the first time, a 16 percent increase over last year.

Research firm ComScore found that Nov. 29 was the heaviest online spending day in history.

The research found that 9 million people participated in Cyber Monday, with the average buyer spending $114.24, and $60.05 per transaction.

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Cyber Monday Sales Surpass $1 Billion