NewsCyber Monday
Nov 27, 2023 08:29 AM EST
Discount-seekers used their phones and laptops to scoop up gadgets, apparel, toys, jewelry, appliances, and even personal care goods as the biggest U.S. online shopping day of the year began on Monday.
According to Adobe Analytics, American consumers might spend a record $12 billion on Cyber Monday due to high internet traffic and transactions. It stated that it would be 5.4% greater than the previous year.
Retailers were expected to provide average price reductions of 19% for furniture and 30% for gadgets.
Lead analyst Vivek Pandya of Adobe Digital Insights, which collects data via Adobe's Experience Cloud service for e-commerce platforms, stated, "We are seeing very strong discounts."
Including up to 46% off certain Instant Pot cooking appliances, 37% off select Vitamix blenders, and 35% off Amazon products, including a 55-inch Amazon Fire TV, Amazon started promoting its Cyber Monday Deals as early as Saturday.
In an attempt to gain market share, Walmart lowered prices on Sunday night, following the pattern of stores offering early discounts on popular shopping days.
Adobe, which claims to have a window into transaction data at 85% of the top 100 online retailers, predicts that more than half of Monday's online sales would probably be conducted on mobile devices. It stated that over this Christmas season, mobile phone transactions could surpass those conducted on desktop computers for the first time.
On Monday, customers who are shopping last-minute may spend $4 billion between 6 p.m. and eleven at night. Pandya stated that customers would be worried about discounts waning after then, "because of ET alone."
Pandya said he would monitor if consumers continuing the trend of "downshifting to cheaper goods" in categories on Monday would be consistent with what he had observed earlier in the year.
In order to protect capital and boost profits, many "retailers have really pulled back on their inventory levels," according to Rob Garf, vice president and general manager for retail at Salesforce, which monitors data passing via its Commerce Cloud e-commerce service.
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Cyber Monday is a significant online shopping event in the United States that takes place on the Monday following Thanksgiving Day. It serves as a counterpart to Black Friday, which traditionally marks the beginning of the holiday shopping season with brick-and-mortar store sales.
Cyber Monday, on the other hand, is geared towards online retailers, offering consumers a chance to snag great deals and discounts from the comfort of their homes or workplaces.
Cyber Monday has since evolved into one of the biggest online shopping days of the year. Retailers across various industries participate in the event, offering a wide range of products at discounted prices. Electronics, clothing, gadgets, home goods, and other items are commonly featured in Cyber Monday promotions. Online marketplaces, such as Amazon, Walmart, and Target, are particularly active during this period, showcasing a plethora of deals and exclusive offers.
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