Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Cyber Monday sales poised to top $9.4 billion

Published 12/02/2019, 02:08 PM
Updated 12/02/2019, 02:08 PM
Cyber Monday sales poised to top $9.4 billion

By Aishwarya Venugopal

(Reuters) - Cyber Monday sales were on course to bring in a record $9.4 billion, according to early estimates, building on a bumper Black Friday weekend for retailers driven by earlier-than-usual promotions and free shipping.

Shoppers have already had nearly a month of special offers and deals as retailers look to draw out their vital holiday season, which is six days shorter this year due to a late Thanksgiving.

Estimates from Adobe (NASDAQ:ADBE) Analytics on Monday predicted that some $72.1 billion has been spent online in the past month, with Cyber Monday - now traditionally the U.S. economy's biggest internet shopping day - logging $473 million as of 9 a.m. ET.

Amazon.com Inc (NASDAQ:AMZN) and other traditional retailers such as Target Corp (NYSE:TGT) and Walmart (NYSE:WMT) have beefed up delivery services to fulfill online orders faster as more customers shop on their mobile phones and tablets at home.

"At the end of the day, Cyber Monday is just Black Friday revisited so the momentum, and the deals, really started last week," said Carol Spieckerman president at consultancy Spieckerman Retail.

"Retailers' click and collect capabilities are running more efficiently, online shopping is more intuitive ... Amazon isn't the only one wearing the convenience crown this year."

PENTHOUSE PROTEST

It may not all be smooth sailing for the world's biggest online retailer. Amazon warehouse workers, community groups, unions and elected officials, were set to march outside company chief Jeff Bezos' Fifth Avenue penthouse, citing poor treatment of workers and rising climate emissions from the company's push for speedier deliveries.

Activists also staged protests across France on Friday and tried to blockade a shopping mall in Paris, denouncing the spread of Black Friday to European shores.

Target and Walmart have also taken aim at the company this year by making free shipping or same-day in-store pickups widely available. Commentators say those sorts of deals have proven a success over the past month.

The National Retail Federation estimates nearly 69 million Americans will scour the web on Monday for deals on everything from mobile phones to kitchenware, with Adobe estimating the biggest discounts were on televisions and computers.

Topping Adobe's list of most popular products were Frozen 2 and Paw Patrol toys, L.O.L surprise dolls and Nintendo's Switch mobile console.

"#CyberMonday2019 The day of the year 85% of the U.S. population pretends to actually be working," tweeted Erika Mayor, a user in Miami.

For interactive graphic, click link: https://fingfx.thomsonreuters.com/gfx/editorcharts/USA-HOLIDAYSHOPPING-CYBERMONDAY/0H001QXN09QY/index.html

Latest comments

On last sales (11/11), Alibaba racked more than $36 billions... Compare to this???
china is so much bigger than u. s.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.