If Adobe’s crystal ball is accurate, Cyber Monday will serve as the largest online sales day in history.
Black Friday store traffic, on the other hand, may make the record books in a much different way.
Consumers spent $23.5 billion from Thanksgiving through Sunday, an increase of 23% over last year, and Adobe expects spending to hit between $10.8 billion and $12.7 billion online today. This would mark a year-over-year increase of 15% to 35%.
A block of four “golden hours of retail” on Monday, from 7:00pm – 11:00pm PT, is anticipated to bring in 29% of the day’s total revenue, with at least $13 million to be spent per minute during from 8:00pm – 9:00pm PT, according to the retail analytics provider.
“Cyber Monday is on track to break all previous records for online sales,” said Taylor Schreiner, director, Adobe Digital Insights. “Consumers will likely take advantage of the best discounted items today like TVs, toys and computers before price levels start creeping back up throughout the rest of the season. Shoppers are encouraged to do their gift buying soon as shipping in time for Christmas will get more expensive in the coming weeks.”
The news is not as good for retail stores, as per preliminary data from Sensormatic Solutions, which reported that in-store traffic on Black Friday fell by 52.1% vs. 2019.
Consumers spent $9.03 billion Black Friday, up 21.% from 2019, according to Adobe. Thanksgiving sales, meanwhile, were up 21.5%, to $5.1 billion.
Weekend Top Sellers
Madden NFL 21
Just Dance 2020
Xbox Series X/S
The figures dovetail with those from e-commerce platform provider Linnworks, which works with such merchants as Amazon, eBay, and Shopify. The company recorded Black Friday sales increases of 20% compared with last year.
A record $4.7 billion was spent by consumers online on Small Business Saturday alone, Adobe reported, an increase of 30.2%. Said SMBs (those with $10 million to $50 million annual revenue) saw revenue growth of 294% on Saturday vs. an average day in October.
Season to date, small retailers have seen a 110% increase in online sales on average, vs. the 112% growth for large ($1 billion-plus) retailers, said Adobe, which captures details from 1 trillion visits to U.S. retail sites across 50 merchandise categories, including 80 of the 100 largest retailers in the U.S.
Adobe also provided a snapshot of its holiday analytics thus far:
1. Fifty-six percent of consumers still think retailers are saving the best discounts for Cyber Monday.
2. Curbside pickup fulfillment grew 67% vs. last year, with the share of orders at retailers who offer it hovering around 23% vs. 2019’s 15% last year. Adobe expects this to increase to more than 50% in the days leading up to Christmas.
3. Mobile shopping accounted for 40% of online sales thus far, up 12%. What’s more, 60% of visits to retail sites is now being driven by smartphones.
4. The largest e-commerce retailers are winning in smartphone conversions, with 70% better conversion rates over the weekend.
5. Retailers offering curbside pickup had a 40% higher conversion rate this past weekend.