Cyber Monday is on track to smash online sales records
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Cyber Monday is in full swing and shoppers are spending more than ever before. The latest data from Adobe suggests that Cyber Monday 2018 will smash through last year's sales as consumers drop billions on discounted items.
As of mid Monday morning, consumers had spent an estimated $531 million online, according to data from Adobe Digital Insights. By the end of the day, Adobe estimates that shoppers will have spent $7.8 billion in online purchases, making today the biggest online shopping day in US history -- above the record-setting $6.59 billion spent during Cyber Monday 2017.
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Adobe's calculations are based on data from 1 trillion visits to retail websites: the company measures 80 percent of all online transactions from the top 100 US retailers, and said that three quarters of spending online with the top 500 US retailers goes through its Adobe Marketing Cloud.
Overall, more consumers are spending their holiday shopping budget online instead of in-store. Adobe's data showed that a record $6.22 billion was spent online by the end of Black Friday, an increase of nearly 24 percent from a year earlier. Mobile purchases also increased, with some $2.1 billion in sales coming from smartphones on Black Friday.
"Despite some of the best deals coming earlier in the holiday season, the Cyber Monday brand has great staying power," Taylor Schreiner, director, Adobe Digital Insights. "Many shoppers have waited on certain purchases, with three hours tonight expected to bring in as much revenue as an average full day."
We'll have the full picture for Cyber Monday once the data becomes available tomorrow.
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