This comes as Black Friday was on track to hit $7.4 billion in online sales—19 percent higher than last year, based on early data compiled by Adobe.
“Cyber Monday will set a new record as the largest—and fastest—growing online shopping day of the year with $9.4 billion in sales, an 18.9 percent increase year over year (YoY),” said the Adobe communications team in an online post.
Buoyed by a strong economy, the strong projections come in spite of the fact that the 2019 holiday shopping season is six days shorter than last year’s, with just 22 days between Cyber Monday and Christmas.
“This leaves almost $1 billion in revenue behind,” the Adobe team said in its report.
A key insight is that the 2019 online holiday shopping season is projected to be $143.7 billion, which is 14.1 percent higher than last year. Another important trend is that the growth of retail e-commerce, clocked at 14.1 percent, is growing faster than retail sales, which are at 4.0 percent overall.
“Americans will spend billions more this holiday season on their phones
compared to last year,” Adobe said.
“With Christmas now rapidly approaching, consumers increasingly jumped on their phones rather than standing in line,” said Adobe analyst Taylor Schreiner, according to The Los Angeles Times.
In what the company calls the “most comprehensive report of its kind in industry,” analysts took into account aggregate and anonymous data collected through its platforms like Adobe Commerce Cloud, including crunching numbers from over 1 trillion retail website visits and sales of more than 55 million unique products.
“The compressed shopping cycle will see retailers launching offers far earlier than ever before,” said John Copeland, head of Marketing and Customer Insights at Adobe. “With fewer days to spend, Adobe Analytics predicts that BOPIS (buy online, pick up in store) will be more popular than ever before, with revenue from this delivery method doubling in the week before Christmas as shoppers rush to complete their gift lists.”
Black Friday Deals Minus the Madness
Fewer people lined up outside stores as Black Friday shopping kicked off, suggesting early discounts offered by retail chains and a surge in online buying may have taken the shine off America’s biggest shopping day.
“The mad rush isn’t here anymore,” said San Antonio resident Reila Prose, in comments to The Wall Street Journal. “The mall has dwindled. You can get everything online.”
Spot checks on the ground showed there were fewer shoppers this year as retail chains started offering discounts earlier than usual to make up for a shorter holiday season this year.
“I think there were some good deals but overall the discounts are similar to what we have seen in the past,” said Jay Smith, 28, who was shopping at a Macy’s in Pentagon City to buy clothes and toys for her family.
Adobe predicted that Cyber Monday would see the deepest discounts on television sets, amounting to 19 percent on average.
On Dec. 3 is when the best deals are to be had on furniture and bedding (10 percent), and tools and home improvement items (6 percent).
The company said that shoppers on the prowl for the best deals on electronics should wait for Dec 27. Boxing Day, when retailers will likely be “offering up massive savings of 27 percent.”
Reuters contributed to this report.