Cyber Monday could become the biggest online shopping day in history for U.S. retailers.
The e-commerce holiday is set to bring in a predicted revenue of $7.8 billion, marking a 17.6 percent increase year over year, reports Adobe Analytics. (Comparatively, Black Friday drew in a record $6.22 billion in online sales.)
According to the marketing data firm’s holiday data, between 7 and 10 p.m. PT, Cyber Monday will account for the golden hours of internet-made purchases. Those three hours are expected to rake in as much revenue as an average day, with visits worth $9 and conversion rates reaching their annual peak at 7.3 percent.
Retailers with both e-commerce and brick-and-mortar outposts stand to benefit the most. Adobe recorded a 28 percent higher conversion rate for such retailers, compared with those that lacked a traditional storefront.
“As online shopping surges with another record-breaking holiday season, the retailers with compelling websites coupled with physical store locations will have the advantage,” said John Copeland, head of marketing and customer insights. “Many shoppers want to interact with retailers’ products and the brand in-store, and the ability to pick up online orders in-store within a matter of hours can’t be underestimated.”
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As of 7 a.m. PT, Adobe tracked more than half a billion in Cyber Monday sales, an 18.3 percent uptick year over year. Thanksgiving weekend is forecasted to generate $23.4 billion in, or nearly $1 in $5, of online holiday shopping revenue — outpacing daily averages from November to December.
Considering 44 percent of consumers prefer to do their online shopping on major retail days like Black Friday and Cyber Monday, Adobe anticipates overall online holiday shopping revenue will hit $124.1 billion in 2018, or 14.8 percent more than last year’s spending.
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