Retailers want you to shop in stores this year (and they have a point)
New York (CNN Business)Cyber Monday sales are expected to reach at least $10.4 billion, which is higher than the underwhelming Black Friday tally and roughly matches last year’s record-breaking amount.
American consumers have already spent $7.1 billion Monday, according to Adobe. That figure is expected to rise to between $10.4 billion and $11.1 billion in the final tally, making Cyber Monday the biggest online shopping day of the season and year. Last year, the same day raked in $10.8 billion.
The usual suspects were the biggest spending categories, including electronics, appliances and toys. However, customers were greeted with smaller discounts than usual with electronics being marked down 12% compared to 27% last year and apparel discounted 15% off compared to 20% in 2020.
The ongoing supply chain crisis also hampered sales. Adobe said that the “prevalence of out-of-stock messages” was up 169% compared to January 2020 and up a whopping 258% compared to the 2019 holiday shopping season.
Cyber Monday spending didn’t grow as fast as it did last year, noted Adobe’s lead analyst Vivek Pandya. He cited the holiday shopping season kicking off sooner compared to earlier years.
“When all is said and done however, we still expect to see a record season — and year — for e-commerce,” Pandya said in a statement.
Salesforce (CRM) also said it expects Cyber Monday sales to hit $11 billion, flat compared to last year.
“With the smoothing out of demand throughout the entire season, peak days like Black Friday and Cyber Monday have less of an impact than previous years,” remarked Rob Garf, vice president of retail at Salesforce, in a statement. “It’s been less about Cyber Week and more about Cyber November.”
Final Cyber Monday numbers from Adobe (ADBE) will be released Tuesday morning.
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