Thanks to the booming sales late in the day, revenues for Cyber Monday, the biggest online shopping day of the year, crossed the $3 billion mark for the first time in its 10-year history. Not only did the day beat expectations, it also set a record for the single biggest day of online sales.
No prizes for guessing the hero of the day — Amazon.com Inc. (AMZN - Free Report) !
According to Slice Intelligence, the e-Commerce giant single-handedly generated an estimated 36.1% of the total online sales on Cyber Monday.
As usual, Amazon did not disclose the actual numbers, but it did say that sales of its own devices tripled during the Thanksgiving Weekend through Cyber Monday.
This can be attributed to rising popularity of online shopping. According to data pulled from Adobe’s (ADBE - Free Report) Digital Index data tool, total online sales on Cyber Monday jumped 16% from the last year, higher than the software company’s initial prediction of 12% growth.
Another factor was the role mobile devices played in boosting Cyber Monday sales. Per Adobe, mobile sales reached a volume record and $799 million of total online spending came from smartphones and tablets.
Major companies recorded huge growth numbers during this time frame. Amazon’s Cyber Monday revenues increased 21.1% year over year, according to ChannelAdvisor.
Target (TGT - Free Report) also saw record sales growth thanks to its online promotions. In a blog post, the company said that as a result of additional 15% discount site-wide on Cyber Monday, customers had to be placed in virtual queues to manage traffic and order volume.
So while the holiday weekend was all about Cyber Monday, the day was all about Amazon.
Amazon currently holds a Zacks Rank #2 (Buy). Investors can also consider eBay Inc. (EBAY - Free Report) , carrying the same Zacks Rank as Amazon.
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