Cyber Monday proved to be the biggest online sales day in the U.S. history with record $3.45 billion sales, according to data compiled by Adobe Systems Incorporated’s (ADBE - Free Report) Adobe Digital insights. Sales increased 12.1% year over year.
The figures have cleanly surpassed earlier estimates provided by Adobe. Per estimates, shoppers were expected to spend $3.39 on online shopping on Cyber Monday, a 10.2% jump year over year.
The holiday shopping season so far has recorded total sales of $40 billion.
Principal analyst at Adobe Digital Insights, Tamara Gaffney sees this as consumers’ growing tendency to buy things online. She had expected prices to rise after Nov 28 as retailers try to extend the season to December through quick shipping deals and a click and collect in store option.
She also notes that Black Friday sales were only $110 million lower than Cyber Monday in terms of sales and expects the day to become the top online shopping day next year.
ADOBE SYSTEMS Price
Some Additional Data from Adobe
As of Nov 28, the top selling electronic products comprised Microsoft’s (MSFT - Free Report) Microsoft Xbox, Apple’s (AAPL - Free Report) iPods , Amazon’s (AMZN - Free Report) Fire devices, Sony PlayStation 4, and Samsung 4K TVs. Top selling toys included Lego sets. Nerf, Barbie and the Pie Face Game.
As much as 53% of the visits to the retail websites were via mobile with 44% from smartphones and 9% from tablets. Again 35% of the sales were through mobile visits with 25% from smartphones and 10% from tablets.
In the Thanksgiving weekend, 56% of the visits were via mobile with 45% from smartphones and 11% from tablets. Again 35% of the sales were through mobile visits with 25% from smartphones and 10% from tablets.
Black Friday became the first day in retail history to surpass the $1 billion mark in terms mobile revenues. The day recorded $1.2 billion in sales, up 33% year over year.
Most popular products for the holiday season so far have been PlayStation 4, Pokémon Sun & Moon, Samsung 4K TV and iPad Air 2.
Out-of-stock messages were 12%, a decrease of 0.7% year over year. These were 1.5% higher than on Black Friday (10.5%).
Televisions have seen the highest price drop with an average discount of 21.5%, followed by tablets (21.3%), toys (16.2%) and pet care (12%). Search ads and direct sales mainly led promotions, accounting for 35.5% and 23.8% of sales, respectively.
The most mentioned online retailer on Cyber Monday was eBay followed by Amazon, Macy's, Walmart, H&M, Target, Nordstrom, Kohl’s, Home Depot and Gap.
Thanksgiving weekend sales from Nov 24 to 27 were $9.36 billion, marking a year-over-year increase of 16.4%. Black Friday saw record sales of $3.34 billion, up 21.6% year over year.
Zacks Rank & Share Price Movement
Currently, Adobe has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Adobe have been steadily treading higher on a year-to-date basis. The stock generated a return of 11.72% compared with the Zacks Computer-Software Market gain of 9.89%.
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