Cyber Monday sales are expected to be an estimated $7.8 billion, according to Adobe Analytics. Understandably, online shopping seems to be the preferred choice of Americans. Also, per a survey by the National Retail Federation (NRF), half of the consumers will prefer shopping via their smartphones or tablets this year. This has seen an increasing number of brick-and-mortar stores focusing more on e-commerce.
VIDEO Cyber Monday Sales Likely to Grow
Per the NRF, more than 164 million Americans will be shopping over the Thanksgiving weekend, with 76 million planning to shop online on Cyber Monday. This has pushed Cyber Monday as the biggest and fastest-growing online shopping day in the United States. Per Adobe Analytics, Cyber Monday is expected to witness a 17.6% year-over-year increase in sales in 2018.
In 2017, Cyber Monday saw $6.6 billion in online sales. Shopping online, understandably, comes with its own set of benefits, the biggest being consumers not having to leave their home early morning and standing in queues for hours. Moreover, an increasing number of millennials are gaining buying power, which has resulted in a significant jump in online sales.
Per Adobe Analytics, the most-popular items this year include 4K TVs, toys consoles and retro video games. Toys are likely to have the biggest discounts on Cyber Monday, with an average savings of 19%. Moreover, per Deloitte, consumers are likely to spend 57% of their holiday budget online against only 36% in stores this year.
Online War Heats Up
Retailers are giving an extra push to their online sales ahead of Cyber Monday. Amazon.com, Inc. (
AMZN - Free Report) undoubtedly is way ahead in the race. The e-ecommerce giant is offering up to 50% off on its family of Alexa-enabled devices. Also, Amazon will have limited-time flash sales on products from other manufacturers.
eBay Inc. (
EBAY - Free Report) too will be offering a spate of deals on a range of products only for Cyber Monday. The online retailer will have limited-time discounts popping up every hour from 6 a.m. to 9 p.m. ET. Walmart Inc. ( WMT - Free Report) is leaving no stone unturned to multiply its revenues online. The brick-and-mortar giant recently said that it will be offering more deals than ever this Cyber Monday.
The Gap, Inc. (
GPS - Free Report) will also be offering an incentive for those shopping online. The apparel retailer will be offering a 50% discount on everything, with an extra 10% off online. Target Corporation ( TGT - Free Report) will bring back its popular one-day sale on Cyber Monday, offering shoppers 15% off on a range of products on Target.com, including the top gifts of the season. Target carries a Zacks Rank #2 (Buy), while Walmart, Amazon, Gap and eBay each carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Summing Up
Understandably, Cyber Monday has shaped up to be one of the most important shopping events in the United States, with e-commerce fast driving sales and helping retailers rake in more revenues. This has made retailers shift focus to online, which is fast becoming the preferred option of an increasing number of Americans.
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