More shoppers took to the Internet, helping Black Friday online sales hit a record high of $6.22 billion this year, per Adobe Analytics. This Black Friday was also the first day in history to witness more than $2 billion in sales from smartphones alone.
Moreover, sales in stores on Thanksgiving and Black Friday dropped significantly from last year. Although Amazon.com Inc. (
AMZN - Free Report) continues to lead the race, almost all major retailers have been benefiting from this surge in online spending, per Edison Trends. And sales are projected to further escalate on Cyber Monday. VIDEO Online Sales Hit Record High on Black Friday
Per Adobe Analytics, Black Friday raked in $6.22 billion in online sales, hitting a new high and increasing 23.6% from the year-ago period. In 2017, shoppers had spent $5.03 billion online on Black Friday. Also, this year’s Black Friday was the first in history to witness more than $2 billion in sales made from smartphones. Of the total online sales, 33.5% came from smartphones compared with 29.1% in 2017.
As online sales continue to increase, both sales and traffic in store continue to decline. Per preliminary analysis by RetailNext, sales in stores on Thanksgiving and Black Friday fell 4% and 7%, respectively, compared with last year. Understandably, retailers are gaining from the surge in online spend.
Traditionally, Cyber Monday is considered the biggest event for online bargains, which has pushed it as the biggest and fastest-growing online shopping day in the United States. Adobe Analytics had earlier predicted that Cyber Monday would see record sales of $7.8 billion.
E-Commerce Helps Retailers
In the last few years, Amazon has changed the entire retail ballgame. This has seen nearly all major retailers increasing shift focus toward online. Although Amazon continues to dominate the space, rivals have been pumping in more money to boost their e-commerce to stay in competition.
On Thanksgiving and Black Friday, all major retailers seem to have scored high from this surge in online spending. Per Adobe Analytics, Amazon and Apple Inc. (
AAPL - Free Report) were leading the online sales race on Black Friday. Also, Kohl’s Corporation ( KSS - Free Report) said that it hit a record high for online sales on Thanksgiving. Online sales over Thanksgiving and Black Friday were up 23% at Walmart, Inc. ( WMT - Free Report) , while Target Corporation ( TGT - Free Report) registered an increase of 48%.
Both Walmart and Target have been aggressively spending on e-commerce. Target’s digital sales for the third quarter jumped 49%, the best since the retailer started breaking out that metric. Walmart’s third quarter e-commerce sales climbed 43%. Online sales over Thanksgiving and Black Friday were up 34% at Macy’s, Inc. (
M - Free Report) , which carries a Zacks Rank #2 (Buy). Walmart, Target, Amazon, Kohl’s and Apple each carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It goes without saying that an increasing number of Americans prefer shopping online. Black Friday definitely has once again proved this, with Cyber Monday expected to touch a new high this year. This has seen nearly all major retailers shift focus toward e-commerce.
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