Cyber Monday anticipated to break records as largest online shopping day in history
Statistics from industry experts anticipate 2020's Cyber Monday to make history as the largest online shopping day ever, ABC News reports.
Despite the pandemic's impact on the job market and economy, experts are expecting online shoppers to use their credit cards as never before, spending anywhere from $10.8 billion to $12.7 billion on Monday.
If that's what happens, it will be a 15% to 35% increase compared to 2019's Cyber Monday, according to Adobe Analytics.
Adobe Analytics Director, Taylor Schreiner pointed to these record-breaking numbers, saying, "Cyber Monday is on track to break all previous records for online sales. Consumers will likely take advantage of the best discounted items today like TVs, toys and computers before price levels start creeping back up throughout the rest of the season."
Schreiner added, "Shoppers are encouraged to do their gift buying soon as shipping in time for Christmas will get more expensive in the coming weeks."
Analysts with Adobe discovered that Black Friday 2020 broke a new online sales record with consumers spending $9 billion, an increase of 21.6% in online sales compared to 2019's Black Friday.
This made 2020's Black Friday the second-largest online spending day in U.S. history, second only to 2019's Cyber Monday.
But industry experts are looking to this year's Cyber Monday to top last years.
According to Adobe's research, 56% of consumers indicated that they thought retailers were likely to save their biggest discounts for Cyber Monday.
ABC News also reports that most shoppers are expected to take to amazon.com and their other preferred online shopping sites between 7 p.m. PT to 11 p.m. PT. This window, is being referred to as the "golden hours of retail," is when consumers are expected to scramble for last-minute purchases before online specials expire.
Experts are looking to that time-frame to produce a whooping $3.1 billion of the day's revenue.
With half of Cyber Monday already expired, it remains to be seen exactly how this year's Cyber Monday shopping trends play out.
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