Adobe data points to record-breaking Cyber Monday
Online sales are expected to go through the roof on Cyber Monday, growing 16.5% over last year.
That’s according to a report from Adobe, which predicts that Cyber Monday will generate $6.6 billion in sales, making it the largest online shopping day in history. Online sales on Thanksgiving Day are expected to increase 15% to $2.8 billion.
Adobe expects that total online sales for the holiday season will be $107.4 billion, an increase of 13.8%. In-store retail is expected to grow 10%.
Large retailers (more than $100 million in annual revenue) will see higher order values and desktop conversion rates than smaller retailers (less than $10 million in annual revenue), according to the report, which is based on data from Adobe Analytics. But retailers are expected to have the mobile advantage with a higher average conversion rate of 1.9% by attracting more shoppers with an intent to buy.
“This year’s record-breaking online holiday shopping season is built on the strength of the big players,” said Mickey Mericle, VP, marketing and insights at Adobe. “We predict the biggest retailers with wide selections, easy shopping experiences and free shipping, to drive online holiday growth this year. Still, there is opportunity for savvy small retailers to win, specifically with mobile experiences.”
Here are some key findings from the Adobe report:
• Mobile shopping: While desktop purchases are predicted to account for two-thirds of revenue this holiday season, mobile is serving as a starting point for many consumers. For the first time, Web traffic on smartphones and tablets is predicted to be higher than for desktops, at 54% and 46% respectively.
• Less big-ticket spending: Consumers are expected to buy more items, at lower prices. Four out of five product categories measured show higher unit growth than revenue growth. Huge unit growth seen in toys (39% vs 24% revenue growth) and apparel (20% vs 17% revenue growth), while jewelry trails (down 3% for both unit and revenue growth).
• Most anticipated gift items: Based on social buzz, the most desired electronics this holiday season include Apple Air Pods, Sony PlayStation VR, as well as home assistants such as Amazon Echo and Google Home. Nostalgia reigns supreme with toys and video games, as Hasbro NERF Guns, Nintendo Switch and Super Mario Odyssey are expected to be among the top-sellers.
Additionally, the top toys from 2016 are capitalizing on their success with updated products that are expected to perform well this year, including Moose’s Toys’ Shopkins and Spin Master Hatchimals.
• Best Dates for deals: The sharpest discounts are expected to occur on Black Friday, with televisions (23.7%), tablets (23.6%), jewelry (12%) and appliances (17.7%) showing the largest price decreases.