Cyber Monday notes $9.2 billion of record-high sales in the United States

Cyber Monday notes $9.2 billion of record-high sales in the United States
  • Cyber Monday hits $9.2 billion of record-high sales in U.S in 2019.
  • The jump in sales marks 16.9% growth as compared to last year.
  • Smartphones contributed around 30% ($3 billion) of sales on Cyber Monday.
  • Amazon's stock dropped sharply on Monday, printing a daily low of $1,765.
  • Amazon's customer spending was up by 32% while that of Walmart and Target was marked at 51% and 47% respectively.

Shoppers are on fire this holiday season in the United States of America. Following a sales rich Black Friday, U.S retailers are seeing $9.2 billion of record high sales on Cyber Monday, as per the evening estimate. Analysts are citing free shipping and early promotions to have contributed to unexpectedly higher sales that kick started the holiday season this year.

Shoppers Spent A Total Of $72.1 Billion Online In November

2019 has also noted a shift in shoppers’ preferences. As per the earlier report on Thanksgiving and Black Friday, the majority of the buyers preferred to shop online this year rather than visiting the brick and mortar stores. According to an estimate by Adobe Analytics, shoppers spent a total of $72.1 billion online in November.

Entitled the United States’ largest online shopping day, sales on Cyber Monday were reported to have hiked by 16.9% as compared to last year. In light of the expected rise in demand, retail giants like Amazon, Walmart, and Target had upgraded the delivery services earlier which helped take the sales count higher this holiday season. Spieckerman Retail’s president, Carol Spieckerman, also highlighted that the newly introduced shop online and pickup in store option remained highly successful for the retailers, as depicted in the data for Black Friday and Cyber Monday sales.  

Adobe further highlighted that smartphones contributed to around 30% ($3 billion) of total sales on Cyber Monday, that marks yet another record for the U.S in 2019’s holiday season. Larger businesses that have been investing lucratively in tech solutions such as mobile apps benefitted the most. Director Taylor Schreiner of Adobe Digital Insights commented that the mobile apps enabled such businesses to offer a larger selection of products and deals to entice potential customers that further pushed the sales higher.

Amazon Faced A Fierce Competition From Rivals On Cyber Monday

Covering 1.2 million transactions, Edison Trends, a popular name in the league of research firms, highlighted this Cyber Monday that Amazon has faced a fierce competition from the rival retail giants like Walmart and Target. In terms of consumer spending, Amazon saw a growth of 32% as compared to the figure for 2018. On the other hand, growth at Walmart and Target was marked at 51% and 47% year-over-year.

Consequently, Amazon’s stock slumped sharply on Monday. Having opened the day at $1,804, share prices were seen as low as around $1,765 later in the day. The stock retreated towards the end of the day and closed at $1,782 on Monday. In the after-hours trading, however, it was reported to have declined back to $1,776 level.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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