Black Friday shoppers spent $7.4 billion online, the second largest Internet shopping day ever, according to data compiled by Adobe Analytics.
The $7.4 billion marked the biggest sales day ever for Black Friday and trailed only last year’s Cyber Monday’s $7.9 billion for the number 1 spot of all-time in online revenue, according to Adobe’s data. The average order value per consumer, at $168, was up nearly 6% year-over-year and also set a new Black Friday record. Adobe Analytics measures transactions from 80 of the top 100 U.S. online retailers.
“Small Business Saturday” has already seen $470 million in online spend, up 18% over last year, as of 9 a.m. ET. Sales are on pace to surpass $3 billion for the day, said Adobe.
“With Christmas now rapidly approaching, consumers increasingly jumped on their phones rather than standing in line,” said Taylor Schreiner, principal analyst and head of Adobe Digital Insights, in a statement. “Small Business Saturday will accelerate sales for those retailers who can offer unique products or services that the retail giants can’t provide.”
Online sales are up about 20% from last year, according to Adobe. The jump in cyber activity is a sign consumers are becoming more comfortable buying larger items at discount prices without going to the store. Adobe is still expecting spending on Cyber Monday this year to hit an even bigger record $9.4 billion, an 18.9% jump from a year ago.
Shoppers have already spent $4.2 billion online on Thanksgiving Day, a 14.5% increase from last year and a record high, Adobe said Friday. Some of the most popular purchased items include Disney’s “Frozen 2” toys, video games such as FIFA 20 and Madden 20, and electronics such as Apple Airpods and Samsung TVs.
While some traditional brick-and-mortar stores have successfully transitioned to online shopping, such as Target and Walmart, others including Kohl’s, Gapand Macy’s have struggled. Target’s stock has risen about 95% this year and Walmart has surged nearly 30% while Kohl’s, Gap and Macy’s shares are down 25% or more year to date.
Sources from: CNBC
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