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Cyber Monday sales surged to a multi-billion-dollar record, easily surpassing last year's total, marking the largest online shopping day of all time in the U.S.
Based on data from Adobe Analytics, sales swelled to $9.4 billion by the end of Cyber Monday, growing 19.7 percent year over year and beating last year's record of nearly $8 billion.
Cyber Monday sales surged late last night as consumers established new records both in overall purchases and purchases made via smartphones
And it turns out, smartphones were the device of choice when making these transactions. Mobile transactions raked in a record $3.1 billion, the highest amount ever reached using the device.
"The coming days will reveal if retailers will extend their holiday sales more than years past due to the shortest possible remaining shopping season till Christmas," said Taylor Schreiner, principal analyst and head of Adobe Digital Insights. "Whatever the case, companies offering fast fulfillment options like free one-day shipping or buy-online-pickup-in-store (BOPIS) will be well positioned to help consumers purchase what they want in the few weeks left before Christmas."
During what's been dubbed by Adobe as the "golden hours of retail", the four hours between 10 p.m. and 2 a.m. ET, consumers drove 31 percent of all Cyber Monday revenue to $2.9 billion, as shoppers hit "order" before time ran out.
During the peak hours between 11 p.m. to midnight ET, consumers spent $12 million on average every minute.
Amazon announced Tuesday that Cyber Monday was once again the single biggest shopping day in the company's history, based on the number of items ordered worldwide.
However, data from Adobe indicated that both larger and smaller retailers benefited extensively from consumers' attention. Larger retailers, which received more than $1 billion in yearly revenue, saw an increase of sales of more than 540 percent while their smaller counterparts followed closely behind gaining more than $50 million in yearly revenue with a 337 percent increase in sales.
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"Retailers unlocked sales earlier to combat a shorter shopping season, while continuing to drive up promotion of the big branded days including Black Friday and Cyber Monday," said John Copeland, head of marketing and consumer insights at Adobe. "Consumers capitalized on deals and ramped up spending, especially on smartphones, where activity increased on days when shoppers were snowed or rained in."
Top-selling items on Cyber Monday include "Frozen 2" toys, L.O.L Surprise Dolls, Madden 20, Jedi Fallen Order, Nintendo Switch, VR devices, Samsung TVs and Apple laptops.
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To date, the holiday shopping season, which began on Nov. 1, has garnered a record $81.5 billion compared to the $71.5 billion spent during the same time period last year.