North American online retail sales during the Monday (28) following Black Friday, a date known as Cyber Monday, hit a record $11.3 billion, according to data from Adobe Analytics.
Sales, unadjusted for inflation, were up 5.8% from a year earlier, according to data from the company, which measures e-commerce performance by analyzing purchases from 85% of the top 100 online retailers in the United States.
Major retailers including Target, Macy’s and Best Buy have signaled a return to pre-pandemic shopping patterns and the need for deeper discounts.
Toys were the most sought after products on Cyber Monday, with online sales rising nearly eight times compared to a normal day in October 2022, according to the Adobe Analytics report.
Electronics sales increased nearly fivefold, while sporting goods, appliances and books also saw increases of more than 400%.
Shopify, an online payment service provider, said on Tuesday that retailers using its platform saw a record $7.5 billion in sales from Black Friday to Cyber Monday.
Still, some experts are skeptical that a positive Cyber Monday is a sign of easing consumer confidence.
“Online purchases still represent only about 15% of all retail sales. So it’s not necessarily a great indicator of the overall health of the economy,” said Dan North, senior economist at Allianz Trade North America.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
