Retailers Rejoice: Online Sales to Hit New Record this Holiday Season
It may only be October, but the holiday shopping frenzy is already heating up. Adobe Digital Index released its annual online holiday shopping predictions today forecasting online sales will surge to a record $83 Billion, an increase of 11 percent over last year.
Cyber Monday reigns supreme as the biggest online shopping day of the year with expected record sales of $3 billion, followed by Black Friday at $2.7 billion.
Even with their turkey comas in full effect, shoppers will be picking up their smartphones to shop on Thanksgiving Day (likely from under the dinner table or in front of the TV) to take advantage of lowest prices of the season, reaping an average discount of 27 percent. Thanksgiving is the fastest growing shopping day for the second consecutive year, with mobile driving 51 percent of purchases.
Interestingly, shoppers have their sights set on many of the same gifts. ADI predicts a full 76 percent of holiday sales will go to one percent of the product SKUs. It’s no surprise that electronics top the list of those items at 60 percent, followed by gift cards at 10 percent.