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Cyber Monday sales hit a record $10.8 billion

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Online sales for Cyber Monday landed in record territory in 2020, up more than 15% year over year, according to data gathered by Adobe Inc (NASDAQ: ADBE) Analytics. Sales climbed to a record-setting $10.8 billion, marking the biggest online shopping day ever in the U.S.  

Adobe's data tracks e-commerce transactions from 80 of the top 100 online retailers in the U.S. to arrive at its conclusions.

Buy online, pick up in store also took on increased importance this year as consumers sought to avoid crowds amid the pandemic. Curbside pickup on Cyber Monday jumped 30% versus last year.

"Throughout the remainder of the holiday season, we expect to see record sales continue and curbside pickup to gain even more momentum as shoppers avoid crowds and potential shipping delays," said Taylor Schreiner, a director at Adobe Digital Insights.

Not all the news was good. Digital sales fell short of Adobe's initial forecast of $12.7 billion. The prediction had been revised lower in recent days, as it became clear that holiday shopping began much earlier in 2020 than in previous years. As a result, Adobe trimmed its digital sales forecast for this year's holiday season to $184 billion, up roughly 30% compared with last year. That's down from its original forecast of $189 billion.

Many online retailers began offering holiday bargains starting as early as October in response to the Amazon.com Inc's (NASDAQ: AMZN) belated Prime Day sale and the pandemic. These factors likely helped downplay the overall importance of Black Friday and Cyber Monday in the holiday shopping season.

Adobe's data echoes the results released by some of the predominant players in the e-commerce arena. Amazon said that sales by independent businesses on its platform soared 60% year over year to a record $4.8 billion. For the same period, Shopify Inc (NYSE: SHOP) said merchants generated sales of $5.1 billion, up 76% during the holiday weekend. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Danny Vena owns shares of Adobe Systems, Amazon, and Shopify. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Adobe Systems, Amazon, and Shopify and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Adobe Systems and Amazon. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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