Cyber Monday rings up record $10.8 billion in sales with Amazon touting ‘biggest holiday shopping season so far’

Cyber Monday wrapped up with $10.8 billion in sales, up 15.1% from last year and setting a record for the biggest online sales day in U.S. history, according to Adobe Analytics data.





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“Cyber Monday continued to dominate the holiday shopping season, becoming the biggest online shopping day in U.S. history, despite early discounts from retailers,” said Taylor Schreiner, director at Adobe Digital Insights.    

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“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.”

Mobile accounted for 37% of sales on Cyber Monday, Adobe said.

See: Black Friday traffic at U.S. stores down 52% even as online retail sales hit record high

Cyber Monday discounts included as much as 28% off computers. Shoppers should expect discounts to lessen by 5% to 10% across many categories as we get closer to Christmas Day, according to Adobe.

Still Marshal Cohen, NPD Retail’s chief industry adviser, notes on Twitter that “Cyber Week continues,” as his inbox fills with promotions.

“Either Monday wasn’t big enough or we are just caught in one long continual promotion from the beginning of November,” he tweeted.

BMO Capital Markets analysts observed Cyber Monday promotions that held flat year-over-year, as well as throughout the Black Friday shopping weekend. Some retailers, like Urban Outfitters Nike Inc. and L Brands Inc.’s Bath & Body Works actually became less promotional on Cyber Monday.

“[W]e expect ongoing upside for retail and into next year and believe, for the first time in a while, the power lies in the hands of the retailers and their inventory management; the question will be who chooses to hold the line versus cross it,” wrote analysts led by Simeon Siegel.

So far this holiday season, Adobe says online shoppers have spent $106.5 billion, up 27.7% from last year.

Amazon.com Inc. says that, through Cyber Monday, “2020 has been the largest holiday shopping season so far in our company’s history.” Amazon, as is the company’s usual practice, did not provide numbers to illustrate that statement, but said that world-wide sales at small- and medium-size grew 60%.

Numerator data found Amazon was “the big winner” for the weekend with 19% of total spend, or $1 of every $5 spent.

Amazon kicked off its holiday shopping season with a delayed Prime Day shopping event in October.

Also: Giving Tuesday reminder: Most people fail to take these 3 basic steps before they donate to charity

Amazon’s bestsellers for the season so far include President Barack Obama’s memoir “A Promised Land,” Revlon Inc.’s One-Step Hair Dryer, and Amazon’s own Echo Dot.

Shopify Inc. says sales for its merchants reached $5.1 billion over the long weekend, up 76% between Black Friday and Cyber Monday. Shopify merchants are largely small and independent brands.

U.S. consumers spent an average of $89.20 per order with New York, Los Angeles and London among the top cities.

The Amplify Online Retail ETF has skyrocketed

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Cyber Monday 2020 sets record for largest online shopping day ever, report says

The online shopping industry has grown in popularity this year due to the coronavirus pandemic, and Cyber Monday 2020 was just another example of that.

Shoppers spent a whopping $10.8 billion on Monday, the biggest U.S. e-commerce day ever, according to a report by CNBC, citing data collected by Adobe Analytics.

Sales spiked 15.1% compared to 2019 during the unofficial industry holiday, the report said. The Adobe data showed curbside pickup orders increased 30% from 2019.

Among Adobe’s other key findings: 37% of sales came via mobile devices, and consumers spent $2.7 billion during the final four hours of the day.

Holiday sales started earlier than ever this year, as companies have offered more online deals. The brick-and-mortar retail industry, which has long been struggling, received a crippling blow this year as a result of the pandemic.

Walmart offered Black Friday sales in early November and ran deals all month long, while Coach has been holding an ongoing 70% off sale for weeks. Even Lululemon, which rarely promotes sales, had big discounts on Black Friday and Cyber Monday.

Many big-box retailers have extended Cyber Monday sales to a week-long event. If you missed out on the online shopping event, here are some ongoing deals you can still shop for online:

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Nicolette Accardi can be reached at [email protected]. Follow her on Twitter: @N_Accardi. Find NJ.com on Facebook. Have a tip? Tell us. nj.com/tips

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This Weekend Marked a Record Online Shopping Day. Here’s Where the Dollars Went

The kickoff of holiday shopping of years past–think midnight doorbuster sales on Black Friday and clogged department stores– is no longer. Instead, the lasting impact of the Covid-19 pandemic produced the largest online shopping day in U.S. history, continuing a holiday shopping season that’s already been thriving since October, despite the decline of in-person shopping.

According to the National Retail Federation, the number of in-store shoppers on Thanksgiving Day dropped by 55 percent from last year and those on Black Friday dropped by 37 percent. These drops can be attributed to consumers staying home because of pandemic fears and because large retailers like Target, Walmart, and Best Buy didn’t open for Black Friday deals on Thanksgiving day. 

But online sales picked up the slack. Based on Adobe Analytics data, which tracked one trillion visits to U.S. retail sites, a record $10.8 billion was spent online by the end of Cyber Monday, compared with last year’s $9.4 billion, making it the largest online shopping day in U.S. history.

And Adobe wasn’t alone in reporting the online surge. More than 1 million online stores that use Shopify’s software to sell, ship, and track purchases surpassed $5.1 billion in sales between Black Friday and Cyber Monday, with Shopify counting a 76 percent growth of sales on its platform since last year.

Small Business Saturday also experienced some favorable outcomes, bolstered by supportive consumer behaviors. According to the Union Bank Small Business Holiday Spending 2020 Survey, 74 percent of respondents said they felt a greater sense of responsibility to shop local this year, since small business has been hit especially hard by the pandemic. 

“People are spending more time in their neighborhood, so there is even more of a focus on helping the local coffee shop, gift store, or restaurant. They’re seeing the impact first hand. These are the business owners who may be your friend or your neighbor and who you have a personal connection with, which really brings their struggles into context,” says Colleen Taylor, president of U.S. merchant services at American Express, which created Small Business Saturday 11 years ago.

Many founders were counting on these holiday sales to stay afloat. Kelsey Moreira, CEO and founder of San Francisco-based cookie dough startup Doughp (pronounced “Dope”), hosted a 30 percent off sale online from Black Friday through Cyber Monday, and says she is “crying with joy” at the results. Her site sold more in those four days than in the whole month of November. “People are constantly talking about wanting to support small businesses. This time of year is when we see that come to life,” she says.

To maintain momentum and shopper enthusiam to shop small, American Express’s Moreira advises business owners to adhere to cleaning and social distancing protocols–and spread the word online about those safety measures, in addition to any promotions. But if customers are still reluctant to shop in person, make sure you offer them a great online shopping experience as well as other digital services.

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Cyber Monday rings up record $10.8 billion in sales with Amazon touting ‘biggest holiday shopping season so far’

Cyber Monday sales broke the all-time U.S. record, according to Adobe.


Getty Images

Cyber Monday wrapped up with $10.8 billion in sales, up 15.1% from last year and setting a record for the biggest online sales day in U.S. history, according to Adobe Analytics
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data.

“Cyber Monday continued to dominate the holiday shopping season, becoming the biggest online shopping day in U.S. history, despite early discounts from retailers,” said Taylor Schreiner, director at Adobe Digital Insights.    

“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.”

Mobile accounted for 37% of sales on Cyber Monday, Adobe said.

See: Black Friday traffic at U.S. stores down 52% even as online retail sales hit record high

Cyber Monday discounts included as much as 28% off computers. Shoppers should expect discounts to lessen by 5% to 10% across many categories as we get closer to Christmas Day, according to Adobe.

Still Marshal Cohen, NPD Retail’s chief industry adviser, notes on Twitter that “Cyber Week continues,” as his inbox fills with promotions.

“Either Monday wasn’t big enough or we are just caught in one long continual promotion from the beginning of November,” he tweeted.

BMO Capital Markets analysts observed Cyber Monday promotions that held flat year-over-year, as well as throughout the Black Friday shopping weekend. Some retailers, like Urban Outfitters
URBN,
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,
Nike Inc.
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and L Brands Inc.’s
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Bath & Body Works actually became less promotional on Cyber Monday.

“[W]e expect ongoing upside for retail and into next year
and believe, for the first time in a while, the power lies in the hands of the
retailers and their inventory management; the question will be who chooses to hold
the line versus cross it,” wrote analysts led by Simeon Siegel.

So far this holiday season, Adobe says online shoppers have spent $106.5 billion, up 27.7% from last year.

Amazon.com Inc.
AMZN,
+1.83%

says that, through Cyber Monday, “2020 has been the largest holiday shopping season so far in our company’s history.” Amazon, as is the company’s usual practice, did not provide numbers to illustrate that statement, but said that world-wide sales at small- and medium-size grew 60%.

Numerator data found Amazon was “the big winner” for the
weekend with 19% of total spend, or $1 of every $5 spent.

Amazon kicked off its holiday shopping season with a delayed Prime Day shopping event in October.

Also: Giving Tuesday reminder: Most people fail to take these 3 basic steps before they donate to charity

Amazon’s bestsellers for the season so far include President Barack Obama’s memoir “A Promised Land,” Revlon Inc.’s
REV,
-9.33%

One-Step Hair Dryer, and Amazon’s own Echo Dot.

Shopify Inc.
SHOP,
-1.87%

says sales for its merchants reached $5.1 billion over the long weekend, up 76% between Black Friday and Cyber Monday. Shopify merchants are largely small and independent brands.

U.S. consumers spent an

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Amazon just made a record start to the holiday shopping season as retail goes huge online

Amazon has reported a record-breaking start to the holiday shopping season, as the switch to online retail gathers pace.

The internet shopping giant said the period from the middle of October through to Cyber Monday has been “the largest holiday shopping season so far” in the company’s history.

Amazon did not reveal details of total spending across its operations, but it did offer some data on shopping habits so far.

The company said that independent businesses selling on Amazon — nearly all of which are small and medium-sized businesses (SMBs) — saw worldwide sales growing by more than 60% year-over-year to $4.8 billion between Black Friday and Cyber Monday.

The company said that over 71,000 SMBs worldwide have passed $100,000 in sales this holiday season to date, and that US SMBs have sold an average of 9,500 products per minute. In Europe, the European Commission recently said it believes that Amazon is breaching EU competition rules by unfairly using independent sellers’ data as part of its own planning “to the detriment of the other marketplace sellers”.

Amazon also said that US best-sellers during the holiday season so far include its Echo Dot device and Barack Obama’s book A Promised Land, and that more than twice as many customers asked its Alexa digital assistant for recipes and cooking advice this Thanksgiving compared to last year.

The COVID-19 crisis is expected to drive spending online, with record gains for e-commerce: Adobe recently predicted this year will see $189 billion in online sales — effectively two years’ worth of growth in e-commerce in one year.

Adobe is predicting Black Friday to reach $10 billion in online sales this year — up from just under $8 billion last year. And even though many will be shopping from home, that doesn’t mean all that spending will be done on a PC. Adobe predicts consumers will do 42 percent of their shopping from smartphones this holiday season, with an estimated $28 billion more spent using smartphones this year than during the 2019 holiday.

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Online shopping set a Black Friday record as consumers stayed home.

This year’s Black Friday looked nothing like a usual one. Crowds at suburban malls and city shopping districts were comparatively sparse. With the coronavirus touching virtually every corner of the United States, social distancing, restrictions on business activity and health concerns kept many people home.

They shopped online, however.

According to Adobe Analytics, which scans 80 percent of online transactions across the top 100 U.S. web retailers, consumers spent $9 billion on Friday. That’s a 21.6 percent increase over Black Friday in 2019 and the second-biggest number for online retailers Adobe has ever tracked. In the four days from Thanksgiving through Sunday, consumers spent $23.5 billion online, a 23 percent increase over last year, according to Adobe.

Another research firm, Facteus, which monitors millions of debit and credit card payments made in the United States, found that department stores’ in-person sales fell significantly on Friday, but that their online sales spiked. The firm found a similar pattern for electronics retailers.

And Friday’s online sales surge is expected to be outdone on Monday, which is Cyber Monday, a promotional event concocted in 2005 when most retailers still offered deep discounts online.

A large portion of consumer spending moved online long before the pandemic, but the global health crisis is accelerating that trend. About 59 percent of shoppers had started their holiday shopping by early November this year, the National Retail Federation estimated.

During earnings calls this month, several retail executives said that they were uncertain about how much holiday shopping had actually been done in October and early November thanks to promotions that started well before Halloween. Matthew Bilunas, chief financial officer at Best Buy, said “it’s really difficult to predict exactly how much was pulled into” the third quarter.

Most retailers operate on a calendar where the fourth quarter starts in November and ends in January, in part to fully capture the holiday shopping season.

“We think it’s going to be a prolonged shopping season,” Brian Cornell, chief executive of Target, said on a separate call. “We’re going to see very different shopping patterns. We don’t expect to see those big spikes during Black Friday and on weekends.”

The holiday shopping season comes at a critical moment for the U.S. economy, which is struggling again as the number of coronavirus cases surges with colder weather in many parts of the country. Millions of people are still out of work or have been forced into part-time employment. Overall consumer spending, which drives as much as two-thirds of economic activity, has slowed in recent months along with the expiration of some emergency government spending programs.

Sapna Maheshwari contributed reporting.

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The number of female Fortune 500 CEOs reaches new record of 41

  • Dick’s Sporting Goods recently announced Lauren Hobart would become the company’s CEO, raising the number of women leading Fortune 500 companies to 41.
  • Her appointment follows news of other women taking the helm at top companies, like Karen Lynch at CVS Health, Jane Fraser at Citigroup, and Linda Rendle at Clorox. 
  • Yet, only three women on the list of Fortune 500 female CEOs are women of color, according to Fortune. 
  • Visit Business Insider’s homepage for more stories.

The number of CEOs of Fortune 500 companies who are women has reached a new record.

Last week, Dick’s Sporting Goods announced that Lauren Hobart, the company’s president of three years, would take the helm as CEO. She is replacing Ed Stack, who’s held the position since 1984 and whose father founded Dick’s in 1948. 

Hobart’s appointment brings the number of women CEOs of Fortune 500 companies to 41 surpassing the previous record high of 40, Fortune reported. Hobart joins a number of other women who’ve recently been named CEO, like Karen Lynch at CVS Health, Jane Fraser at Citigroup, and Linda Rendle at Clorox. 

Despite the recent progress, roughly 8% of all Fortune 500 companies are led by women. And only three women on the list of Fortune 500 CEOs are women of color: Sonia Syngal, the CEO of Gap, Lisa Su, the CEO of Advanced Micro Devices, and Joey Wat, the CEO of Yum China.

According to McKinsey and Lean In’s most recent “Women in the Workplace” report, the number of women in the C-suite grew from 17% to 21% between January 2015 and January 2020. 

As the researchers write, “Women remained dramatically underrepresented — particularly women of color — but the numbers were slowly improving.” 

To increase the number of Black women and women of color in executive leadership positions, diversity, equity, and inclusion strategists recommend companies to review hiring practices, increase sponsorship opportunities for people from marginalized backgrounds, and to hold managers accountable to diversity goals. 

McKinsey research shows companies with more gender and ethnic diversity in the C-suite outperform those that are less diverse. 

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Tesla surges 4% to record high amid approval from China to sell its Model Y SUV

Tesla Model Y
  • Tesla’s stock hit a record high on Monday amid a report from Reuters that the electric vehicle company gained approval from China to sell its Model Y SUV in the country.
  • Tesla has built up its manufacturing capabilities in Shanghai to produce the Model Y SUV.
  • The company already sells its Model 3 in the country, and sold 13,000 vehicles in the country last month.
  • Visit Business Insider’s homepage for more stories.

Tesla surged to record highs on Monday following a report from Reuters that it received approval from the Chinese government to sell its Model Y SUV in the country.

The approval came in the form of documents released by China’s Ministry of Industry and Information Technology, according to Reuters. Tesla requested permission from China to sell its Model Y earlier this month. 

Tesla has already been selling its Model 3 in the country, and delivered 13,000 vehicles in the country last month. 

The company has been building up its manufacturing capabilities in the country since late 2018 with its Shanghai plant, which currently produces the Model 3 and will begin to produce and deliver Model Y cars in early 2021.

Tesla jumped as much as 4% in Monday trades, hitting a record high of $607.80. The move higher helped solidify its market valuation of more than $500 billion, though the gains eventually deteriorated in Monday’s trading session.

Tesla’s Shanghai plant is proving to be instrumental in its expansion plans, as it begins to export Model 3 vehicles produced in China to Europe. The company also plans to begin building electric vehicle chargers at its Shanghai plant in 2021. 

Read More: GOLDMAN SACHS: Buy these 16 stocks that are underestimated for now, but should crush expectations in 2021-22 on the way to at least 20% upside

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5 Stocks to Win on Record Cyber Weekend Shopping

When shoppers were busy grabbing Black Friday deals, retailers had started preparing for Cyber Monday — the next big shopping event. In fact, Cyber Monday has hogged maximum consumer attention in the recent past as “the preferred day for deals.”

Overall, the entire cyber weekend is crucial for retailers. Cyber Monday is the Monday after the Thanksgiving holiday, which was created by retailers to “encourage people to shop online.” Black Friday, the day after Thanksgiving, marks the start of the holiday shopping season. Most retailers offer promotions and discounts during this time.

“A solid rule of thumb is that Black Friday is a better time to buy newer, big-ticket items. It’s also the best day to shop in stores, though you can also shop online. Cyber Monday is a better day to shop for tech deals and smaller gifts. You’ll also see slightly better discounts online,” as per an article on businessinsider. The trend is, however, changing lately with Cyber Monday receiving more prominence. The extent of deals and discounts are almost similar on these days.

How Is Consumers’ Shopping Spree This Cyber Weekend?

Consumers shelled out about $9 billion (a new record) on the web on Black Friday, up 21.6% year over year, according to data from Adobe Analytics (which tracks website transactions from 80 of the top 100 U.S. online retailers), as quoted on CNBC.

Cyber Monday 2020 is expected to turn out the biggest digital sales day in history in the United States. Spending should be between $10.8 billion and $12.7 billion, indicating year-over-year growth of 15% to 35%. Thanksgiving Day online sales also hit a record $5.1 billion, up 21.5% from last year, per Adobe Analytics, as quoted on CNBC.

What Were at the Top of the Shopping List?

New consoles, phones, smart devices and TVs that are usual Black Friday purchases have now taken place online  this year. Surprise Black Friday purchases like groceries, clothes and alcohol that would earlier were bought in-store are also being parked in online cart, according to Taylor Schreiner, a director at Adobe Digital Insights, as quoted on CNBC.

Toys and personal care products were among the winning categories of this year shopping, according to Adobe, as quoted on CNBC. “Online spending on toys shot up 294% and rose 278% on personal care products compared with October daily averages. Sales of office supplies and bedding grew by 114% and 109%, respectively”.

Stocks to Win

Mattel Inc. MAT

The Zacks Rank #2 (Buy) company is the world’s largest manufacturer of toys. Consumers’ solid spending on toys should make the company a winner this year.

Sony Corporation SNE

Sony Corp. could gain this weekend on deals for newly released PlayStation 5 gaming console and smart TV that are in huge demand. The stock has a Zacks Rank #3 (Hold).

Apple Inc. AAPL

Likewise, deals on AirPods, iPhone, iPad, MacBook and Apple Watch put the company in the spotlight. Some of the Apple deals are “Save up to $900 on iPhone 12

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Guest editorial: Much work to be done despite record number of women in Congress | Opinions and Editorials

Women have a lot to celebrate this election season. The most obvious reason, of course, is the elevation and historic rise of California Sen. Kamala Harris to vice president-elect – the first women and Black individual (and person of Indian and Jamaican descent, we might add) to serve in the country’s second-highest position. Women reached many other milestones down the ballot as well. In fact, glass ceilings were shattered around the country as the election has brought more women to Congress than ever before.

Women are so far expected to take 141 seats in the U.S. House and Senate, breaking the 2019 record, when 127 women served, according to the Center for American Women and Politics at the Rutgers Eagleton Institute of Politics. Among those are at least 50 women of color, surpassing the previous record of 48 set in 2019. Federal policies long shaped by men will get the input of women like never before, realizing the dreams of Susan B. Anthony, Shirley Chisholm and a long list of others who have long fought for better gender representation.

The milestones made by women in politics were both collective and individual as several became “firsts” in their hometowns and states. Democrat Cori Bush became the first Black women to represent Missouri in Congress. New Mexico is the first state to elect all women of color to the U.S. House: Democrats Deb Haaland and Teresa Leger Fernandez and Republican Yvette Herrell. Marilyn Strickland, who is biracial, is the first Korean American women to be elected to Congress and the first Black woman to represent Washington state. Republican Stephanie Bice of Oklahoma will be the first Iranian American to serve in Congress. Women were also elevated to many state levels positions, including Delaware Democrat Sarah McBride who became the country’s first transgender state senator.

More women will lead the executive branches of state governments, too. In total, 94 women will serve as governor or lieutenant governor, surpassing the past record of 91.

Even with these too-long-in-the-making breakthroughs, the country is far from gender equity in politics. More woman than ever still means that women make up just around 26% of all congressional members, despite making up about 51% of the population. Men, who number 394 in Congress to women’s 141, still dominate. And that is to our entire country’s shame and detriment. The Congress should represent its constituents; it’s very simple.

It should be noted that the growth in women’s representation was driven in large part by the election of female Republicans, many of whom helped to turn blue states red, including Cuban American journalist Maria Elvira Salazar, who defeated President Bill Clinton’s former health secretary Rep. Donna Shalala in Florida. Yet women in the Republican Party are still woefully underrepresented, overall. This too, must change. Women are not a monolithic voting bloc and, while they will frequently bring some commonalities to issues, such as the experience of being moms and daughters, they will still offer different perspectives to the political debate

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