Following record-breaking sales during Thanksgiving Day and Black Friday, Cyber Monday was welcomed with an equally enthusiastic response. According to Adobe Insights, $7.9 billion worth of online sales took place during Monday, which is around 20% jump from last year.
Over a quarter of the online spending, $2.2 billion, was made through smartphones on Cyber Monday. Spending through mobile devices jumped over 55% compared to the same day last year, Adobe Insights data reveals.
Low unemployment rates and high consumer confidence is likely to have contributed to the increase in shopping activity this holiday season. Meanwhile, traffic declines in brick-and-mortar stores continued through Cyber Monday as well.
All major retailers who have made reasonable investments to upgrade their digital channels seem to have benefited during the three shopping days, though Amazon (AMZN) continues to be a dominant player, according to a report by Edison Trends.
This comes on the heels of a 24% rise in Black Friday online sales to $6.22bn.
Meanwhile, the challenge for retailers for the rest of the holiday season would be clearing inventories without resorting to discounts that hurt margins. Retail analysts will be closely tracking the discounts offered by various retailers to make a rough sketch of their warehouse health.
Retail stocks, which have been hit hard by lackluster earnings a month ago, are slowly recovering, riding on the record-breaking earnings season. While Gap (GAP) and Macy’s (M) have gained about 2% since Friday, Best Buy (BBY) has jumped over 4%.
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Shares of Bed Bath & Beyond (NASDAQ: BBBY) were up on Friday, a day after the company delivered disappointing results for the second quarter of 2022. The company reported a
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