Cyber Monday Record Sales Set a New Hit in 2022

Marketing experts initially projected that Cyber Weekend sales this year would slow down due to global economic conditions. But Cyber Monday sales performance exceeded initial expectations. The annual event offering the biggest deals on tech and many other categories saw growth in online and offline sales, as well as number of shoppers. A lot of it has got to do with the deep discounts many retailers were offering in the face of rising inflation.

According to Adobe Analytics, a company which tracks seasonal ecommerce activity, Cyber Monday recorded $11.3 billion in online sales. With 5.8% more customers spending on the day compared to last year, the figure sets a new record for the year and the day itself. Last year, the total sale of $10.7 billion was lower compared to 2020.

Cyber Monday typically registers highest sales throughout Cyber Weekend. This year, total sales of $5.29 billion was reported on Thanksgiving and Black Friday recorded a total of $9.12 billion. Both figures also exceeded initial projections. In the weekend between, purchases totaled $9.55 billion. With Cyber Week considered to end unofficially at the end of the month, ecommerce sales are predicted to reach $35.27 billion, up 4% compared to last year.

Adobe reports that the growth reflects overall transactions and not solely due to inflated product prices. In fact, it reports that there was barely any movement in prices in the months leading up to Cyber Weekend. Adobe Analytics tracks prices across 18 categories and compiles them in its digital price index.

Deep Discounts from Merchants Boosted Sales

To attract more shoppers, retailers offered heavy discounts during the Cyber Week period and the weeks leading to Christmas. Adobe Analytics reports that these made goods irresistible to a lot of customers.

Lead analyst Vivek Pandya was quoted as saying that deep discounts spurred consumer spending to higher-than=expected levels, further reinforcing ecommerce as a major channel to drive sales and capture consumer interest.

In the electronic category, discounts of up to 25% were offered by popular brands in comparision to about 8% last year. The toys category saw a boost in sales of up to 452% in October. During Cyber Week, manufacturers and retailers were offering discounts of up to 34%. Adobe Analytics data is based on one trillion visitors to US ecommerce websites, covering 100 million SKUs and 18 product categories.

As expected, the spur of growth can be attributed directly to increased consumer shopping ahead of the holidays. Product categories that recorded top sales include games and gaming consoles, toys, Dyson products, Apple watches, drones, digital cameras, and strollers.

BNPL (buy now, pay later) campaigns were also a big draw to many holiday shoppers. According to Adobe insights, customers are more likely to use this payment method for more expensive purchases. Cyber Week BNPL orders grew 85% and 88% in revenues.

Marketing experts are waiting to see if the growth seen will be sustained throughout the rest of the holidays, especially that discounts will start to slow down a bit in the following weeks.

Cyber Monday Hit Record Sales in 2022

Deep Discounts from Merchants Boosted Sales

Navigation

CONTACT