Small Business News

Cyber Monday Was Big This Year

Online spending in the U.S. reached an incredible new high on Cyber Monday, hitting $1.46 Billion for the day, according to comScore. This is the heaviest day of online spending in U.S. history, and follows arecord Black Friday for e-commerce.

$16.4 billion has been spent online, this holiday season so far (starting from the beginning of November), according to the firm. That’s a 16% increase from last year. Cyber Monday spending itself was up 17%.

“Despite some news reports suggesting that Cyber Monday might be declining in importance, the day has once again set an online spending record at nearly $1.5 billion,” said comScore chairman Gian Fulgoni. “However, it is also clear that the holiday promotional period has begun even earlier this year, with strong online sales occurring on Thanksgiving Day and Black Friday. Now, we shall see the extent to which continuing and attractive retailer promotions are able to boost sales for the remainder of the week.”

The top product categories for growth on Cyber Monday, compared to last year, were Digital Content & Subscriptions, which grew by 28%, Consumer Electronics, which grew by 25%, Computer Hardware, which grew by 22%, Video Games, Consoles & Accessories, which grew by 18%, and Jewelry & Watches, which grew by 17%.

Interestingly, close to half of dollars spent online at U.S. websites originated from work computers (47.1%), according to comScore. That’s actually down from last year. Buying at U.S. websites from international locations accounted for 5.7% of sales.

“The term ‘Cyber Monday’ was coined by in 2005 to refer to the significant jump in e-commerce spending that occurred following the Thanksgiving holiday weekend as consumers got back to sitting in front of computer screens at work,” said Fulgoni. “At the time and for several years afterward, Cyber Monday was often misconstrued as the heaviest online spending day of the year, when in fact it barely cracked the top ten days of the season. However, with the passage of time, the day grew in importance as a result of an increasing number of retailers offering very attractive deals on the day and extensive digital media coverage making sure that consumers were aware of them. As a result, Cyber Monday has assumed the mantle of top online spending day for the past two years – a trend we expect to hold once again in 2012.”

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