News

‘Cyber Monday’ on track to set $2B sales record

‘Cyber Monday’ on track to set $2B sales record

SUPER CYBER SALES: Packages ready to ship move along a conveyor belt at the Amazon.com 1.2 million square foot fulfillment center Monday, Nov. 26, 2012, in Phoenix. Americans clicked away on their computers and smartphones for deals on Cyber Monday, which is expected to be the biggest online shopping day in history. Shoppers are expected to spend $1.5 billion on Cyber Monday, up 20 percent from last year, according to research firm comScore. That would not only make it the biggest online shopping day of the year, but the biggest since comScore started tracking shoppers' online buying habits in 2001. Photo: Associated Press/Ross D. Franklin

By Dhanya Skariachan and Phil Wahba

NEW YORK (Reuters) – U.S. online sales are expected to hit $2 billion on “Cyber Monday,” for the first time since the data firm comScore has been tracking such information.

A 20 percent increase is expected to come even after many consumers shopped earlier when retailers started offering their “Cyber Monday” deals on Sunday.

As of 12 p.m. EST, online sales were up 21.4 percent on “Cyber Monday,” according to IBM Digital Analytics Benchmark.

The growth is not just a boon for online retailer Amazon.com Inc. Bricks-and- mortar chains that have successfully integrated their e-commerce and in-store businesses also stand to gain from the online growth.

Wal-Mart Stores Inc, Target Corp, Toys R Us, Macy’s Inc, J.C. Penney Co Inc and Best Buy Co Inc were among the brick-and-mortar chains that started their online deals early.

“All of them are behind Amazon, but some are starting to catch up,” said Edward Jones analyst Brian Yarbrough.

“Cyber Monday” is the busiest day of the year for online sales and follows the Thanksgiving weekend that kicks off the peak holiday shopping season.

To compete with each other and Amazon, many U.S. retailers began offering some of the season’s best online deals, which were traditionally reserved for the Monday after Thanksgiving, several days ago.

That helped overall online sales from Thanksgiving through Sunday rise 14.5 percent in 2013 over the same period last year, data from IBM showed.

“The earlier offering of deals online may weigh on Cyber Monday and, interestingly, some retailers are offering a worse deal on Cyber Monday than they had over the earlier period,” said Nomura analyst Simeon Siegel.

U.S. shoppers spent almost 3 percent less than they did a year earlier during the Thanksgiving weekend, according to the National Retail Federation data. But online sales rose 17.3 percent on Thanksgiving and Black Friday, outpacing sales growth at brick-and-mortar stores, data from comScore Inc showed.

The S&P Retail Index was down 0.4 percent Monday afternoon.

Latest Headlines

today in Entertainment, Sports

Rubin ‘Hurricane’ Carter, wrongly convicted of murder, dead

hurrican

The boxer's imprisonment, and battle to free him, are immortalized in the Bob Dylan song "Hurricane" and the film of the same name, starring Denzel Washington.

yesterday in Entertainment

This weekend in entertainment history

elvis

A look back on the Hollywood headlines of days gone by.

Friday in Viral Videos

When a brother loses a bet

Dance Bet

A guy loses a bet to his younger brother and must dance on a busy street corner for 30 minutes. What happens next is amazing.

Friday in Entertainment

REVIEW: Johnny Depp and crew fail at ‘Transcendence’

This image released by Warner Brothers Pictures shows Johnny Depp in a scene from the sci-fi thriller "Transcendence."

Johnny Depp falls short of greatness in his latest film, but at least it's not "Lone Ranger."

Friday in Trending, Viral Videos

TODAY’S MUST SEE: 50 most frustrating video game moments

Video Games Sonic

Playing video games can be fun, into you run into one of these situations!

Latest Headlines

The company logo is seen on the bonnet of a Mazda car during the media day ahead of the 84th Geneva Motor Show at the Palexpo Arena in Geneva March 5, 2014.

In Lifestyle

Mazda recalls 190K SUVs for rust problem

Mazda is recalling 109,000 Tribute SUVs in cold-weather states to fix rusting frame parts.

recordstoreday

In Music

Record Store Day full of reunited bands, special editions

Record Store Day celebrates thousands of independent music shops around the world.

soundgarden

In Music

Listen to Soundgarden's 'Black Hole Sun' demo

Ahead of the 20th anniversary reissue of "Superunknown," Soundgarden releases the demo version of "Black Hole Sun."

davegrohl

In Music

Nirvana stars relieved by Hall of Fame finale failure

Dave Grohl and Krist Novoselic were just fine with the way the Rock Hall inductions ended.

arcticmonkeys

In Music

Arctic Monkey slammed for 'synchronized' live shows

British rockers Arctic Monkeys have been slammed for their "synchronized" live performances by their tour mates The Orwells.