Cyber Monday Sales Could Hit $1 Billion

ADVERTISEMENT

NEW YORK (MainStreet) — Hordes of shoppers flocked to stores this weekend to take advantage of Black Friday deals, and by all accounts, the shopping madness will continue today online.

Roughly 107 million consumers are expected to shop online for Cyber Monday deals this year, an increase of nearly 10 million from 2009, according to a survey from Shop.org. Much of this increase is due to the popularity of smartphones as a tool to shop online while on the go, as well as an increase in the number of deals and promotions available.

“Hundreds of retailers have already announced special Cyber Monday promotions ranging from free shipping offers to flash sales lasting only an hour or two,” said Joan Broughton, interim executive director of Shop.org in a press release. “When it comes to Cyber Monday deals, shoppers know they can’t lose this year.”

In fact, some are predicting that Cyber Monday sales this year may hit a new record.

Brad Wilson, a retail expert and the founder of BlackFriday2010.com and CyberMonday2010.com, believes this will be the year that Cyber Monday spending finally tops $1 billion.

“I think it’s a pretty safe bet that Monday’s sales will be comfortably above $1 billion,” Wilson told MainStreet. “Online stores are being very aggressive in terms of the coupons offered this year, and are trotting out their best of the holidays offers today.”

In 2009, Cyber Monday spending totaled just more than $950 million, which means Wilson’s prediction would imply a significant 13% increase in sales. Yet, this may actually be low-balling the number since online sales this Black Friday actually increased by more than 15%, according to the National Retail Federation.

Additionally, a separate report from the market research firm comScore predicts that online holiday spending through November and December will increase by 11% from the previous year to $109 billion.

So, America’s shopping spirit is back, at least online.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Show Comments

Back to Top