Black Friday online sales hit a record high; Cyber Monday likely to be the biggest ever

There's still a day to go for Cyber Monday but it seems shoppers couldn't wait any longer. Online spending on Black Friday hit a record high of $5.4 billion as of 9 pm ET.

This year's holiday season online sales have so far proved good for retailers. Black Friday online sales this year jumped 22.3% compared with last year's figures, according to Adobe Analytics.

It was earlier reported that fewer people visited physical stores as the preferred to shop online. The trend of shopping online has been on the rise for the past few years, which hit a record high this year.

That said, Black Friday is traditionally known for shoppers queuing up outside stores since early morning to make use of the attractive discounts and deals.

Numbers likely to surge further

Black Friday
Black Friday Pixabay

The record figures of $5.4 billion are expected to further rise. The total online spending is expected to touch a whopping $7.6 billion this year, according to Adobe Analytics.

If the final figures manage to cross $7.4 billion, it would made this year's Black Friday the second-best online sales day in history with only Cyber Monday 2018 online sales figure ahead of it. Online sales figure on Cyber Monday registered $7.9 billion in 2018.

The top products sold online this year on Black Friday were 'Frozen 2' toys, followed by Nintendo Switches, Paw Patrol merchandise Air Fryers, Samsung TVs and AirPods.

E-commerce takes the game away

Cyber Monday
Cyber Monday Pixabay

E-commerce has been driving retail sales for the past few years and this year too seems to be no different. In fact, this year Thanksgiving online sales too jumped 14.5% from last year. Shoppers this year spent a record $4.2 billion online this year, although predictions were of $4.4 billion.

This is the first time that online shopping on Thanksgiving exceeded the $4 billion figure mark. The holiday season has just begun and it's expected to help retailers once again.

Holiday season shopping this year is expected to hit a record high of $143.7 billion. Shoppers have spent a staggering $57.2 billion online between November 1 and November 28.

Moreover, retails will now be waiting eagerly for Cyber Monday, an event that is specially designed of online shopping. Cyber Monday sales last year hit a record high of $7.9 billion but online sales this year are expected to touch $9.4 billion, surging 18.9% on year over year.