Cyber Monday 2017 has been predicted to be the biggest shopping day in history in terms of sales. Computer software company Adobe on Tuesday, November 7 released its online shopping analytics for the most exorbitant and lucrative season of the year.
In its report shared with IBTimes Singapore, Adobe expects US$6.6bn will be sold on November 27, the largest amount in history. In the US alone, the shopping season will be hauling a massive sum from online shopping to the tune of US$107.4bn, which is a 13.8 per cent increase from 2016. In-store retail, on the other hand, is expected to grow less than 10 per cent.
Of the US$107.4bn, Cyber Monday will generate US$6.6bn, 16.5 per cent bigger than 2016. Thanksgiving Day is expected to grow 15 per cent year over year to US$2.8bn. This means, one out of every six dollars will be spent between Thanksgiving and Cyber Monday.
AirPod, Nintendo Switch, Hasbro NERF guns and PlayStation VR are the most anticipated gifts during the season.
"The retail apocalypse stemming from a huge number of physical store closings in the U.S. in the past year, is a clear indication of the impact eCommerce has had on the business landscape; and the significance of big discount price days is also massively changing consumer buying behavior," says V.R. Srivatsan, Adobe Southeast Asia managing director, in a statement.
Srivatsan has pointed out that this trend could also be applied to Southeast Asia considering the similar shopping patterns observed.
"With the prevalence of mobile devices, easy online shopping experiences, and lowering cost of international shipping, savvy consumers today have broken down geographical boundaries and are conditioned to wait for big discount days such as Black Friday, Cyber Monday, and even Singles Day sale events, for their holiday shopping."
Srivatsan has stressed the importance to adjust operating models among Southeast Asian retail outfits to remain competitive.