This Cyber Monday could turn out to be one of the most important dates in the history of US retail. Although no one is visiting physical stores, shoppers have started shelling money this Cyber Monday, with $473 million already having been spent on online sales, as of 9 am ET.

This year's Cyber Monday is being touted to be one of the biggest ever and in all probability to gearing up to set new records. Online sales are expected to pick up between 10 am and 2 pm.

Sales on track to hit record high

Cyber Monday
Cyber Monday Pixabay

The past few days has turned out to be great for online retailers with both Black Friday and Thanksgiving registering record sales. This year, Cyber Monday has once again started on a good note, with shoppers expected to spend $11 million per minute between the penultimate hour of the sale that is 11 pm ET and midnight.

Cyber Monday this year is on track, with sales expected to hit $9.4 billion, an 18.9% growth year over year according to Adobe Analytics. This will also make it the biggest single day shopping event in the history.

Moreover, shoppers are expected to spend $2.8 billion, accounting for 30% of the entire day's revenues, between 10 am and 2 pm ET. Although a few areas saw extreme weather conditions with massive snowfall, they preferred shopping online from home. In fact, U.S. states that saw more than 2 inches of snow recorded a 7% increase in online sales.

E-commerce steals the show

Online shopping
Online shopping Pixabay

Thanksgiving traditionally used to witness the biggest retail sales. However, over the past few years Black Friday and Cyber Monday have emerged as the two most important shopping days during the all-important holiday season.

Online sales this year too has been on track with Thanksgiving and Black Friday already setting new records. Last year Cyber Monday sales hit a record high of $7.9 billion, making it the biggest single-day shopping event in history.

This year's sales so far have been dominated by toys that have been led by Frozen 2 merchandise, L.O.L Surprise Dolls and Paw Patrol. Also, popular video games and consoles like Madden 20, FIFA 20 and Nintendo Switch registered huge online sales orders.

Besides, electronic products like Samsung TVs, Apple laptops and Amazon Echo are among have been high on demand this year.