Corrected - U.S. Cyber Monday sales jump 17 percent, on pace for record
Cyber Monday was on track to become the biggest-ever internet shopping day in the United States as people snapped up bargains on toys and electronics, with many more buying from their phones.
The shopping event is expected to generate $6.6 billion in sales, up from $5.6 billion a year ago, according to Adobe Analytics, which measured 80 percent of all online transactions from the top 100 U.S. web retailers. As of 10 p.m. EST (0300 GMT), revenue from smartphones was $1.59 billion.
The buying frenzy has gone on for the better part of a week. Amazon.com Inc
The world`s biggest shopping event was China`s Singles` Day earlier this month, in which Alibaba Group Holding Ltd
Online sales have brightened the overall outlook for traditional U.S. retailers that have expanded beyond brick-and-mortar. However, the availability of deals and promotions for weeks hurt foot traffic at stores.
The lengthening of the holiday shopping season has had another effect, too: many Cyber Monday promotions were run of the mill.
"It`s not as exciting as what the marketing makes it out to be," said Guru Hariharan, CEO of e-commerce software firm Boomerang Commerce, in Mountain View, California. "The majority of these `deals` have been around since early November, or late October."
Amazon came under criticism this year for marketing discounts off list prices it infrequently charges, so shoppers perceive their purchases to be bargains - an allegation it has denied.
According to an analysis by Boomerang Commerce, online retailers including Amazon were offering bigger savings for more of their most popular toys this year than last. Amazon said it sold 3 million toys halfway through Cyber Monday.
Top rival Wal-Mart Stores Inc
Amazon shares closed up 0.8 percent, while Wal-Mart and Target Corp
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.