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Retailers rake in billions on biggest-ever Cyber Monday after record online Black Friday

Retailers rake in billions on biggest-ever Cyber Monday after record online Black Friday
Business
U.S. retailers kicked off Cyber Monday by launching a slew of deals earlier than usual over the weekend, seeking to sustain the momentum of a record US$11.6 billion in online sales on Thanksgiving and Black Friday.

Shoppers already had nearly a month of sales promotions as retailers look to draw out a holiday season that on paper is six days shorter this year due to a late Thanksgiving.

But estimates from Adobe Analytics on Sunday predicted the opening weekend of U.S. retailers’ crucial holiday season would set a new record of almost US$30 billion in sales, with Cyber Monday — now traditionally the U.S. economy’s biggest online shopping day — alone expected to reach US$9.4 billion.

Amazon.com Inc. and other traditional retailers such as Target Corp. and Walmart have beefed up delivery services to fulfill online orders faster as more customers shop on their mobile phones and tablets at home.

“We expect Cyber Monday to be the second most popular day of the five-day shopping period, mostly driven by mobile traffic,” Cowen analyst Oliver Chen said.
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