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The year 2020 has been marked by unprecedented disruptions in every aspect of life due to the global pandemic. However, the Cyber Monday sales brought some good news to retailers struggling with the pandemic-induced economic slowdown. According to reports, Cyber Monday sales shattered records with an astounding $10 billion in online purchases.
Cyber Monday is the Monday following Thanksgiving Day in the United States, and it is a marketing term coined for online shopping sales. It has become one of the biggest shopping days of the year, second only to Black Friday.
This year, the pandemic has driven more people to shop online, and the Cyber Monday deals proved to be too good to resist. As per Adobe Analytics, which tracks online transactions, Cyber Monday sales hit a new record by generating $10.8 billion in online sales, up 15 percent from last year. This surpassed the previous record of $9.4 billion set on Black Friday just a few days before Cyber Monday.
The pandemic has led to a significant shift towards online shopping, and this change is expected to be permanent. With brick-and-mortar stores facing restrictions and social distancing norms, more consumers than ever before have turned to online shopping. Retailers have seen the writing on the wall and have invested heavily to improve their e-commerce strategies to cater to the growing demand.
The pandemic has also resulted in the digitization of small and medium-sized businesses, who have turned to online channels to stay afloat. This was evident during Cyber Monday, where sales from smaller businesses increased by 545 percent, according to Adobe Analytics. This is an encouraging sign for the economy as it indicates a broad-based recovery in consumer sentiment.
E-commerce giants like Amazon, Walmart, and Target were the biggest winners on Cyber Monday, with Amazon accounting for the bulk of online sales. However, Adobe Analytics noted that smaller retailers had also made significant gains in online sales, reflecting a broader trend of consumers opting for personalized and niche products not readily available on larger platforms.
In conclusion, Cyber Monday has set a new record this year in online sales, with consumers increasingly shifting to online shopping due to the pandemic. Consumers have shown a preference for personalized and niche products, reflecting a broader trend towards supporting smaller businesses. Retailers that have invested heavily in e-commerce and digitization are poised to reap the benefits from this shift in consumer behavior.
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