As the clock ticks down on Cyber Monday 2018, experts are predicting the online shopping holiday is on track to hit record numbers.
“This will without a doubt be the largest Cyber Monday in history,” said Jeremy Gilman, senior vice president for Strategy, Brand Marketing and Customer Experience for DMI. Gilman went on to say he anticipates consumer spending to be about “about 25% higher” than in 2017.
According to a report released by Adobe Analytics, today is expected to generate close to $8 billion in sales. The real-time analytics company company also released numbers from Black Friday that saw more than $6 billion in online sales.
DMI’s President of Digital Transformation Solutions added, “Cyber Monday is clearly rising quicker than the sales we are seeing on Black Friday.”
Gregg Gallant says the concept of Black Friday and Cyber Monday have “merged into the entire shopping experience” during this time of year. Especially given the increasing number of U.S. shoppers extending their online holiday buying with deals beginning as early as Thanksgiving Day. He added marketers are targeting specific time frames to release certain types of promotions whether it is an in-store experience, online or within phone applications.
In terms of who will be the biggest winner coming out of Cyber Monday, Gilman gives the nod to Amazon. He estimates somewhere between a third and a half of all sales will go to the tech giant.
"That is just how they (Amazon) own the market today with their vast assortment of products."
But Gilman is quick to point out that a lot of Cyber Monday peaks in the category of toys, appliances and electronics. "Places that have a strong SKU in those three categories are going to perform well." He expects Best Buy, Walmart and Target to rack up big online sales in those three departments.
And for those getting a late start on Cyber Monday shopping, Gilman suggests using social media to find unexpected savings.
"We find a lot of these direct consumer brands are all over Instagram. It is a channel that is driving huge growth for small independent brands. If you’re trying to find something unique, and still trying to look for a deal, I’d say open your Instagram feed. More than likely, you will be inundated by a dozen ads for products that you will be interested in because the platform is using a lot of your information, your data, your preferences to deliver you accurate offers."
DMI Senior Vice President Jeremy Gilman expects online shoppers today to set records.