Following the momentous Black Friday, where eCommerce spending surged 7.5% from the previous year, Cyber Monday has taken the crown as the biggest online shopping day of 2023.
According to Adobe Analytics, known for keeping track of online shopping numbers, eCommerce spending for Cyber Monday is projected at between $12 billion and $12.4 billion.
This huge number has propelled the day of deals to be the biggest online shopping day — not just of the year, but of all time.
A possible reason for these record-breaking numbers, apart from being tied to Thanksgiving and the holiday season, is the early celebration of the "Cyber Monday" sale.
Retail giants like Amazon began their discounted deals on Saturday, while Target and Walmart kicked off their discounts on Sunday.
Last week, the Black Friday "sale" also did wonders. Adobe Analytics reports that eCommerce spending on Black Friday reached an astounding $9.8 billion, with $79 million of its sales coming from consumers who opt for the "Buy Now, Pay Later" option.
Slightly behind Black Friday lies Thanksgiving sales, raking in $5.6 billion on the holiday itself.
The Origins of Cyber Monday
The term "Cyber Monday" was coined by Ellen Davis and Scott Silverman of the National Retail Federation in 2005 as a way to promote online shopping post-Thanksgiving.
Originating in the United States, this digital shopping phenomenon strategically falls on the Monday after Thanksgiving, attracting consumers returning from their holidays and utilizing office computers for high-speed online deals.
What began as a marketing move eventually grew to become a global event, with retailers worldwide offering day-long promotions.