Cyber Monday online sales have reportedly fallen for the first time, dropping 1.4 percent from last year to $10.7 billion, according to data released on Tuesday by Adobe Analytics. The report also indicated that out-of-stock messages on relaters’ websites were up 169 percent when compared with pre-pandemic years.
This year’s data marks the first time that Adobe has tracked a slowdown in spending on major shopping days, according to a report by CNBC News, which added that the firm started its reporting in 2012, and analyzes more than 1 trillion visits to retailers’ websites.
Despite the Cyber Monday slowdown, however, Adobe says it expects the holiday season will see record-breaking e-commerce activity overall, as shoppers are likely spreading out their dollars over more days.
From November 1 through Cyber Monday, U.S. consumers reportedly spent $109.8 billion online, which is up 11.9 percent year over year, said Adobe, which anticipates digital sales from November 1 to December 31 will hit $207 billion — a record gain of 10 percent.
One reason why shoppers could have been spending less on this year’s Cyber Monday could be explained by retailers encouraging consumers to spend earlier, touting pre-Black Friday deals since October.
“With early deals in October, consumers were not waiting around for discounts on big shopping days like Cyber Monday and Black Friday,” director at Adobe Digital Insights director Taylor Schreiner said.
Another factor that could be contributing to consumers shopping early could be due to concerns involving the ongoing supply chain crisis in the United States, and items being out of stock.
Products showing up as out-of-stock on the internet rose 8 percent the week before Cyber Monday, according to Adobe. In November, out-of-stock messages on relaters’ websites were reportedly up 169 percent when compared with pre-pandemic times.
Inflation on everything from fuel to raw materials is also leading some businesses to pass on a fraction of those costs to consumers, CNBC notes.
The final price point of consumers’ shopping carts on Cyber Monday was up 13.9 percent year over year, which was driven, in part, by more shoppers purchasing bigger-ticket items, such as furniture, Adobe said.