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Online sales top $5 billion on Black Friday, report shows
December 18 2017, 02:53 | Alonzo Simpson
Mixed results for Black Friday footfall
Retailers brought in some $7.9 billion in online sales on Thanksgiving and Black Friday, up nearly 18 percent from a year ago, according toAdobe Analytics' review of transactions at the largest 100 USA web retailers.
On the other hand, Barclaycard estimated that spending was up eight per cent on the day - boosted by online sales despite the varying emphasis retailers gave to online or in-store campaigns in their Black Friday strategies.
Adobe predicts that Cyber Monday will be even bigger than Black Friday, bringing in as much as $6 billion in digital sales, CNNreported. TVs, laptops, toys and gaming consoles mainly the PlayStation 4 were among the most heavily discounted and the most prominent sellers, according to retail analysts and experts.
The credit card processing slowdown began hours after Macy's chief executive, Jeff Gennette, told CNBC that the retailer was better off this year than last, had robust online demand and was in a good place for holiday promotions.
Despite all of this, in-store traffic, like at brick and mortar locations, only fell 1 percent, defying predictions that online shopping would be a huge hit to traditional shopping.
Stores offered heavy discounts, creative gimmicks and free gifts to draw bargain hunters out of their homes, but some shoppers said they were just browsing the merchandise, reserving their cash for internet purchases. There was little sign of the wild shopper frenzy customary of Black Fridays from last years.
"There has been a significant amount of debate surrounding the shifting importance of brick-and-mortar retail", Brian Field, ShopperTrak's senior director of advisory services, said.
Smartphones sales break all record this year. As of 10 a.m. (EST), Black Friday had already racked up $640 million in e-commerce sales, which is up 18.4% YoY, putting it on an nearly identical trajectory to Thanksgiving Day.