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November 27, 2017

Thanksgiving online sales hits $2.87 billion in 2017,with 18% growth


 
Data from Adobe shows that Thanksgiving online sales hit a record, whopping $2.87 billion, up 18.3 percent on a year ago and surpassing Adobe’s own prediction of $2.79 billion. This is a huge spike in online sales for the day. As a point of comparison, in 2016, Thanksgiving sales totalled $1.93 billion. Given that these early days of holiday sales are seen as a bellwether for the rest of the season — a crucial part of the year for e-commerce companies — it’s a strong sign of a tipping point in online spending, and also of consumer confidence. 

Adobe determines its figures by tracking 80 percent of online transactions at 100 of the largest retailers on the web in the U.S. Shoppers racked up $1.3 billion in sales in the afternoon (our previous figure was $1.52 million spent online as of 2pm Pacific time on Thanksgiving Day). 

Smartphones were accounting for just under half of all e-commerce traffic, at 46 percent.Shoppers have spent $640 million online Friday as of 10 a.m. ET, up 18.4 percent from last year, according to Adobe Analytics. Adobe tracks 80 percent of online transactions at the top 100 U.S. retailers.On Thanksgiving evening, up until 5 p.m. ET, shoppers spent more than $1.52 billion, up 16.8 percent. Cyber Monday, the Monday after Thanksgiving, is expected by the data tracker to be the largest online shopping day in history, with an expected $6.6 billion in sales. In all, online holiday spending is expected to generate $107 billion in sales, an increase of 14 percent.


Adobe says the average order value on pre-Thanksgiving day is, as of 2pm Pacific, $132, down from $137 earlier in the day. As a point of comparison, IBM’s Bluemix analytics panel has been putting the average order value currently at around $114 today. One reason for the decline in average order value is the laying on of more discounts as the day goes on: these may mean more volume, but overall less spent per item.