Cyber Monday’s online sales have slowed down, figures suggest as fewer discounts and limited choices have deterred shoppers.
Retailers had spread out their promotions over a large period of time in a bid to protect profit margins as a result of surging supply chain costs.
However, attempts have been fruitless as ecommerce spending over Black Friday fell for the first time ever, according to Adobe Analytics.
“Online sales on big shopping days like Thanksgiving and Black Friday are decreasing for the first time in history, and it is beginning to smooth out the shape of the overall season,” Adobe Digital Insights director Taylor Schreiner said.
US spending on Cyber Monday crossed $7 billion as of 9 p.m. ET, according to the Adobe Digital Economy Index.
But the company now expects consumers to spend between $10.4 billion and $11.1 billion and forecast that customers could spend $2.5 billion between 7 p.m. PT and 11 p.m. PT.
The normal excitement surrounding the sales holiday on social media has also declined.
Salesforce general manager Rob Garf added: “Cyber Monday continues to be extremely relevant, particularly in the digital world, but the buzz has been more muted than we’ve seen in recent history.”
US discount rates in the in the week leading up to Cyber Monday were eight per cent lower than last year on average, according to Salesforce.
US shoppers spent approximately $8.9 billion online, down from $9 billion a year earlier, according to figures from Adobe.
Shoppers’ spending online increased five per cent over the three-day period year-on-year, and by 28.7 per cent when compared to the same period in 2019, according to MasterCard SpendingPulse.