For the first time, online spending topped $1 billion on Friday, but today's Cyber Monday sales are expected to generate $1.5 billion and possibly more, according to a report.
Online retail spending on Black Friday was up 26% from last year, with 57.3 million Americans visiting an online retail site, according to comScore, an analysis firm. That number was up 18% from 2011, and not surprisingly, the shopping site with the most visitors was Amazon.com.
Overall, holiday shopping online is faring better than it did a year ago.
Through the first 23 days of November, online spending has brought in more than $13.7 billion, which represents a 16% increase over 2011, when $11.8 billion was spent during the same period. Online spending on Thanksgiving Day also increased to $633 million, up 32% from last year.
“Despite the frenzy of media coverage surrounding the importance of Black Friday in the brick-and-mortar world, we continue to see this shopping day become more and more prominent in the e-commerce channel," said comScore Chairman Gian Fulgoni in an online statement. "Particularly among those who prefer to avoid crowds at the stores.”
However, the heaviest online shopping day of the holiday season is expected to happen today as Cyber Monday deals spring up around the Web. If you're unfamiliar, Cyber Monday comes after Black Friday and is known for companies offering sales and deals through their online shopping sites.
Among the types of goods being purchased online this holiday shopping season, digital content and subscriptions have seen the most growth, up 29% from last year. Toys have also fared well, up 27% from 2011.
Join us for a live video chat on Cyber Monday at 3 p.m. with retail reporter Shan Li and consumer columnist David Lazarus. They will be talking with Trae Bodge, senior editor at Retailmenot.com Insider. Leave your comments or questions below.