Cyber Monday Hits New Record At $6.6 Billion

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With those numbers, analysts predict that people will spend about $107 billion online this holiday season.

The largest discounts on Cyber Monday were on toys with discounts averaging nearly 19%, followed by televisions with discounts averaging 16.5% and computers with average discounts of 14.7%.

The sales holiday was on track to beat last year's total revenue by almost 17 percent as of Monday night, according to Adobe.

Last year, $658 billion was spent on holiday shopping, the National Retail Federation said, noting that online sales accounted for $123 billion of that total - and the share of online sales this year is expected to increase. That marks a 16.8 percent increase from a year ago, and makes Monday the largest online shopping day in USA history.

E-commerce, however, is again expected to show the most growth. The BLS found in a report past year that overall the retail trade industry has increased by 21 percent since 1990.

While shoppers still spent billions in brick-and-mortar stores this weekend, Cyber Monday is stealing major spending away from Thanksgiving and Black Friday. The practice, known as showrooming, has been hard to combat.

Shopping and buying on smartphones is becoming the new norm and can be attributed to continued optimizations in the retail experience on mobile devices and platforms. Kit Yarrow, a consumer psychologist and professsor emeritus at Golden Gate University in San Francisco, says her research with consumers indicates many of them are snapping up all the good deals they see with plans to return the items they ultimately will decide not to give as holiday gifts.

Toy retailers have another reason to be concerned because of the deep discounts they have to offer.

Compared to Alibaba's Singles Day, Cyber Monday is still tiny. Black Friday saw the largest discounts for computers (15.9 percent on average), followed by TVs (21.6 percent) and toys (17.3 percent). That will help their traditional brick and mortar stores compete with online shopping. Many consumers are comfortable buying online and as shipping speeds improve and technology advances in other ways, more dollars will likely move in that direction.

If your smartphone or tablet is running low on battery power, you could be one of the millions of Americans shopping online on this Cyber Monday.

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