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Cyber Monday Sales Grow 16%

San Jose, Calif.Cyber Monday sales rose 16 percent year over year to hit a record $2.29 billion, Adobe Digital Index reported.

The company said it was the fifth consecutive day of record online sales, beginning with Thanksgiving.

“Retailers earned 10 percent of their holiday sales in just the last five days, an increase of 26 percent year-over-year,” said Tamara Gaffney, principal analyst for Adobe.

Of Monday’s $2.29 billion tally, 42 percent was spent at online-only retailers, and a record 18.3 percent, or some $419 million in transactions, were made on smartphones and tablets, an increase of 80 percent over last year, the company said.

In contrast, sales referrals through social media were flat year-over-year at two percent of total Thanksgiving through Cyber Monday sales.

Adobe’s online shopping data is based on the analysis of nearly 900 million visits to 2,000 retail websites on Cyber Monday and more than three billion visits since Thanksgiving Day.

The term Cyber Monday was coined in 2005 by the National Retail Federation (NRF), a trade association, after retailers noticed an increase in online shopping on the Monday after Thanksgiving. The trend began in 2003 and was attributed to office workers who utilized their companies’ faster Internet connections when high-speed service was not yet widely available in homes.