NEW YORK – “Cyber Monday” is still holding up as the biggest online shopping day of the year, even though the same deals have been available online for weeks and the name harks back to the days of dial-up modems.
Shoppers are expected to spend a record $9.4 billion on purchases made on their phones and computers Monday, up about 19% from last year’s Cyber Monday. That’s according to Adobe Analytics, which tracks transactions at 80 of the top 100 U.S. online stores.
The busiest time is expected to be in the hour before midnight, as people race to take advantage of discounts before they disappear.
Cyber Monday was created by retailers in 2005 to get people to shop online at a time when high-speed internet was rare and the iPhone didn’t exist.