Americans spent $7.4 billion online on Black Friday and $4.2 billion on Thanksgiving Day.
Adobe Analytics tracks sales in real-time for 80 of the top 100 U.S. retailers, covering 55 million SKUs and some 1 trillion transactions during the holiday sales period. Adobe projects $9.4 billion in online sales on Monday during Cyber Monday promotions.
"This leaves nearly $1 billion in revenue behind", the Adobe team said in its report.
Salesforce, meanwhile, said that its checks revealed $7.2 billion in sales (even further off the forecast). Black Friday, the day after Thanksgiving when many people have days off, has for a long time been seen by retailers as the start of holiday shopping season.
With all the online fanfare, some retailers have begun to struggle to keep up with growing trends.
"With Christmas now rapidly approaching, consumers increasingly jumped on their phones rather than standing in line", Head of Adobe Digital Insights Taylor Schreiner said in a statement. Winning the transaction, whether online or in-store, has now become more important for retailers than where it occurs. They have overall also seen a 62% boost in sales this season, versus 27% for smaller retailers.
And they're not confining their buying to a day or two.
The term was first used in a Shop.org press release entitled "Cyber Monday", adding that the day is "quickly becoming one of the biggest online shopping days of the year".
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Bargain hunters shop for discounted merchandise at Macy's on "Black Friday" on November 25, 2011, in New York City. Adobe predicts that sales via smartphone will account for about 47 percent of total growth this holiday season.
Analysts are predicting that Cyber Monday will be another record-breaker.
The company said that shoppers on the prowl for the best deals on electronics should wait for Dec 27.
Online and in-store shopping aren't always completely separate, though.
With Thanksgiving landing six days later than past year, retailers invested more into their seasonal advertising and laid out steep discounts for customers on everything from appliances to sporting goods.
Paymark, which services the majority of in-store electronic card terminals, plans release its Black Friday spending figures later today, but spokesman Paul Brislen said it looked like the sales were up both on a year ago and the previous month.