SAN DIEGO, CALIF. (TheStreet) -- Bigger was indeed better on Cyber Monday with online sales totaling a record-setting $2.68 billion, according to data compiled by Adobe (ADBE) .
Cyber Monday online spending grew 17% over 2013, but the 25 argest retailers noticed a 26% increase in digital sales versus last year. By contrast, smaller retailers, or those generating $2 million or less, only noticed a 5% uptick in online sales, Adobe Digital Index Senior Marketing Manager Tamara Gaffney said during a Tuesday morning conference call hosted by SunTrust Robinson Humphrey.
"The really big winners are those big retailers," Gaffney said. "The competitive advantages of a bigger retailer and, in specific, a brick-and-click retailer are really important for driving a better than average growth rate." Adobe did not give out data on who the largest retailers were.
Retailers also priced their promotions more aggressively in the early morning hours on Cyber Monday than in years past with the lowest prices hitting at 4 a.m. EST. Consumers, meanwhile, preferred to wait until later evening hours to take advantage of digital deals as Cyber Monday online sales peaked between 9 p.m. and 10 p.m. EST, according to Adobe. And, in perhaps some good news for employers, a majority (54%) of online shopping took place mostly outside of work hours, with 41% coming in after 6 p.m. EST even at the higher price levels.
Adobe's Cyber Monday data is based on 400 million visits to 4,500 retail websites, and the company claims that more than $7 out of $10 spent online with the top 500 U.S. retailers is measured by its Adobe Marketing Cloud.
Looking back, the year's biggest online shopping week kicked off with record-setting Thanksgiving Day sales of $1.33 billion with sales for the five-day cyber weekend totaling $9.6 billion. Smartphones and tablets played an increasingly important role on Thanksgiving Day with a record 29% of online sales taking place on a mobile device. On Cyber Monday, by contrast, 19% of total online sales, or $328 million, were driven by mobile devices, which was flat compared to last year.
The online holiday shopping season beginning November 1 has now accumulated $37.9 billion in sales, which is 14% greater than online spending during the same period last year and is higher than Adobe's original forecast, Gaffney said.
The growth in online sales, however, is likely cannibalizing in-store sales, she added, and not necessarily a reflection of overall growth in spending.
--Written by Jennifer Van Grove in San Diego, Calif.
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