U.S. Markets close in 26 mins

Cyber Monday goes mobile

Nicole Goodkind
Nicole Goodkind

Cyber Monday is underway after a disappointing weekend for retail. Sales amongst physical retail stores over the past four days were down 11% from the same period last year. There was $50.9 billion in sales this Thanksgiving weekend compared to last year's $57.4 billion. Hopes for ecommerce, however, are high. Online holiday shopping throughout the U.S. and Europe has already surpassed $130 billion according to Forrester Research. Online sales on Thanksgiving and Black Friday grew 32% and 26% over 2013, according to comScore. Mobile payments are also increasing. On Cyber Monday in 2013, 38% of shoppers said they used smartphones to shop, up from 23% in 2012.

Harvey Kanter, CEO of Blue Nile (NILE), an online jewelry retailer, has seen the increase in mobile sales firsthand. Over 20% of their sales come from mobile devices, including big-ticket items like diamonds. “Over the last four-day period we saw over 60% of our traffic coming over mobile devices and an increase in traffic overall,” says Kanter. He is seeing the millennial customer embrace buying items through mobile devices. “We’ve seen multiple $250,000 plus sales via mobile, on a phone or a tablet.”

Kanter has also seen a boost in traffic from China where brick-and-mortar shopping isn’t as big of an institution as it is in the United States.

Between Wednesday, November 26th and Saturday, November 29th, Blue Nile saw a 20% overall growth in web traffic, and they expect it to continue.

Blue Nile has spent the last year and a half building a website that allows easy access from any device—be it a desktop, tablet or cellphone. “We did that specifically to allow the mobile experience to continue to grow and develop,” he says.

Get the Latest Market Data and News with the Yahoo Finance App