Cyber Monday broke US shopping records

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December 5, 2020

Cyber Monday broke US shopping records, grabbing $10.84 billion in sales.

US retailers pulled in a whopping $10.84 billion in online sales on Cyber Monday. These results outperform last year's and also make this year's Cyber Monday the biggest US online shopping day ever.

Furthermore, the day's results put total spending for this season to date past the $100 billion threshold, helping it outpace the milestone nine days faster than last year.

With the Thanksgiving weekend shopping holidays now behind us, we outline how some retailers plan to meet fulfillment and delivery demands to complete ongoing holiday orders.

Business Insider Intelligence's Adriana Nunez has the full story.

BRIEFING HIGHLIGHTS

Revolut adds app features, new web portal to drive engagement

Revolut's mobile app updates and new online portal come as Starling's newfound profitability is putting the spotlight on other UK neobanks' success.

Metromile looks to go public through SPAC acquisition

Metromile decided to become a public company by merging with publicly traded special purpose acquisition company Insu Acquisition Corp.

Facebook's Diem, Visa, PayPal extend reach in crypto payments space

Visa, PayPal, and Facebook's Diem, formerly known as Libra, are looking to capitalize on the rapidly growing crypto payments industry.

Chase and Lloyds are reportedly mulling a Starling purchase

Chase and Lloyds expressed interest in acquiring Starling, following its milestone of becoming the first consumer-focused neobank to turn a profit.

Retailers hope to induce holiday consumer spending

Consumers plan to cut back on holiday spending this year, but retailers hope to encourage much-needed consumer spending with ecommerce offerings.

S&P Global agreed to buy IHS Markit to create market data powerhouse

S&P Global is buying IHS Markit to boost its data analytics capabilities, further consolidating the space to a few market data giants.

Chip launched a high-yield savings account to boost engagement

Chip has launched a high-yield savings account, which might not be viable long term amid the UK's low interest rate environment.

Banks may keep branches open despite rising COVID cases

Major US banks plan to evaluate their branch closures on a location-by-location basis as coronavirus cases spike.

JPMorgan purchases 55ip to empower financial advisors

JPMorgan Asset Management has bought 55ip, which helps financial advisors build tax-efficient investment strategies for their clients.

TD Bank's profits reflect Canada's easing coronavirus fears

Digital metrics in TD's Canadian retail unit also suggest that lessened pandemic concerns may be leading fewer customers to rely on digital channels.

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