Move over Black Friday. Cyber Monday is coming to town.
With more consumers shopping online than ever before, cyber shoppers could deliver a revenue bonanza for key companies this Cyber Monday. For many, Black Friday’s lines, crowds and confusion in the wee hours is losing its luster.
In fact, more people are expected to reach for their computer keyboards (or phones) on Cyber Monday than for their car keys on Friday, American Express projects.
Online shoppers are forecasted to spend $1.8 billion on Monday —$62 billion throughout the holiday season— and that means the online retail community at large will be sitting pretty with 22 shopping days still left until Christmas. I suspect with storms in the Northeast making in-person shopping less than pleasant, that figure could be bigger than anticipated.
For a handful of companies, the 15% increase in projected online spending on Cyber Monday — though below last year’s 21% jump — should deliver a virtual bow-tied bonanza of revenue…and deliver a boost in profits for investors. Here are five stocks to watch as Cyber Monday sales hit new highs: