Online Black Friday Sales Hit $1B

    SWANSEA, WALES - NOVEMBER 24:  Staff at the Amazon Swansea fulfilment centre process orders as they prepare their busiest time of the year on November 24, 2011 in Swansea, Wales. The 800,000 sq ft fulfilment centre, one the largest of Amazon's six in the UK and the also the world, is gearing up for for both 'Black Friday' and 'Cyber Monday'. Black Friday is traditionally the discount shopping day that follows Thanksgiving in America and signals the start of the Christmas shopping period. In 2010 it is was reported that over 45bn USD was spent by shoppers in America over 'Black Friday' weekend. Cyber Monday, which this year is Monday December 5, and is predicted to be the UK's busiest online shopping day of the year with over 2 million orders expected to be made.  (Photo by Matt Cardy/Getty Images)

    Matt Cardy / Getty Images

    Forget lining up in the cold—online shoppers had the right idea this Black Friday. Online sales jumped 22 percent this year, and consumer spending went above $1 billion, according to ComScore Inc. Meanwhile, in-the-flesh shoppers spent $11.2 billion, which is almost 2 percent less than last year. Mobile access might not be working in the retailers’ favor though. “It’s driving prices down,” says Mia Shernoff of JPMorgan Chase. “Consumers are checking prices in stores and showing the retailer, and the retailer will succumb to the lowest price online so they don’t lose the consumer.”

    Read it at Reuters