Amazon (AMZN  ) had a truly spectacular Cyber Monday. In a report issued on Wednesday, Amazon announced that Cyber Monday 2017 had been the single biggest shopping day globally. It beat Black Friday, and even Amazon's Prime Day record, which it set in July of this year.

Amazon was the dominant player on Cyber Monday, with 55% of all Cyber Monday digital content engagement relating to the site. But competitors like Walmart (WMT  ) also performed well. Walmart enjoyed 10% of online spending over holiday discount weekend, doubling its earnings from last year. And smaller sellers did well, too.

As Cyber Monday grows more successful, Black Friday's status as a major retail event is waning, as it is still closely associated with brick-and-mortar retail, while customers have developed a taste for online shopping over brick-and-mortar stores.

The predominantly brick-and-mortar promotional Black Friday blitz is growing increasingly ineffective, as retailers cannot attract sufficient shoppers. According to recent Thanksgiving holiday weekend statistics, "forty percent of shoppers made in-store purchases compared to 44% of those who bought online." Predictive estimates suggested that approximately 69% of Americans would shop during the 2017 holiday weekend. But the prevalence of online shopping has crowded out the appeal of annual retail events like Black Friday, since "the best deals of the year are no longer exclusive to Black Friday." Overall statistics suggest that "online shopping has edged out in-store shopping" by 51% to 42%. The number of orders placed by mobile phone also increased this past Thanksgiving weekend.

The prevalence of online shopping has a compounding effect: as retail declines, businesses struggle to maintain physical establishments and are less able to offer in-store experiences that appeal to consumers, further reducing foot traffic. The millenial generation's focus on pleasant experiences, like spa treatments and concert tickets, as opposed to material gift-giving, also detracts from Black Friday's popularity. It has become increasingly simple for millenials to shop for material gifts online, at heavy discounts. It appears that Black Friday has little else to offer millenial shoppers. Its primary claim to significance, now is the general awareness that Americans have of it as a national tradition.