Cyber Monday sales are underway and well on their way to break records, according to Adobe Insights.

As of 10 a.m. ET, $840 million had already been spent online, an increase of almost 17 percent when compared with the same time last year, Adobe found.

Web traffic was up 12 percent by midmorning, as toys boasted some of the biggest discounts. Apparel merchandise also typically sees some of the biggest markdowns heading into the start of December.

"As consumers make their way back to work, they are poised to be hitting the buy button all day, as most big discounts will end by midnight," Tamara Gaffney, an engagement group director at Adobe, said in a statement.

"A lot more of this will be happening on smartphones as well, where smoother buying experiences through auto-fill capabilities are helping drive the growth we see in mobile," she added about the day.