When did Cyber Monday become the event it is today? Read on, and we will explore the history of its development and more.
The History of Cyber Monday
Around the year 2005, the National Retail decided to name the first Monday after Thanksgiving as Cyber Monday.
It was predicted to be the biggest shopping day of the year but did not start out that way. It has steadily grown every year to be a huge shopping day and is still growing in terms of overall sales processed.
It was soon observed that consumers wanted to shop on Monday after Thanksgiving.
Cyber Monday Gets Big
Cyber Monday started to explode based on two key events:
- the incredible growth of Amazon and
- major retailers (like Walmart) jumping into the online sales arena in a big way.
Cyber Monday Sales: Growing Every Year
Initial sales growth was fair but not spectacular. Most years from 2005 to 2010 were only showing about 5-10% growth. Cyber Monday’s recent growth has been particularly impressive.
In 2014, Cyber Monday desktop sales surpassed $2 billion for the first time. Total Cyber Monday sales, including mobile devices, were hundreds of millions of dollars higher. The sales jumped 12% in each of the next 2 years. This may not seem like a lot, but 12% of $2 billion is a huge number, almost a quarter of a billion in sales. And this is just for basic computer devices.
Is Every Day Cyber Monday?
Due to the pandemic, this is actually true in 2020. Deals abound across the board for virtually every online retailer and are being extended from Thanksgiving to Christmas in many cases. Cyber Monday is a result of our leap into the digital age!
Every retailer that did not embrace the technology and internet is either gone or about to be gone. Higher and higher sales numbers come from the online sector for all retailers, a common phenomenon worldwide.
Is Cyber Monday Bigger Than Black Friday?
Depending on whose stats you refer to, both days are banner sales days and are not in direct competition. In fact, both days target the same customers. Black Friday has traditionally been for in-store shoppers and Cyber Monday for online shoppers. However, we know that in today’s world, people shop in both ways.
Further, Black Friday sales are increasingly really internet sales. More and more transactions are via the internet, even from store locations. People make price comparisons in-store all the time now, and if they find a better deal, they buy it online.
Best Deals on Black Friday
There is still one product category where the deals are super on Black Friday. It has been the base of Black Friday specials for several years now. It is electronics products, e.g., big-screen TVs, PCs, and so on.
Best Deals on Cyber Monday
Cyber Monday usually has the best deals on clothing and home goods, including furnishings and fixtures. If you decide to buy clothing on Cyber Monday or any day, make sure your retailer has a solid return policy.
Is Black Friday More Stressful?
Long lines, big crowds, more traffic, difficult parking are all part of Black Friday. If you add in getting up in the wee hours and fights over limited-quantity items, then it can be an incredibly stressful day. Cyber Monday is usually done at home or at your work desk and is calm and comfortable in comparison.
Cyber Monday has been infamous for scams. Those crazy deals you read or hear about, along with fake websites and unknown sellers, can lead to a nightmare for consumers. Some victims lose their money, and others have their credit card data stolen. Others end up with fake products, not the real thing. So, caution is the word. Only buy from trusted sources and check out reviews and other information for any site you are not familiar with.
The future is online sales, no matter the type of product. So Cyber Monday is just a small part of it, and online sales will continue to grow each year. More and more people are getting comfortable with buying online, which is easy, fast, and secure when using the right retailers online.