What is Cyber Monday?
Cyber Monday is the first Monday after Thanksgiving. It marks the beginning of online holiday shopping. “Black Friday” (also known as “in-store” shopping) takes place on the day following Thanksgiving. Where stores provide really incredible deals for shoppers to snatch up, however, finding Black Friday deals can be difficult depending on your location and time spent scouring the web. Cyber Monday is an opportunity for everyone to take advantage of online deals.
Cyber Monday also provides an opportunity for people to shop from the comfort of their own homes. It’s now becoming more popular than Black Friday in retail sales, with 10.8 billion spent online during last year’s Cyber Monday weekend.
The history of Cyber Monday.
Marketers created Cyber Monday to help ease the online shopping traffic generated from Black Friday. It was coined in a Shop.org study released in 2005 and has continued to grow exponentially in popularity each year since.
The following are some of Cyber Monday’s most significant milestones:
Limited stocks of well-liked toys and video game consoles were making online shopping on Cyber Monday more appealing to holiday customers, according to CNN.
Cyber Monday (and consumers in general) was struck in the aftermath of the Great Recession. Sales, nevertheless, continued to rise in 2008, reaching $846 million (up from $730 million in 2007). The National Retail Federation (NRFS) states that Black Friday and it have become even more essential during the recession since customers had less money to spend on non-essentials.
The cutthroat rivalry between Walmart and Amazon can be traced back to Cyber Monday 2008 when Amazon’s traffic increased by 21% year over year to surpass Walmart’s 6% rise.
“Cyber Monday” became “Cyber Week,” and Walmart said it would provide five days of cyber discounts.
Other large businesses followed Walmart’s example and announced that they would be breaking out of the Monday-only box and extending online sales throughout the following week.
This was the first year Cyber Monday purchases topped one billion dollars.
According to CNBC, the long shopping weekend known as Black Friday and Cyber Monday have merged. Walmart, Staples, and other big-box businesses started releasing huge discounts online and in stores, beginning on Thanksgiving.
This is the year fashion websites hugely capitalized on Cyber Monday. Thanks to sites like ASOS and Old Navy, there are now sitewide discounts that range from 30% all the way down to 50%.
Retailers are taking Cyber Monday deals to a whole new level. Amazon started calling their promotion “Cyber Week” and released daily sales, while Kohl’s extended the sale into early December!
In many ways, Black Friday and Cyber Monday were virtually the same. The year’s hot2 products (smart-home devices, gaming consoles, etc.) had the lowest price levels on Cyber Monday, which stayed consistent over Thanksgiving until Cyber Monday. With more than $4 billion in sales this year, it appears that the holiday is only getting bigger.
Cyber Monday digital spending rose to almost $8 billion. The day blended with Black Friday again this year. With many of the significant discounts beginning Thanksgiving weekend and matching those offered on Black Friday. Cyber Monday was a second chance for many popular goods on Black Friday. Because stores sold out so many items on Black Friday. When it came to pricing, however, Black Friday stole the show with some of the most well-known goods, such as AirPods.
Cyber Monday spending increased by a tenth of a percent, reaching $9.9 billion. The day blended with Black Friday just like in previous years. With retailers launching their Cyber sales on the Saturday of Thanksgiving weekend.
Why is it important to businesses?
Cyber Monday is an enormous marketing opportunity for many different types of businesses.
- Ecommerce websites that offer discounted products or free shipping can expect a surge in traffic and sales volume.
- Small businesses who need to boost holiday sales can also take advantage of Cyber Monday. By extending special offers online to reach a more significant number of customers.
How can you use cyber Monday in your business?
Even if you are not an online retailer, Cyber Monday can still benefit your business. You can hold promotions or contests that encourage customers to shop on your website using social media campaigns. This increases the chance that your brand will go viral and attract new customers.Even if you are not an online retailer, Cyber Monday can still benefit your business. #cybermonday Click To Tweet
How you can take advantage of Cyber Monday
1) Check your competitors.
Before you decide to hold a Cyber Monday promotion, make sure that a competitor isn’t already offering a better deal. If they are, take advantage of this by having a separate sale the day before or after Cyber Monday.
2) Extend your holiday sales period.
If your Black Friday and Cyber Monday promotions were successful, consider extending your holiday sales period until December 26th. This will give you more time to recoup any lost revenue from November 11th through 24th.
3) Don’t expect huge profits on Cyber Monday.
According to statistics, Cyber Monday is the best day for online retailers because it attracts massive traffic. But it isn’t one of the highest-grossing online shopping days.
4) Make sure you have a good shipping provider.
Despite what was said earlier about Cyber Monday discounts, many consumers will still reserve purchases to buy on Cyber Monday and pay full price if they need it by a specific day. This means that even with your great deals, you can still lose out if your shipping is unreliable.
Reasons NOT to join with the Cyber Monday madness.
Is it all great? As great as it sounds, there are some downsides to the biggest online shopping day of the year.
1) It has become so popular that it may not be worth joining.
Although Cyber Monday is a more extensive marketing opportunity than Black Friday, retailers should consider their return on investment before deciding to participate. If the cost of offering discounts or advertising your brand online isn’t justified by the number of sales you make. Don’t join in on the hype.
2) It can damage your brand image.
Although it is known for discounts, Black Friday and Cyber Monday are often associated with long lines, lousy customer service, and misleading advertising. If you continue to run ads that mislead customers or have a reputation for poor customer service. Shoppers may not trust you enough to buy your products.
3) It is risky if you don’t know your target market.
People in customer-service roles for online retailers can tell you that shoppers tend to be in a rush when they buy things online on Cyber Monday. According to statistics, one out of every six purchases made during the promotion period will have issues, which means increased work hours for customer service representatives. If you are considering offering Cyber Monday deals, you should also consider hiring additional staff to handle the increased volume of support requests.If you are considering offering Cyber Monday deals, you should also consider hiring additional staff to handle the increased volume of support requests. #cybermonday Click To Tweet
Examples of different ways to promote and celebrate cyber Monday in your store.
1) A sale.
You can benefit from the online shopping frenzy by offering a 25% discount on all products sold in your store for one day only with a minimum purchase of $50. Your staff should also wear Cyber Monday-themed outfits and give away free samples or small gifts to shoppers as they enter your store.
2) A contest.
A great way to make your business stand out during Cyber Monday is by holding a photo contest where customers can submit photos of them with your products and win one of your products for free. Your staff should also dress up as elves, furries, or other holiday characters and dance around the store with signs that give away tons of free samples.
3) Extra hours.
Offering additional shopping hours for shoppers looking to buy products online can help increase your business’s online sales. This means you should stay open until 3 AM on Cyber Monday, even if it isn’t something store owners typically do in their area during the holiday season.
4) Donate to charity.
It can be a great way to get your name out there if you can organize a charity event around Cyber Monday. A good idea would be to donate 10% of sales made to a local homeless shelter or animal rescue organization throughout the day. It depends on what your brand stands for.
5) Have fun with it!
Remember, you don’t have to make everything about sales or discounts all the time. Having a sense of humor is also essential if you want shoppers to come back to your store for future shopping events. A good rule of thumb for deciding whether or not Cyber Monday is suitable for you and your company is to ask yourself if the number of sales you make during Cyber Monday will be more than 10% of your yearly income. If not, then it might be better to save your money instead.
Don’t go for the cheapest option when you are looking for ways to stand out and make money on Cyber Monday. Instead, try making customers laugh or think about how your products benefit them outside of the holiday season. If you keep these tips in mind when running promotions or events on Cyber Monday, then you will be able to increase sales without overworking your staff or under-pricing your products.
Happy Cyber Monday!
- Cyber Monday is a celebration of online shopping
- There are many different ways to celebrate Cyber Monday, each with its own set of pros and cons
- Make sure you think about what kind of workload the sale will put on your staff and whether or not it’s worth it
- Include contests, giveaways, deals, etc. to get the biggest bang for your buck
- Don’t be afraid to have a sense of humor! It can help your business stand out from the crowd.