Cyber Monday is a relatively new shopping phenomenon. Although this unofficial shopping holiday only came into being in 2005, retailers began to notice a spike in online sales on the Monday immediately following Thanksgiving long before the term “Cyber Monday” became official. However, since many retailers dismissed this trend as a fluke it would take the National Retail Federation‘s (NRF) involvement to explain the connection between this date and the increased online sales that coincided with it. In this post we’re going to take a look at the history behind Cyber Monday.
How Cyber Monday Came About
After concluding that the “Monday after Thanksgiving” sales spike resulted from office employees heading directly to retail websites after returning from Thanksgiving break, the NRF coined the marketing term “Cyber Monday”.
It wasn’t long afterwards before the NRF, in conjunction with Shop.org (a sister organization), launched the CyberMonday.com website. They launched this website primarily so that they communicate Cyber Monday sales figures. However, today they also use the website as an ecommerce store that showcases the best of Cyber Monday from around the web, in a one-stop shopping format.
They chose the name Cyber Monday not only because of the substantial ramp up in online sales, but also because they wanted to make clear the connection between Black Friday and Cyber Monday.
Here’s what Shop.org says about Cyber Monday in a recent press release:
“Cyber Monday, a term coined by Shop.org in 2005, began after retailers noticed a trend of people shopping online on the Monday after Thanksgiving. Today, Cyber Monday is viewed as the online equivalent to Black Friday: the ceremonial kickoff to the online holiday shopping season when shoppers flood websites expecting robust promotions and many retailers highlight some of their most compelling online holiday offers.”
Record Online Sales
According to a press release published by Com Score in 2010 Cyber Monday sales topped $1 Billion-coming in at $1.02 Billion. This represented a 16% increase over the prior year’s Cyber Monday sales of $887 Billion. By contrast, when the NRF began tracking sales in 2005 Cyber Monday sales were only $ 486 billion.
The same press release goes on to explain the rationale behind consumers doing their holiday shopping at work, rather than at home. Surprisingly, they indicated that it wasn’t due to increased connectivity speeds in the office, but rather that parents don’t want kids to know what Santa is bringing home over the holidays.
Taking Advantage of Cyber Monday Deals
Taking advantage of Cyber Monday deals is more a matter of being prepared than it is about anything else. This means that you should plan to save money during Cyber Monday by:
- Setting your budget before you go shopping
- Doing your homework – use comparison shopping sites
- Check the deal websites
- Shop with Rock Bottom T-Shirts
And while we can’t guarantee that following these steps will help you find the best deals 100% of the time, we can certainly say that doing so significantly improves your chances of reaping substantial savings. Happy Thanksgiving and may this Cyber Monday prove to be your best one yet!