Welcome to Cyber Monday! The online version of Black Friday.
It’s a significant date in the online retail diary, when consumers shop in the comfort of their own homes… or offices, (according to the National Retail Federation, 56.8% or 72Million Americans will do holiday shopping from their offices this year!) to take advantage of some pretty big pre-holiday deals.
The National Retail Federation also estimate that overall sales in November and December 2012 will rise 4.1 percent this year to $586.Bn, but this is on par with last year’s growth. Online sales however, are expected to rise 15 per cent to $68.4Bn, according to Forrester Research.
The term ‘Cyber Monday’ was first coined in 2005 after a record number of online sales were made the Monday after Thanksgiving. Millions of users raced to their computers after the long holiday weekend to search for deals. And this has grown rapidly every year since it was first named ‘Cyber Monday’ and internationally too - over 4 million transactions were made online in the UK last year.
And the attraction even in a sluggish economy? The favourable pricing and convenience, especially with the growth of smartphones and tablet computers that make it even easier for shoppers to browse and buy.
That said, the NDP Group say that Cyber Monday growth is flattening, and believe that retailers will be lucky to see more than 10 percent growth this year. Mashable have also raised the question that with the rise of multichannel, is there still a need for Cyber Monday at all, now that both on and offline retailers run promotions for an extended period in the run up to Christmas and consumers do both kinds of shopping simultaneously too? The competition for those spenders is certainly hotting up dramatically, but this also begs the question of whether extending sales periods in this way actually dilutes their effectiveness?
None the less, with more ways to shop online and a greater number of people accessing the internet, Cyber Monday has become bigger than Black Friday. According to MSN, a total of $1.25 billion was spent online last year in the United States, making it the biggest online shopping day on record and comScore are anticipating that spending will exceed this by 20 percent this year.
Certainly at Ve Interactive, we're excited by the cart recovery and remarketing statistics we are seeing. The e-commerce channel is definitely prominent in this busy shopping corner of Q4 2012.