Shopping

Cyber Monday: The history behind the online shopping event 

Cyber Monday is one of the trendiest seasons for shopping throughout the whole year. Everyone loves to do shopping, and that’s why more and more people are now switching towards online shopping as it is convenient in these busy routines. And in this way, you can save time and money also. Online shopping will deliver the product to your doorstep. You do not have to go anywhere at all. And that’s why a lot of people have shifted from physical stores to online stores. Keep reading till the end to have all the details about cyber-Monday and its history.

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What is Cyber Monday meant for? 

Cyber Monday is an online e-commerce term that comes after the black Friday. At Cyber Monday, retailers offer different discounts and offers to customers so that they can increase their sales and earn more profit. Do most people want to know How Long does Cyber Monday last? Cyber Monday is a 24 –hour online shopping festival that was started by businesses to promote online shopping and it is also called the extension of black Friday sales.  

Who named Cyber Monday? 

The term ‘Cyber Monday’ is given by Ellen Davis who was in the National Retail Federation in a Shop.org release. Cyber Monday has its significance, but it is quite similar to the black Friday sales which happen after thanksgiving. 

History of Cyber Monday:  

 Cyber Monday has the following history. 

  • The term “Cyber Monday” was initiated by the National Retail Federation via a press release which is issued by “Shop.org” in November 2005. This Press Release stated that “Cyber Monday Quickly Becoming One of the Biggest Online Shopping Days of the Year”. 
  •  Research done by Shop.org reported that “77 percent of online retailers said that their sales increased substantially on the Monday after Thanksgiving, a trend that is driving serious online discounts and promotions on Cyber Monday this year (2005)”. However, after the official release of the Cyber Monday name, its sales increased by 26 percent in 2005 while earning $486 million. 
  • Cyber Monday was broadcasted in media in 2005, according to The New York Times wrote “The name Cyber Monday grew out of the observation that millions of otherwise productive working Americans, fresh off a Thanksgiving weekend of window shopping, were returning to high-speed Internet connections at work Monday and buying what they liked.” 
  • In 2006, cyber-Monday sales increased by 25 % and earn $610 million. “Online consumer spending on Cyber Monday this year reached $608 million, making it the highest single day in retail e-commerce history and the first day ever to break the $600 million threshold,” (Gian Fulgoni) who is the chairperson of comScore Networks. 
  • In 2007, Cyber Monday earned nearly $733 million. “Even though the vast majority of Internet-enabled homes now have high-speed connections, shopping from work remains a key component of online holiday retail spending,”( Mr. Fulgoni) 
  • In 2008, online shopping had a boost-up more than in previous years. However, according to ComScore, online shopping has increased by 13% and retailers earn more than the whole year within the Cyber Monday span. “Consumers are responding positively to retailers’ aggressive online discounts,” stated Fulgoni. 
  • In 2009, Cyber-Monday sales grow only 5% while earning $887 million. It was a big financial crisis that happened due to the consumers’ interest decreased in 2009. 
  • In 2010, the Cyber Monday strategy worked, and online shopping again boost up and increased by 16% and earned more than $1.02 Billion. 
  • In 2011 cyber-Monday shopping increased by 22% which was incredible. And this year Cyber Monday sales earned more than $1.25 billion. However, after years of effort, come to succeed and it started earning a handsome amount for the retailers. Now, people have started hiring more people for their online store work. And the importance of physical stores somehow decreased at that time as more people are inclined towards shopping. Because the retailers have earned customers’ trust and that’s why the online market also started growing rapidly. “Most companies assume their employees use some of their break time on the Internet for shopping, checking social networks, and another general browsing,” says Rosemary Haefner, CareerBuilder’s vice president of human resources. “But when it starts adding up, workers need to be aware of company policies and any potential consequences.” 
  • In 2012 there is a new revolution which was that Cyber-Monday was turned into a Cyber weekend. In 2012, Cyber-Monday sales increased by 17%. And the amount earned by the Cyber Monday retailers was$1.5 billion. Some analysts said that cyber-Monday is going to be the top shopping sales season around the globe. “It is ONLINE holiday shopping for the whole two-week period that we now call Black Friday and Cyber Week. Sales have increased at a rate of at least 11 percent for every single timeframe in that span.” 
  • In 2013, Cyber Monday sales goes up by 18% and it earned nearly $1.8 billion (about $6 per person in the US) in a single day which was an outstanding achievement for cyber-Monday. And this happened due to the advanced features of smartphones as it was easier to convince the customers and for enhancing their sales. In that year, only 47.2% of people remain in the physical stores to work and more people come to the online stores. 
  • If we talk about 2014, then Cyber-Monday goes to its hype in terms of shopping. As of now, retailers have started to offer 20% off on products and it worked as that year cyber-Monday has earned more than expected money which was 2.6 billion. 

Final Verdict: 

We have shared the history of Cyber Monday and its gradual evolution. Now, if you were looking for its origin, you can check all the above-mentioned details. Did you ever buy products from cyber-Monday? If yes what was your experience shared with us in the comment box below? We would love to hear from you.

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