First things first, Happy Thanksgiving! The Holidays are here and it is a stressful time for all businesses. It is often the busiest time of year. Many companies hold Black Friday sales and, in more recent years, Cyber Monday sales.
Cyber Monday started in 2005 by the National Retail Federation (NRF). The Monday after Thanksgiving (which is also the Fibernet Food Drive and Light Show – info below) is now one of the biggest shopping days of the year. The online retailers wanted the same business the brick-and-mortar stores were getting and started running sales online. Internet connections were getting better and it became possible for them to get a taste of these sales and a huge influx of customers. The line between Cyber Monday and Black Friday has started to merge, as many brick-and-mortar stores run their sales online as well. It has lead to a shopping weekend.
Cyber Monday Evolution
2005: First-year calling it Cyber Monday.
2006: Due to limited supplies of popular items (mostly games and toys) in stores Cyber Monday became a popular shopping outlet for holiday shoppers.
2007: The Great Recession hit right after Cyber Monday. This didn’t change the upward trend of how much was being spent during this huge shopping day. It made Cyber Monday more attractive because consumers didn’t have the money for fun shopping and needed great deals.
2008: This is the year Amazon become the number 1 retail site putting Walmart in second place. Amazon’s traffic increased by 21%.
2009: Walmart tried to come back and announced Cyber Week with cyber sales continuing for 5 days!
2010: Other retailers liked what Walmart had done the previous year and started to do the same. The week after Thanksgiving became Cyber Week. According to comScore, this was the first year Cyber Monday hit $1 billion.
2011: Deals started happening on Thanksgiving Day. Black Friday and Cyber Monday had officially merged according to CNBC.
2012: Smartphones are now a popular way to purchase on Cyber Monday. 18% of shoppers used their smartphones.
2013: The standard for 30%-50% off was started.
2014: Nothing really changed.
2015: Target offered 15% off sitewide so everything was on sale.
2016: Retailers didn’t limit themselves to one day or even one week anymore but have started to let sales lead into early December.
2017: Sales started Thanksgiving Day and lasted through the following week without changing. There is no sign of any many major changes for 2018.
Curious how much is spent on Cyber Monday?
We were, too! We found numbers on comScore.
2005: $484 million
2006: $608 million
2007: $733 million
2008: $846 million
2009: $887 million
2010: $1.028 billion
2011: $1.25 billion
2012: $1.46 billion
2013: $1.74 billion
2014: $2.04 billion
2015: $2.28 billion
2016: $2.67 billion
2017: $3.36 billion
There were 81 million shoppers last year.