By Yosi Anunson, Account Supervisor
The term ‘Cyber Monday’ was first coined by Scott Silverman, the head of Shop.org, during the 2005 holiday season. This was based on research showing that 77% of online retailers reported a significant increase in sales on the Monday after Thanksgiving in 2004. For retailers Cyber Monday holds considerable weight in the success of company reaching its financial goals. Now Cyber Monday is the unofficial kick off for the busy online retail season.
With that said Cyber Monday had another banner year and online spending increased by 15% to $846 million, which makes the 2008 Cyber Monday the second highest online spending day on record. Cyber Monday has given a glimmer of hope to retailers that the 2008 holiday season will not be a total financial flop. However, consumers are not going to make it easy on them and have become very demanding and savvy looking for outstanding deals. Free shipping simply will not cut it in anymore. Retailers are listening to their consumers and to entice them to spend; some are offering financing options like no payments for 90 days, 0% financing and deals with $10 off purchases of $50 or more. Along with the traditional discounts, consumers are finding great deals and choosing online shopping over the crowded parking lots and long checkout lines.
RESTON, VA, December 3, 2008 – In research reported by comScore during the four-day period from Black Friday through Cyber Monday e-commerce spending jump 13%.
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comScore’s holiday retail survey, conducted from November 28 - December 1, gave additional insights into consumers' views of the 2008 holiday shopping season. Some key survey findings include:
- More than half (51 percent) of consumers indicated that the level of promotions and discounts is higher this year than last year, while only 12 percent said that there appeared to be fewer, suggesting that retailers are having to be more aggressive in discounting to spur consumer spending.
- 39 percent of consumers said that there seemed to be fewer people out shopping in retail stores this year than last year, while only 7 percent thought there were more.
Keep shopping… online! Here’s to a very happy and successful ‘cyber’ holiday season.