Following Thanksgiving are two massive shopping events aimed at launching business' books from red to black. The day following Thanksgiving is known as Black Friday. On Black Friday, stores open in the cover of night to hordes of eager shoppers waiting to begin their holiday shopping. Simply put, Black Friday is crowded and chaotic.
The Birth of Cyber Monday
After a lot of Thanksgiving turkey and delicious leftovers are consumed over Thanksgiving weekend, consumers reluctantly head back to work on Monday. As they check emails, they feel a tinge of regret over missed Black Friday opportunities.
As it turns out, millions of consumers were searching for products and making online purchases on the Monday following Black Friday. So, Shop.org's marketing team (operated by the National Retail Federation) aptly named this day Cyber Monday in 2005, confirming its place as a holiday kick-off shopping extravaganza.
What is Cyber Monday
Cyber Monday generates billions of dollars in online sales worldwide in a short, 24-hour time period. Cyber Monday is a fantastic opportunity for online retailers to take advantage of loosened consumer purse strings. Businesses share success in the heightened buzz surrounding Cyber Monday. Online businesses promote their Cyber Monday specials and discounts weeks in advance on their social media, e-mail blasts and on their website's homepage. Some businesses even advertise what deals they'll have on popular products so consumers can research and devise a shopping strategy ahead of time.
The Importance of Cyber Monday
For most businesses, the holiday season is the last push of the fiscal year to make and hopefully exceed business goals. Cyber Monday participants attract holiday shoppers they may not have reached by using marketing tactics independent of this nationally recognized shopping holiday.
Consumers see Cyber Monday as an opportunity to purchase gifts at a discount. Who doesn't love getting a great deal? Setting a time frame in which consumers can take advantage of these deals makes them feel compelled to buy. They know if they don't buy your product within the next hour, it may be sold out, and if they don't buy in the next 12 hours, the promotional price won't be available. We know in online business that discounted products yield greater purchase volume, which makes up for price markdowns.
What began as a marketing ploy has helped the online retail business grow tremendously. Cyber Monday is now a globally recognized shopping holiday and Cyber Monday sales grow exponentially every year. Your online business should capitalize on this holiday of lowered consumer inhibitions and enjoy a nice sales boost in your fourth quarter!