History of Cyber Monday
In the grand scheme of things, the history of Cyber Monday is relatively short. The term entered the global vocabulary in 2005. However, while Cyber Monday may only be a few years old, the large volume of online sales seen on the Monday after Thanksgiving has been noted for much longer. Learn about the history of Cyber Monday and how it has shaped the annual holiday shopping season.
Birth of Cyber Monday
The world can thank the National Retail Federation (NRF) for naming Cyber Monday. In 2005, the NRF coined the term and launched a CyberMonday.com website dedicated to relaying online sale information for the day. The name is partially in reference to the older, more notable brother of Cyber Monday – Black Friday.
While the NRF gave the day a name, the impetus for doing so stems from previous research that found online sales for the day spiked significantly for 77 percent of all online retailers. So, while Cyber Monday may be a new term, the philosophy behind it is rooted in older statistics and trends.
History of Cyber Monday Sales Figures
For years, Cyber Monday has been seen as one of the busiest days for online shopping. However, there is evidence that suggests the marketing push given to the day since the term Cyber Monday was coined has helped spur additional sales. In 2005 – the first year Cyber Monday was mentioned by media – online sales for the day rose by 26 percent to $486 million. Similarly high year-to-year increases were posted for the next couple years. In 2008, total sales were reported at $834 million. In 2009, these figures jumped by another five percent to $887 million.
These increased sales are due in part to the significant promotions and discounts offered by many online retailers for the day. As a result, heavy competition frequently results in price wars that spur additional purchases on the day.
Snagging Cyber Monday Deals
The history of Cyber Monday is riddled with legendary online discounts. For those who want to score the best deals this year, there are several things that can be done. First of all, do your research ahead of time to learn what sales will be offered for the day. When reviewing sale items, be sure to read the fine print of the ad. Time constraints and limited availability may serve as hurdles to getting the best price. Additionally, you might consider creating an online account at stores you intend to buy from before Cyber Monday arrives. This may save valuable checkout time so that you ensure you are one of the first people to complete the payment process.