The holiday season is upon us now that Thanksgiving has come and gone. If you’ve just surfaced from the post-Thanksgiving turkey overdose then you’ve already missed Black Friday, which is probably for the better. However, many e-commerce sites are extending Cyber Monday deals through the entire week. This blog isn’t going to tell you where to find the best deals or give you any general tips, but rather it will highlight the importance of Cyber Monday to the tech industry and its influence throughout the globe.
The term “Cyber Monday,” was first coined in 2005 by Shop.com as a parallel to Black Friday. Scott Silverman of Shop.com created the concept based on research that the Monday following Thanksgiving was the biggest online retail day of the year, presumably for anyone who missed out on Black Friday deals. In its first year, Cyber Monday generated over $600 million dollars in sales from U.S consumers. It has since grown to double that and is now “celebrated” in countries across the globe such as the U.K, Portugal, Germany, New Zealand, and Australia.
One of the reasons Cyber Monday has grown so steadily over the years is because the rapid advancements in tech. In 2005, few people were browsing Amazon.com on their cell phones, now however, more than 12% of Cyber Monday purchases are made from a mobile device. Similarly, the rate at which technology is released has sped up in every direction, meaning more cool new gadgets for people to buy. As online sales soar with Cyber Monday, some brick-and-mortar locations and small businesses have complained that the deals online are taking money away from local economies. The sad (and great) news is that really, as technology and e-commerce rapidly evolve, everyone along the retail trail will have to find a way to keep up.
So happy hunting! There are so many cool new products on the market – from the iPad Mini to the Kindle Fire to all the great new laptops that have come out. Hopefully you won’t go overboard and max out all your cards, though I know it can be tempting!
CEO of the All Access Group.