Consumers go online for Cyber Monday
The day after Thanksgiving, most commonly known as Black Friday, is often thought of as the biggest holiday shopping day of the year. However, a growing number of retailers are offering online deals on the following business Monday in an effort to take advantage of the amount of people turning to online shopping, The Star-Ledger reports.
The advent of so-called Cyber Monday represents a shift in companies' strategy for attracting buyers. Many online-only business such as Zappos, Amazon and Overstock offered deals on Friday, a day typically reserved for in-store discounts, while more traditional stores such as Macy's and Target provided online discounts on Monday. Experts say that consumers are expected to spend upward of $900 million on Monday – a significant increase from last year's projections.
Many stores try to attract shoppers through promotions such as free shipping, while others, such as Toys 'R' Us, offer discounts starting as early as 11:59 p.m. on Thanksgiving night.
"The layers and layers of possibilities of how to shop today is just unbelievable," industry analyst Matt Powell told the news source. "If you can find a website that's got a great price and ships for free, boy, that's a perfect storm and you don't even have to go out of your house,"
Although Cyber Monday is making a push to eliminate the craziness that is in-store shopping during Thanksgiving weekend, the National Retail Federation (NRF) reports that those numbers rose over last year as well. According to the organization, around 212 million shoppers headed out over the weekend, and they spent an estimated $45 billion.
The increased number of shoppers should be encouraging to business owners. Matthew Shay, president and chief executive of the NRF, told the Wall Street Journal that because consumers are focused on value they appear to be in the mood to spend – which could spell big things for businesses throughout December.