| Computer Desktop Encyclopedia: Cyber Monday |
The name given by online retailers and e-commerce experts to the Monday following the Thanksgiving holiday. With its Black Friday counterpart in actual store-based traffic, analysts have pointed to significant spikes in online shopping on Cyber Monday. Coined in 2005, Cyber Monday was fueled by promotions such as free gifts and free shipping as well as by the faster Internet connections many people had at home.
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| Investment Dictionary: Cyber Monday |
An expression used in online retailing to describe the Monday following U.S. Thanksgiving weekend. Cyber Monday is generally thought of as the start of the online holiday shopping season. Similar to Black Friday, (the unofficial start of the holiday season for offline businesses), online retailers will usually offer special promotions on this day.
Also known as "Black Monday".
Investopedia Says:
There are a couple of theories as to why online sales increase on Cyber Monday, although some debate whether or not all retailers experience the same trend. One theory suggests that people see items in the shopping malls over the weekend and wait until Monday to buy them online, where they can compare prices, avoid lineups and/or take advantage of free shipping or other offers. Another theory states that people have faster internet connections at work and, therefore, wait until then to make online purchases.
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| Wikipedia: Cyber Monday |
Cyber Monday is a marketing term for the Monday immediately following Black Friday. The term was created by the National Retail Federation and announced in 2005 conjunction with the deployment of their own website CyberMonday.com designed to serve as a portal for Cyber Monday deals and offers. In store shopping continues to dwarf online shopping - the most taken in a single day online was $881 million on December 7, 2007, while Black Friday in 2007 took in $41 billion.[1][2]
Since its inception, critics contend that consumer purchasing habits represent more of a static growth throughout the Christmas and holiday season as opposed to one day in which companies "see any (unusual) traffic" on websites. It has been postulated that through mainstream media adoption of the term, combined with retailers hoping to drive more traffic to their sites, that the "Gimmick" of Cyber Monday could become a "Real Trend".[3][4]
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The term "Cyber Monday" is a neologism invented by Shop.org, part of the U.S. trade association National Retail Federation.[5] It was first used within the ecommerce community during the 2005 holiday season. According to Scott Silverman, the head of Shop.org, the term was coined based on research showing that 77% of online retailers reported a significant increase in sales on the Monday after Thanksgiving in 2004.[6] In late November 2005, the New York Times reported that "The name Cyber Monday grew out of the observation that millions of otherwise productive working Americans, fresh off a Thanksgiving weekend of window shopping, were returning to high-speed Internet connections at work Monday and buying what they liked."[7]
In late November 2005, ComScore Networks, an e-commerce tracking firm, reported that online spending on Cyber Monday, excluding travel, was $486 million, a 26 percent increase from a year earlier. Total visits to shopping sites increased by 35 percent compared to a year earlier, according to Akamai Technologies.[8] In late 2005, after the holidays, ecommerce sites reported that the busiest shopping days usually were between December 5-15 in a given year.[5] For 2005, the year the term Cyber Monday was coined, the busiest online shopping day of the year in the U.S. was actually December 12, two weeks after "Cyber Monday".[9] Shop.org's survey of its members found that their busiest day in 2005 was December 12.[10] MasterCard's worldwide (not just U.S.) data for 2005 showed that the day with the highest amount of Web transactions processed was December 5.[10] In November 2006, prior to the holidays, MasterCard reported that an online survey it had commissioned found that only 10 percent of Americans said they would shop on the Web on Cyber Monday.[10]
On Nov 27, 2007 Comscore reported Cyber Monday sales of US 610 Million in 2006 and US 730 Million 2007.
According to the Guardian, UK online retailers are now referring to "Cyber Monday" as the busiest internet shopping day of the year that commonly falls on the first Monday of December.[11]
Some critics online and in the media have called for a boycott of the term, calling it a useless media buzzword with no basis in fact. Fark founder Drew Curtis critically mocked the term in his 2007 book It's Not News, It's Fark as a leading example of holiday-based "fluff journalism".[12]
At the official Cyber Monday site run by Shop.org, more than 600 retailers offer discounts as of 2009. A percentage of the proceeds of the site benefits the Ray M. Greenly Scholarship Fund, which gives scholarships to students wanting to better their education in e-commerce. A Motley Fool article in 2007 noted that many of these same offers could be found elsewhere.[13]
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