Cyber Monday is the first Monday after Thanksgiving and has historically been one of the biggest shopping days of the year. Last year, shoppers spent $3.36 billion online, a 9.4-percent increase from the year before. It has surpassed Black Friday, the Friday after Thanksgiving, as the day where shoppers shell out the most cash. Here are some trends that we’ve seen in the past and projections on what we can expect going forward.
How Cyber Monday Got Started?
In 2005, The National Retail Federation sent out a press release coining the term Cyber Monday. According to their Shop.org unit, 77 percent of online retailers said their sales increased substantially after Thanksgiving. They attributed the cause of this to the fact that so many consumers were sitting back down to their computers at work and using access to their high-speed Internet connection to start their holiday shopping online.
Cyber Monday has continued to gain significance over the years. Retailers are coming up with new and unique ways to make sure that they are staying ahead of the curve in their offerings and making deals accessible to people online around the world. Demand for shopping on Cyber Monday is as strong as ever, and data indicates that it will only continue to grow.
Cyber Monday 2016
Cyber Monday 2016 was set to be the largest shopping day in all of history. The entire shopping season was the biggest online affair yet. 2017 is supposed to be an even bigger ordeal, so companies small and large should already be thinking about their marketing strategy for the upcoming holiday season.
About 75 percent of shoppers start shopping online in the morning on Cyber Monday. That means it’s smart for companies to target them with emails, texts and native ads in the early hours so they are alerted to your deals and specials before the day carries on. 25 percent of shoppers start buying during the lunch hour and 34 percent get online in the evening to make purchases. Only 19 percent take advantage of Cyber Monday sales over the rest of the week.
In order to take advantage of this behavior, it’s important to provide your audience with all of the information and promotional material they need prior to Cyber Monday. They should have access to discount codes or awareness of what kind of sales you are providing the evening before Cyber Monday begins so that they can hop on their computer with a plan to purchase on Monday morning. It’s also clear that, while extending your sales through the week can’t hurt, it’s not going to make a huge impact on those who are planning to take advantage of Cyber Monday deals.
Consumers tend to shop online on Cyber Monday because companies slash prices and offer tons of benefits and perks. These include huge discounts, free shipping, free gifts, new products available and more. Convenience factors are also a big part of why customers get excited about Cyber Monday. More than 40 percent of shoppers listed their desire to avoid crowds and the convenience of online shopping as their primary reasons for shopping online.
Nearly 90 percent of retailers offered Cyber Monday sales. Nearly half of those offered coupons or a 45 percent off deal and more than one-third had limited-time-only promotions. About 15 percent offered a free gift with purchase. Over half of retailers offered at least some type of free shipping deal and one-third offered free shipping starting before Cyber Monday. This is in line with the 36 percent of shoppers, who reported that they would increase their purchases if shipping were free.
One of the best ways for customers to get in on early deals is to opt into subscription emails that notify them of the different deals that will be available. Companies should take note of this and make sure to do a big push for subscribers to their email newsletters and make sure to communicate frequently and effectively before the sale weekend begins so that the audience knows what deals to look forward to.
Mobile is also having a huge impact on Cyber Monday because so many consumers take to shopping on their cell phones. Last year, over half of retailers optimized their web presence for mobile devices and another 20 percent optimize for tablet device apps. Using QR codes in magazine and billboard ads has also been a popular retail choice.
Shoppers are on social media all the time these days, and retailers would be wise to make sure that they are making their deals public on all of their social media platforms. Consumers tend to check out a company’s Facebook page to get into about Cyber Monday sales – and they also look to customer reviews on the company’s website so doing what you can to ensure a smattering of good reviews will definitely help your sales.
Staying on top of Cyber Monday trends can help ensure that your business leverages the power of the biggest online shopping day of the year. Make the most of this retail occasion by ensuring that your marketing strategy is laid out well in advance for 2017!