Cyber Monday has become a lucrative day for retail sales in the United States
Cyber Monday is a major shopping event that takes place the Monday after Thanksgiving and its counterpart sales day, Black Friday. Cyber Monday which falls on November 27 this year, has become a lucrative day for retail sales in the United States, and online retailers are known for offering deals, discounts, and special promotions on the day.
However, many companies including Amazon have even announced that it will offer Cyber Monday deals starting on Saturday, November 25 this year. ''Customers can expect deep discounts across categories including electronics, toys, home, fashion, beauty, and Amazon devices,'' the company said in a press release.
Such deals have begun to catch on in India as well, and companies like Amazon, Croma, Tata Cliq, and Vijay Sales are now offering discounts on a range of products.
History of Cyber Monday
The term Cyber Monday was first coined by the National Retail Federation in 2005 when they noticed that people would continue their holiday shopping online while at work on the Monday after Thanksgiving. Similar to Cyber Monday, Black Friday was conceived by companies as a way to drive sales during the holiday season between November and December in the lead-up to Christmas. Since its inception, online retailers have been offering deep discounts to consumers.
Experts believe that an increase in web traffic could stem from the fact that consumers may have faster or more secure Internet connections at work. Many also choose to shop on Monday as they were unable to finish all of their shopping over the Thanksgiving weekend.
''With the growth of online shopping, online-only players like Amazon were looking for a way to capitalize on Thanksgiving weekend sales. The Monday after Thanksgiving became dedicated to online sales, differentiating it from Black Friday,'' said Katherine Cullen, the NRF's vice president of industry and consumer insights.
Sales jumped from $484 million in 2005 to more than $11 million in 2022.
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