Cyber Monday shopping frenzy in the United States, Indian retailers are offering big sales and discounts to get ready for Christmas. Similar to its precursor, Black Friday, Cyber Monday has become a strategic sales initiative for businesses, providing consumers with exciting online shopping opportunities.
Cyber Monday, slated for November 27 this year, has historically been a key date for retail sales in the U.S. Known for its online exclusivity, the day is marked by significant discounts, promotions, and special offers. However, this year, major players like Amazon have taken the initiative to extend Cyber Monday deals, commencing as early as Saturday, November 25, as revealed in a press release. Amazon promises substantial discounts across diverse categories, including electronics, toys, home goods, fashion, beauty, and its own line of devices.
Understanding Cyber Monday:
Cyber Monday, originating as an e-commerce term, refers to the Monday following the U.S. Thanksgiving weekend. Mirroring the Black Friday tradition in physical stores, online retailers use Cyber Monday to roll out exclusive promotions, discounts, and sales. The distinction between the two shopping days has blurred, creating a seamless combination of in-store and online shopping experiences.
Historica of Cyber Monday:
Introduced in 2005 by the National Retail Federation’s Shop.org, Cyber Monday emerged as a response to the increasing trend of post-Thanksgiving online shopping. Theories explaining this phenomenon range from consumers using work computers for faster internet access to avoiding the chaotic in-store experiences of Black Friday. In 2022, Black Friday drew 87.2 million shoppers, followed closely by 77 million on Cyber Monday, with sales reaching an impressive $11.3 billion, according to Adobe Analytics.
Global Expansion of Cyber Monday:
While Cyber Monday initially had its roots in the U.S., it has evolved into an international marketing term. Twenty-eight countries now participate in Cyber Monday, with the highest awareness in the U.K. at 89%. This global expansion has prompted major U.S. retailers to create e-commerce platforms tailored to the language and preferences of their target audiences, allowing them to tap into new markets and grow globally.
Peak Buying Trends:
According to Adobe Analytics, the peak buying hour on Cyber Monday 2022 occurred between 8 p.m. and 9 p.m. EST, with the buying rate soaring to $12.8 million per minute. This statistic underscores the significance of the online shopping phenomenon and the impact it has on consumer behavior during this annual event.
As Indian consumers gear up for the festive season, the Cyber Monday trend is poised to transform the retail landscape, offering an abundance of online deals and discounts for shoppers across the nation.