The Cyber Monday hype created over the years has literally turned it into its own holiday. The biggest online shopping day of the year is upon us, or is it? It will likely be the busiest day of searching online and websites will see heavy increases in traffic, but it is up to them to convert shoppers to buyers, and that takes convincing. Convincing the consumer that these deals are the best they will see all holiday, and that the inventory of the items they covet will not be there if they put off purchases. So where does that leave us? Simple, actually: consumers will go online to see the deals being offered. The will also assess just how much they spent coming off that record weekend of shopping.
More consumers shopped stores this Black Friday weekend than ever before, getting into the Black Friday chaos and participating in purchasing more Doorbuster deals than ever before. As reported earlier in my blogs, results from The NPD Group Anatomy of Black Friday report stated that over 33% of those that shopped bought Doorbuster deals. This is a record high, and a result that will have an impact on Cyber Monday. While not all Doorbuster deal shoppers are going to forego shopping online because of them, they will make an impact on the results. Consumers are tapped out already, and more in-store shoppers means less online shoppers (to some degree).
But here is the real kicker: more store hours meant online retailers also created more online sale hours, with some sales being offered as early as Wednesday of last week. This dilutes the power of Cyber Monday. So, just how big will Cyber Monday be? Big enough to make an impact, but be careful not to buy into all the hype just yet. Online shopping reaches a different consumer base, and one that crosses the demographic profiles from young to old, and from all income levels. But what it doesn’t do is put more money in the pockets of consumers; it makes it more convenient to spend it. So, expect the numbers to look good for online shopping this Monday, but read between the lines. The big early numbers will only mean smaller numbers to follow for the next two weeks. Consumers online or in store will need to catch their breath, replenish their wallets, and pay down balances on credit cards before rushing out again in a few weeks for more purchases.
According to the Anatomy of Black Friday report, 40% of people that shopped over the Black Friday weekend did so online – a big number that’s third only to Mass Merchants and National Chain Stores. Cyber Week has emerged from Cyber Monday.