Wednesday, January 22, 2014
Cyber Monday was a term coined by marketers at Shop.org, a division of the National Retail Foundation, after observing online shopping trends on the Monday after Thanksgiving weekend. The marketers observed that consumers were shopping online as Black Friday discounts were carried forward, or because stores ran out of stock so consumers ordered online. In 2005 this shopping trend was named Cyber Monday, and it quickly caught the attention of retailers across the globe, resulting in what can best be described as an online Black Friday – on Monday. Retailers in Canada, UK and from across Europe partake in the global shopping spree to post stellar sales figures.
Cyber Monday sales, in the US, have been growing at a compound annual growth rate of 17% since its inception in 2005 to 2012. This growth does not necessarily imply a shift in shopping trends from brick and mortar to online but an addition to the existing market. Those who did not indulge in the shopping events prior to online shopping are now spending as much as those setting up camps outside retail outlets before black Friday.
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