Had enough of named shopping days? Too bad. Following on the heels of Black Friday and Small Business Saturday, today is Cyber Monday, when stores are trying to lure shoppers online with perks such as web discounts and free shipping.
And like Black Friday, some retailers are turning what used to be a one-day event into a multi-day extravaganza. Wal-Mart, for example, is offering an entire "Cyber Week" of deals, with online-only deals such as a Fuji FinePix 14 megapixel camera with a 4 GB memory card for $59, and free home shipping on all orders over $45.
With record sales the day after Thanksgiving ($11.4 billion, up 6.6 percent), retailers are hoping to keep the positive momentum rolling. Last year's online sales rose about 16 percent the Monday after Thanksgiving, compared with 2009.
"I think you're going to see an even stronger number this year," said Beth Robertson, director of payments research at Javelin Strategy and Research. In a sign that consumers might be feeling more optimistic about the economic future, Robertson also said a greater share of online payments are expected to be made with credit rather than debit cards.
Online retail currently makes up about 7.2 percent of total retail sales, with $309 billion in sales expected for 2011. That share of sales is forecast to grow to 10.1 percent by 2016, according to Javelin Research, or $444 billion.
Originally a marketing strategy by the National Retail Federation-affiliated Shop.org, Cyber Monday was started in 2005 (read a New York Times story here for more details). Now, Shop.org is predicting 122 million Americans will shop on Monday (more than 1 in 3 people in this country), and 78 percent of retailers are offering special promotions for the day.
Local retailers are getting in on the action. Belk.com lists special deals such as 50 percent off men's topcoats and 50 percent off Rampage brand women's boots. Lowes.com is offering 42 percent off a Skil miter saw and 47 percent off a DeWalt cordless drill kit, for example.
And if you were really hoping we were done with named shopping days for the season, no such luck. Tomorrow is supposed to be "Green Tuesday," a day to promote eco-friendly purchases.
While I have at least two or three orders I need to do online, I'll wait at least two or three days. I don't want anything I need to do for my business to fall under the category of "Cyber Monday."
ReplyDeleteGreat job you have done Ely Portillo, wal-mart is the best in black Friday deal.
ReplyDelete