After the two most important consumer discount holidays already past, Amazon Prime Day and Black Friday, comes Cyber Monday. This day may be less known than Black Friday, but its importance is on par.
While the pandemic may have a very positive effect on Black Friday online shopping, Cyber Monday would not directly benefit from this fear of crowds. However, this doesn’t mean that Cyber Monday doesn’t anticipate growth like last year’s.
Every year, Cyber Monday increases the number of sales. In 2018, studies recorded sales of $7.9 billion, worldwide. A number that has not stopped growing to reach the $10.8 billion mark last year.
Therefore, in today’s post we are going to tell you in detail what Cyber Monday is. In addition, we will explain the importance of being well prepared for this day, as it can mean a considerable increase in your sales.
What is Cyber Monday?
Cyber Monday is a tradition promoted by eCommerce stores after seeing the success of Black Friday in the United States. These stores create this day to promote exclusively online discounts. The underlying objective is to encourage online shopping among users.
Generally, the discounts tend to be on electronic or technological products. However, more and more physical stores have started to offer discounts in recent years. Also, those products aren’t necessarily technological as physical stores offer discounts on products of any category.
What is the origin of Cyber Monday?
Cyber Monday originated in 2005. A division of the National Retail Federation in the United States had noticed that there was a spike in revenue and online traffic on the Monday after Black Friday. This peak was due to the fact that people waited until Monday to look for gifts from their company computers, where the connection was better.
As a result, the term “Cyber Monday” was coined at a press conference to define this boom in online sales in recent years. Later, both the New York Times and mainstream advertising helped give the day the importance it enjoys today.
Why is it important for your eCommerce?
Having all the tools ready to make the most of this day can benefit your eCommerce greatly. Let’s see why:
2020 sales statistics.
In 2020, online sales on Cyber Monday reached $10.8 billion making it the highest sales day of all time.
At the peak hour of that Monday, between 8:00 PM and 9:00 PM, the sales ratio reached $12 million per minute.
Awareness in Europe
In the UK 89% of users look forward to the first Monday after Black Friday, according to Simon-Kucher & Partners. Germany and Spain follow the UK with 86% and 85%, respectively.
Amazon takes the cake
According to Edison Trends, Amazon, in 2020, was the consumer favorites with 56% of choice leaving its competition far behind. For 2021, the forecasts for Amazon to return to number one are indisputable. Therefore, Jeff Bezos’ company would be the great beneficiary of this day for another year.
Providing a good shopping experience
Providing the user with a good shopping experience is imperative to improve the sales performance of your eCommerce. Last year, 69% of users had problems with the loading speed of web pages. Improving the loading speed of your website is very important!
We hope this post has helped you understand what Cyber Monday is all about. We also hope that analyzing these statistics has helped you understand how important it is to take advantage of a day as special as this one.
The next step you should take is how to prepare my eCommerce for Cyber Monday or Black Friday!
See you in the next post 🙂
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