Cyber Monday 2021: Its significance for retailers and consumers.

Cyber Monday 2021: Its Significance For Retailers And Consumers

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Cyber Monday is the busiest period of the year and is the most crucial period for all retailers, especially online retailers. Shoppers are out shopping during this period. And offering enticing cyber week deals will boost your online sale. As per a recent survey report by Statista, “Cyber Monday alone generated around $10.8 billion revenue in 2020,” making it the most popular shopping day in U.S history.

So let’s dig deeper about the upcoming Cyber Monday 2021 and its significance.

What Exactly Is Cyber Monday?

Cyber Monday is a marketing term for the Monday succeeding Thanksgiving day in the United States. Ellen Davis discovered Cyber Monday in the year 2005 and created it to persuade people to shop online.

As per research by shop.org/Bizrate 2005, 77% of retailers revealed that their sales increased substantially on the occasion of Cyber Monday.

When Is Cyber Monday 2021-22?

Cyber Monday 2021 is 29th November immediately after Thanksgiving day on 25th November and Black Friday on 26th November.

It is seen that most retailers launch their Cyber Monday sale a little before the weekend and start their promotion activities from the onset of Black Friday.

Below is the list for Cyber Monday 2021 and 2022. You can check when it falls and how many days are to go.

Significance Of Cyber Monday For Consumers

There is enough significance of Cyber Monday for online businesses. Cyber Monday is the occasion that encourages online shopping during the holiday season. During this occasion, online retailers offer cyber Monday deals, discounts, special offers, loyalty programs, etc., to attract visitors and promote their online sales.

During this occasion, traditional physical stores and retailers invest their time and energy to compete with their rivals and grow their online sales. Recent research shows that ”A Cyber Monday alone hits the sale of around $10.8 billion in the year 2020.”

Consumers love Cyber Monday for numerous reasons. Most shoppers don’t want to spend their time and energy bargaining and shopping during the holiday season. In contrast, most of them do not want to wait in long queues for shopping during the holidays. Cyber Monday occasion provides shoppers with hassle-free and convenient ways to shop and spare cash on great shopping deals. Moreover, with most retailers currently offering free delivery as an impetus to shop on Cyber Monday, it makes online shopping significantly more attractive.

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Significance Of Cyber Monday For Retailers

As Cyber Monday is the busiest occasion of the year, it has much significance for retailers. If you are an online retailer, you have ample opportunity to drive maximum sales during this period. In 2018, holiday retail spending in the US was around 119.54 USD, with most of the spendings being done on Cyber Monday. In 2019 Cyber Monday became the most prominent online shopping occasion in the history of the United States, which hit a sales record of 9.4 billion USD. And in 2019, the total holiday spending was projected to cross 135 billion USD, with Cyber Monday becoming the most significant contributor to the season. So Cyber Monday is the most crucial occasion and brings lots of opportunities for retailers. And as a retailer, you can drive maximum benefit for your business during the holiday season, especially on Cyber Monday.

Key Points

Cyber Monday is considered the busiest day for online sales and the second biggest holiday for shopping until the year 2019.
It is an Ecommerce term referring to Monday after Thanksgiving weekend.
Although Cyber Monday originated in the United States, it is now celebrated in different countries as well.
Cyber Monday/Black Friday has also inspired several other special days like small business Saturday, giving Tuesday(a day dedicated to charity).

Cyber Monday Milestones

Cyber Monday became more popular due to the deals, offers, and discounts during the holiday sale.

In the year 2005, there was a sale of around $486 million. And by the year 2010, that figure surpassed the $1 billion mark. A report by CNBC showed that Cyber Monday and Black Friday had combined into a single shopping weekend for the first time.

A report shows that, In 2016, most top retailers had shifted from Cyber Monday to Cyber Monday week and offered a revolving deals menu over numerous days. Amazon was at the top, followed by Kohl’s, which expanded its cyber sale upto December.

Cyber Monday online sales hit $7.9 billion in 2019. Cyber Monday gives a second chance to consumers after black Friday to enjoy the best item deals.

The year 2020 has been the year of lockdown and economic crisis, about 65% of consumers revealed that they have changed their way of shopping during the holiday occasion. Most retailers expect a notable shift from offline to online shopping with more sales on Cyber Monday.

Beyond The Cyber Monday Occasion

The Cyber Monday- Black Friday mania has sparked other occasions committed to specific industries. Small business Saturday happens after the black Friday, and usually falls on the last Saturday of November. This occasion was launched in the year 2010 to pull the customers away from big-box, large retailers and convince them to shop with local retailers.

Giving Tuesday falls on the Tuesday next to Cyber Monday. This day was first launched in the year 2012 to consumers to promote charitable donations during the holiday season. Also, to counter the purchaser culture and commercialization of the Thanksgiving occasion. Numerous big organizations, like Facebook, UNICEF, and Google, have since become accomplices for Giving Tuesday, intending to coordinate with general and employees’ donations.

More Consumers Are Shifting From Desktop To Mobile Purchases

The purchasing trend is constantly changing from year to year. In 2019, smartphones generated around 3 billion dollars of revenue compared to 2018 where smartphones generated only 2.2 billion dollar income purchases.

Also, there is a big impact of covid19 on the holiday shopping season. Top Ecommerce brands, including Target, Amazon, and Walmart, are at a much faster speed than ever. A recent report by App Annie shows that time spent on Ecommerce apps will increase by 49% in the fourth quarter of 2021.

The consumer inclination towards Mobile commerce and smartphones did not occur overnight. But it has happened consistently in the past few years.

The number of smartphones outnumbered desktops and was a significant source of online traffic in the first quarter of 2016.
Industry anticipation reveals that Mocommerce will make upto 45% of the entire United states Ecommerce market, projected to reach $284billion [Business Insider Report 2020].
The Smartphone volume in the United States is anticipated to reach $418billion by the year 2024. [Business Insider Report 2020].
It is estimated that people will spend a total amount of $69 billion in tabs. [Business Insider Report 2020].
Retail Mobile commerce sales in the United States reached $388.02 billion in 2019 [Report by eMarketer, 2019].
The Ecommerce market is anticipated to rise by $845billion in the year 2022. And it is expected that approx 50% of the share will be made by Mcommerce sales. [A Report by Forbes, 2020]

So there is a drastic shift of consumers towards the mobile as seen in the past recent years. Mobile-based websites and applications have now become a crucial part of the growth of any online business.

Conclusion

Cyber Monday is the most significant occasion for shopping. As a retailer, you can drive maximum sales out of it. And As discussed above, most shoppers are shifting towards mobile shopping. So it is imperative to offer them the best shopping experience on mobile devices. You can enhance your customers’ mobile shopping experience by providing them with an interactive and fast mobile application. So if you have an online store and want to convert your store into a mobile app. You can start with a free app trial by MageNative.