Cyber Monday has evolved into a global online shopping event, following Black Friday, offering heavy discounts on electronics, fashion and home goods. Starting in 2005, it leveraged high-speed Internet to boost sales. In 2024, this remains a pivotal time in the holiday shopping season, shaping consumer behavior around the world.
Cyber Monday takes place on the Monday the week after Thanksgiving in the US. This year, the event will fall on December 2, 2024. Cyber Monday is the biggest online sales day and people get many deals and discounts from companies after the Thanksgiving weekend.
History of Cyber Monday
The term was first coined in 2005 by the National Retail Federation’s (NRF) Shop.org to promote online shopping culture during the holiday season. The idea came as most customers preferred to order online after experiencing overcrowding at stores the day after Thanksgiving, commonly known as Black Friday. It initially targets the trend of most shoppers returning to work over holiday weekends, where they will be able to access faster Internet connections to browse and buy from the comfort of their desks.
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The importance of Cyber Monday
Cyber Monday has become a global shopping phenomenon and has had a profound impact on retail sales. This is an important day for online retailers to increase sales during the holiday season. In recent years, it has even surpassed Black Friday in terms of online sales volume, especially as e-commerce gains momentum thanks to changes in consumer behavior and the adoption of new technology.
The event is characterized by heavy discounts on a wide range of products, especially electronics, fashion and home appliances.
Cultural impact
Cyber Monday reflects a broader cultural trend toward digital shopping and consumer convenience. It has become synonymous with the holiday shopping season and is now recognized not only in the US but also in various countries worldwide that have adopted similar shopping days. The event promotes consumer culture but also encourages retailers to innovate marketing strategies and enhance customer experience through online platforms.
As Cyber Monday approaches 2024, it remains a peak time in the retail calendar, a testament to how consumer spending increasingly leans toward online purchases. Retailers are also expected to take advantage of the day with major promotions, which will become part of holiday shopping customs around the world. Also read | Black Friday 2024: Why is it celebrated? History, significance and cultural importance Also read | Black Friday GK Quiz: Test your knowledge!
