By Nick Landgren
Today, Cyber Monday takes over the online shopping experience for consumers of all types, looking for the best deals in their holiday quests.
Companies started early this year, with K-mart, Sears, Walmart and Amazon rolling out their holiday deals for Cyber Monday as early as the first few weeks of October. With this past weekend being the busiest and most profitable time for online retailers, the frenzy will only continue online today. The five-day stretch alone was predicted to account for $1-in-every-$5.5 spent online from any device for the year, according to a forecast from Adobe that analyzes retail and other industries.
Amazon jumped into the fun when they announced on Nov. 1 that their Black Friday deals store was open for shopping, kicking off the scramble for customers looking for massive holiday savings. That same day, K-mart and Sears launched a month-long sale for their loyalty members that lasted through the 25th. Walmart began rolling out their sale prices the weekend of Nov. 4, and Target announced plans to provide special offers through December.
Looking at Cyber Monday’s impact, Adobe predicts that online sales will reach $107.4 billion in the months of November and December, a 13.8% increase over that period from the prior year. Of the $107.4 billion revenue, $19.7 billion was anticipated to come from the five-day Thanksgiving weekend stretch alone, as shoppers compete for top-tier sale prices.
If predictions are accurate, today will become the largest online shopping day in history, bringing in a projected $6.6+ billion in sales, up 16.5% from last year. In an article from USA Today, Tamera Gaffney, Adobe’s strategic insights engagement group director, said, “Everyone knows that the lowest-priced day is really going to be between Black Friday and Cyber Monday. While consumers are seeing the pre-Black Friday sales online, we’re definitely not seeing growth in the first couple weeks of November.”
Due to the growth in online purchases, in-store shopping has taken a downturn in recent years. Black Friday sales in-store slipped 1.6% in 2015 compared to the year before and 14.1% in 2014 from the previous year, showing the growing importance for today’s online shopping extravaganza. In fact, students are feeling the impact of online’s increased presence as well.
“If I do any holiday shopping this year, it will probably be online,” said Sammy Cooper, junior. “I’ll be online all weekend probably and Cyber Monday is a great incentive to the younger generation.”
Even with all major sales starting in early November, sales truly hit their peak on Thanksgiving weekend. With online options reaching their apex today, all should look for overstock deals in the coming days. But today’s pricing could not be better for those trying to shop cheaply in the holiday season.