How can retailers reap profits and avoid pitfalls specific to the year’s biggest day of online shopping?
Traditionally, Black Friday -- the day after Thanksgiving known for its unbeatable deals on electronics and big box purchases -- has signaled the kick-off of the annual holiday shopping bonanza. Stampedes of shoppers would rush to department stores to take advantage of these one-day sales, often risking both life and limb in the process.
However, as eCommerce has increasingly taken the place of physical trips to the mall, a new and decidedly less dangerous alternative to the in-store rush has emerged. Thanks to “Cyber Monday,” the internet’s version of Black Friday, consumers can take advantage of some of the best deals of the year, all from the comfort (and safety) of their living rooms.
Given its advantages, it’s no surprise that Cyber Monday has become the biggest online shopping day of the year, with an estimated 126 million consumers taking to the web to hunt for deals each year. The growth of Cyber Monday’s popularity shows no signs of stopping: in 2015, online order revenue hit a new record, totaling three billion dollars -- an 18% increase from the previous year.