Cyber Monday: What Is It?
For years and years and years, Black Friday which is always the day after Thanksgiving was the biggest shopping day of the year for Americans. Retailers give major discounts on their products and the consumers capitalize on it just in time to get their holiday shopping done. On November 28th, 2005 (exactly 11 years ago today), when 77% of surveyed retailers stated that their online sales substantially increased on the following Monday after Black Friday, the National Retail Federation coined the term “Cyber Monday”. It is believed that the primary reason this happened is because so many Americans only had access to high speed internet at work at this time so they had to wait until the following Monday for access to the remnants of the Black Friday online sales.
Growth In Recent Years
At first, Cyber Monday wasn’t even considered to be in the top 10 busiest online shopping days of the year but in recent years it has become the number one online shopping day of the year for Americans. It has now surpassed Black Friday for the top-ranking online shopping day of the year for Americans.
In 2016, Black Friday online sales jumped 21.6% from last year. the largest year over year increase in history compared to only a 9.4% projected growth rate for Cyber Monday. Black Friday generated $3.34 billion in online sales this year, another new record surpassing $3 billion for the first time. Mobile sales also hit record-highs with over $1 billion in sales. In the Federation’s survey, 36% of the respondents said that 100% of the goods they purchased online over this past weekend were on sale.
Despite the success of Black Friday, analysts say that Cyber Monday is still anticipated to beat it and generate $3.36 billion in online sales this year but not by much. This is the most online sales revenue to ever be generated in a single day. If the Year to Year growth rates are similar next year as to this year, Black Friday may be able to reclaim the title of the biggest online shopping day of the year. Mentions of Cyber Monday on social media are down as well by a whopping 80%.
Some things to know about apps before doing your Black Friday or Cyber Monday shopping
Companies like Target and Wal Mart have developed features in their apps to assist their Black Friday and Cyber Monday shoppers. These features include being able to see what the “Daily Discounts” are at each of their store locations, whether on not the item is in stock, a barcode scanner to be able to quickly find information on a product you’ve found in the store, looking up the location of a specific product inside the selected store amongst many other features.
ShopSavvy allows users to scan the barcode of products, compare the price of this product at other stores in your area, and even subscribe for product notifications for any price changes on the product in your area or online. It also allows users to compare all the different deals at their favorite stores.
Christmas Gift List (Android) or Santa’s Bag (iOS)
Cyber Monday and Black Friday are both great times to get your christmas shopping done. These apps have a variety of features that will allow users to go through the stressful process of holiday shopping with a much more organized approach. The user can set a budget for how much the user wants to spend for the season, count how many days there are until Christmas, make a profile for everyone that is getting present(s), how much money the user is going to spend on each person, organize what presents have already been bought for each person, how much they still have left in their budget for that person, and even keep of whether or not the gift has been wrapped. I highly recommend this for Black Friday and Cyber Monday shopping.
Beware of Fake Apps
In recent weeks there have been a slew of fake apps that are have gotten passed Apple’s screening process that are tricking users into believing that they are using apps for real companies anywhere from Diore to Overstock.com. The apps look legit head to toe for the most part, they’ll even give the user a “thank you” when they check out your cart and give the user a fake number for tracking their shipping. The user will get charged and then the goods will just never get delivered. Some of them even contain Malware that can lock the user’s phone until they pay a ransom. A lot of these fake apps are believed to be coming from China. Here are some things to keep in mind:
- Ownership-A perfect example of this is on a fake Overstock app that was taken down. In the app store, the fake app will say the app is owned by “Overstock Inc.” when the real one will say owned by “Overstock.com”, they’re very similar so look into both companies if there are two apps.
- Ratings and Reviews-Two things to keep in mind: quantity and quality. If the app has 10,000 ratings and a 4-star average you’re probably okay. If the app doesn’t have a lot of ratings and it averages out to anything below 3 stars, I would be recommend being a little cautious.
- Dates-Check to see when the app was added to the app store, the more recent it is the more likely it is to be fake.
- Links-Check to see the link that the app is giving you to the supposed website is actually going to the real website and not some knock-off with a similar name such “nordstromrackdeals.com rather than just “nordstromrack.com”. It’s best to go to the real website first and follow the link from that website to the app store.