“Cyber Monday” was a term coined in 2005 by the National Retail Federation to describe the phenomena of exceptional sales promoted by online retailers on the Monday after Thanksgiving in America. Evolving from the ever-popular, Black Friday (which began as a national ‘call in sick day’ and became a worldwide retail holiday over time), Cyber Monday has progressed to become the biggest online shopping day of the year, producing a record $9.4 billion in purchases this year alone (CNBC, 2019).
So, what’s the big deal anyway? Well, not only does the existence of Black Friday/Cyber Monday push retailers to provide some of their most outrageous discounts of the year – it pushes us, as consumers, to build our shopping clocks and our savings accounts around our favourite sale periods. For some, that may be Cyber Monday or Click Frenzy. For others, it may be theme-specific dates such as Super Bowl Sunday or Cinco De Mayo or, of course, the tradition sales periods such as Boxing Day and End of Financial Year. Therefore, it can be assumed that a business participating in Cyber Monday or any of these retail holidays, is likely to connect with consumers that are ready to purchase their goods or services.
According to statistics provided by Australia Post (2019), the five weeks from 11 November to 15 December account for almost 15% of all eCommerce transactions. Breaking this down, the year-over-year growth shows a 13.6% improvement in the week of Click Frenzy, 23.6% leading up to Black Friday and 28.7% in the Black Friday/Cyber Monday weekend in 2019. Additionally, Australia Post reports that this year, online shoppers are increasingly expecting faster service, seamless customer experiences and the option to ‘Buy Now, Pay Later.’ Online consumers are shopping later in the day and are more likely to purchase from an online marketplace than ever before. Tying these two outcomes together, it can be assumed that a Cyber Monday sale would perform at its peak on an eCommerce website that provides the aforementioned features. With all of this in mind, we can agree that Cyber Monday is not the holiday to miss for a consumer-savvy business owner.
Utilizing a promotion like Cyber Monday not only gives a much-needed boost in that pre-Christmas downtime, but can also help businesses connect with their loyal customers by providing a reason to communicate with them. Some of the most successful Cyber Monday endeavours in history have been ‘secret sales’ such as emails out offering a discount on a product or service to past users. By subtly nudging someone who has already connected with a business, the business is able to attract a higher quality lead without risking the loss of potential sales to new audiences.
Through all of the online trends and consumer preferences previously mentioned, Cyber Monday has continued to rise in popularity for both consumers and businesses alike. As advocates for the benefits of participating in these online holidays, Cyber Monday provides a prime example of how communicating with your audiences and capitalizing on your downtime in sale periods can improve your business growth. With each year grossing even more than the last, it is safe to assume that this global phenomenon will continue to rise for years to come.
Sales dates to watch for 2020 include Click Frenzy (various dates), Amazon Prime Day, Afterpay Day, Single’s Day, Black Friday (29 November), Cyber Monday (2 December), Free Shipping Day (14 December) and Boxing Day (26 December).
Cyber Monday and the above online sales dates are not only limited to retail, business to business industries, with the appropriate website online portals can benefit from these sales. With the correct marketing strategy, placement and implementation through proper social media, newsletters and other communication, businesses from all industries can also participate. Give us a call (07 3254 1911) or email hello@evolvemarketing.com.au for our professional expertise on your marketing framework.