December 14, 2022

History of Cyber Monday

Nowadays, a lot of people purchase goods and services online, and the pandemic has led to a growth in online sales. In fact, the U.S. Department of Commerce reports that 13.9 percent of all sales during the second quarter of 2022 came from online sources. The most important day for e-commerce is Cyber Monday because of all the discounts offered.

1. What is Cyber Monday?

Cyber Monday is a major online shopping event that happens on the first Monday after thanksgiving. It is a day when retailers provide great discounts to fulfill consumer demand during the holiday season.

2. How did Cyber Monday start?

Cyber Monday made its debut in November 2005. The term was coined by the National Retail Federation with the objective of encouraging consumers to make online purchases.

Some of the online stores that we know these days were already established in 2005, such as Amazon or eBay so people were already familiar with placing orders online.

As more individuals gained access to computers and internet in their homes, the number of online transactions increased over the year, and it is now the most lucrative day for online shopping in the U.S.

3. Is Cyber Monday like Black Friday?

Cyber Monday has been known as the online equivalent to Black Friday, the first one, being for online sellers while the second one for brick-and-mortar stores. However, as more people like to buy online, Black Friday has also taken its promotions to online channels.

Even though Black Friday is now present online, Cyber Monday is still the most profitable day for online shopping. In 2021, US shoppers spent $9.03 billion on Black Friday; on the other hand, during Cyber Monday sales, US shoppers spent $10.90 billion.

Conclusion

Originally, Cyber Monday was a niche thing, since just a few people had computers in their homes in the earlier 2000’. Cyber Monday grew at a rapid rate over the year and is now even more profitable than Black Friday.

Although, Cyber Monday is most used for retailers and direct-to-consumer businesses. It is also a good chance for B2B companies to increase their sales. In our recent blog, we explore the reasons why more B2B businesses are implementing an e-commerce strategy.

Having an e-commerce platform is now crucial even for B2B companies. Thankfully, nowadays, there are many options for launching a B2B eCommerce platform, such as Listaso’s B2B Ecommerce App.

Listaso’s eCcommerce App offers a web and mobile platform for your customers, so they can place orders 24/7, you can learn more about our B2B eCommerce app by scheduling a demo here.

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