Business word of the day - Cyber Monday
The term cyber-Monday, was coined in 2005
Patrons of online stores have the opportunity to shop as much as they want on the Monday after Black Friday if they were not able to.
Read full articleCyber-Monday refers to the Monday after the US-Thanksgiving weekend where online stores offer products at discounted prices generally to allow consumers shop for the Christmas holidays.
It is also offer the opportunity for persons who could not join long queues on Black Friday to shop.
The term cyber-Monday, was coined in 2005 by shop.org to encourage consumers to shop online.
Although Black Friday remains the biggest shopping day in history, reports have shown that cyber-Monday has become popular, making it the second biggest shopping day.
According to a report by Investopedia.com, it is estimated that, the arrival of COVID-19, perhaps combined with other factors, resulted in $9 billion in online spending on Black Friday in 2020 and $10.8 billion on Cyber Monday.
For 2021, the National Retail Federation predicted online spending would amount to between $218.3 billion and $226.2 billion over the holiday season. This represents up to 27% of the $843.4 billion shoppers are expected to spend in November and December, according to investopedia.
Although Cyber Monday had its origins in the United States, it now happens in other countries as well.
The Black Friday/Cyber Monday movement has inspired other special days, including Small Business Saturday and even a day dedicated to charity - Giving Tuesday.
