Do We Really Need Cyber Monday?

E-commerce developers are finding themselves more and more busy as the years roll on.

With the continual growth of online shopping slowly but surely overshadowing physical shopping malls, it’s no surprise why ecommerce web design is such a sought-after skill in the current job market.

And now it seems entire holidays are being formed with the advent of online shopping. Cyber Monday, a marketing term originally invented by the Shop.org website back in 2005, represents the first Monday after Thanksgiving in the United States and is marked by significant online sales throughout the world.

Originally, the holiday was an interesting time to find good deals, but it has since morphed into a nearly week-long extravaganza that begs the questions, “Do we really need Cyber Monday anymore?”

Current ecommerce trends appear to be rendering the once beloved holiday into obsolescence as new holidays are invented by each company, like Amazon’s Prime Day.

Cyber Monday Is Rising…

A cursory glance at the numbers would give the impression that they aren’t. Cyber Monday sales have risen tremendously in the past few years. As more shoppers opt towards online stores rather than physical ones, Cyber Monday even appears to be cannibalizing into its sibling holiday, Black Friday. Here are some very interesting facts…

• 2016’s Cyber Monday was the biggest online day for sales at its time, bringing in $3.45 billion in online revenue compared to Black Friday’s $3.34 billion.
• 2017’s Cyber Monday broke an even bigger record, clocking in $6.59 billion in online sales.
• Amazon’s 2017 Cyber Monday was especially impressive. Not only did it surpass Prime Day in the same year, but it also marked a 30% increase in sales from last year’s Cyber Monday.
• When you take a look at the full picture, desktop ecommerce spending in the U.S. during Cyber Monday has risen almost exponentially since 2005, or about a 26% increase per year.
• Cyber Monday is evolving too. Mobile commerce is going up, contributing 2 billion in sales in 2017. Now, voice-controlled shopping is beginning to emerge as well.

…But it’s Also Decentralizing

While sales during the Black Friday/Cyber Monday week aren’t going anywhere anytime soon, the holiday shopping season is certainly getting longer and the line between the two holidays is blurring.

• According to eMarketer, 40% of shoppers now shop in the days following Cyber Monday. 30% even chose to shop all year round.
• Driven away by other online deals and Amazon’s Prime Day, the number of shoppers engaging with Cyber Monday has fallen 42%. Plus, 52% of shoppers are no longer interested in participating in Black Friday.
• Essentially, these trends have melded together Cyber Monday and Black Friday. What was once two major days of deals, has now become a two-week shopping period.
• Nonetheless, sales are still going strong during this period despite competition from other holiday sales like the 4th of July or Labor Day.

Why is This Happening?

Significant cultural changes in how gifts are given and how money is spent have effected this shift towards the digital marketplace.

The “Dematerialization.” Millennials are now buying fewer packaged/wrapped gifts and more digital gifts. In fact, global consumer spending in media and technology has risen 8% in 2016 and continued to the next year.

In a nutshell, there’s a larger emphasis on sharing gifts rather than owning gifts. A Harris Group study reported that 72% of millennials would rather spend money on experiences than products.

Another factor to consider is that Cyber Monday technically no longer serves its original purpose. Back in 2005 when home Internet was exceptionally slow, it was common for employees on the Monday after Thanksgiving to return to work and start shopping online as soon as they had access to the faster office connection. Soon, retailers began to catch on and add discounts.

Now that faster home Internet is available, Cyber Monday has only its name and legacy to keep it going.

So What Does This Mean Exactly?

While Black Friday is slowly losing ground, Cyber Monday is still strong and relevant, even if current cultural trends are spreading it out onto a longer period of time. Regardless, e-commerce website development as an industry is undoubtedly rising quickly as online shopping quickly takes over and replaces traditional brick and mortar retail.

As consumers continue to shift towards shopping online, e-commerce website design is going to become essential as major brands need to develop, build, and nurture an online following. Companies who try and resist the online push will struggle to compete with more agile online businesses that are capable of adopting holidays with ease, and even invent their own much like Amazon did with Prime Day.

Want to Learn More?

If you are interested in learning more about e-commerce web design, contact a member of the Globalgraphics team today. We’re more than happy to answer any questions that you may have.