Cyber Monday – 10 Years of Incredible Online Sales
The term “Cyber Monday” was coined in a Shop.org press release on November 28, 2005, according to Wikipedia. Back in 2005, online shopping was growing in popularity, and retailers were just starting to see sales increases from shoppers searching the web on the Monday after Thanksgiving. To meet the demand, retailers offered deep discounts similar to those offered on Black Friday, and the start of the holiday selling season was permanently extended.
Record Sales and Global Impact
In 2013, Cyber Monday online sales hit a record $2.29 billion, posting a 20.6 percent increase over 2012. Forbes.com reports one in three purchases on Cyber Monday were completed on mobile devices (phones and tablets) with Apple accounting for 80 percent of all mobile sales. Cyber Monday sales have increased each year since 2005, and the term has found its way into marketing and selling strategies on a global scale with countries that include: Canada, Chile, China, Colombia, Germany, Ireland, Japan, Portugal, and the United Kingdom.
The Top Selling Products from Thanksgiving through Cyber Monday
Since retailers now include Thanksgiving Day to officially start off the holiday selling season, a five-day snapshot is used to gauge the top selling products during this time frame. The top 5 biggest sellers as listed on comscore.com are as follows:
- Consumer Electronics
- Video Game Consoles and Accessories
- Home and Garden
- Apparel and Accessories
- Sports and Fitness
All Retailers and Restaurants can benefit from Cyber Monday sales
Cyber Monday isn’t just for the national retailers and chains. Since most retailers and restaurants have an online presence, they too can take a piece of the multi-billion dollar Cyber Monday sales opportunity. Smaller retailers can blow out old merchandise, and restaurants can offer coupons or promotions designed to drive traffic. Revel Systems can help with POS Intelligent Reporting so you can identify your hits and misses from last year and order accordingly. Another feature of the Revel solution is the ability to collect and analyze data from all phases of the sales cycle to track movement in real time.
Being prepared means being successful
The Thanksgiving through Cyber Monday shopping window comes just once a year, and can mean the difference between a good year and a great year. Revel Systems will make the process of ordering and inventory control a breeze with advanced Inventory Management functions that keep track of sales, stock levels, inventory and any irregularities. Staying on top of all facets of your business during the biggest selling season of the year makes good business sense. Choosing Revel to handle the lion’s share of the workload can give your store or restaurant a major advantage over the competition during this make or break time of the year.