While many still thrill to braving Black Friday crowds at the local mall, more and more consumers are turning to e-commerce to get their holiday deals, making Cyber Monday an increasingly big day for retailers.
This year, analysts expect shoppers to boost online spending by 20% over last year on Monday, hitting a record $1.5 billion, the Associated Press noted.
The term Cyber Monday was coined in 2005 after the National Retail Federation noticed a surge in online shopping on the Monday after Thanksgiving. That increase was driven by consumers using their employers’ high-speed Internet connections to surf for deals online.
Retailers are offering steep discounts on electronics, apparel and appliances for Cyber Monday, including Amazon (NASDAQ:AMZN), Best Buy (NYSE:BBY), Target (NYSE:TGT), Wal-Mart (NYSE:WMT), Macy’s (NYSE:M) and Sears (NASDAQ:SHLD).
But as high-speed Internet service has spread across the nation, many consumers are shifting their online buying sprees to the home, not waiting for Monday to snag deals. Retailers have responded by offering a blizzard of online offers before, during and after Black Friday, geared to entice online shoppers.
Indeed, online sales on Thanksgiving Day rose 32% compared to last year, while Black Friday online sales jumped 26%, surpassing $1 billion for the first time ever.