Cyber Monday was responsible for over $1 billion in online sales in 2010, making it the largest single online shopping day of the year. This a remarkable statistic given that the term “Cyber Monday” did not even exist until 2005. It was created after statistics showed an increase of online shopping the Monday after Thanksgiving and to extend the Black Friday weekend, allowing the online retailers a day of their own to offer some ridiculous savings on online purchases. The interesting trend that has evolved in the Cyber Mondays since 2005 has been the correlate-able growth of social media and Cyber Monday’s gross sales.
The hundreds of millions of users of social media have been able to provide pro-Bono advertising for all the online retailers, that could not have been anticipated in the early days of Cyber Monday. If one online shopper finds a deal that he/she loves they are sure to share that deal with their friends on social media. Also businesses are able to directly advertise to their followers on Facebook or Twitter, targeting their messages. According to Shop.org, 29% of online shoppers will check out a retailers Facebook page for their holiday shopping.
WILL SOCIAL MEDIA CONTINUE TO POWER CYBER MONDAY?
All of the holiday shopping from Black Friday until Cyber Monday is a huge sales generator and will likely continue to evolve and grow considering the explosion of media attention the weekend receives. Depending on who you ask, the answer will be different as to the direct impact and sustainable future of social media on Cyber Monday sales. The reality is, for the time being, businesses in the online shopping vertical should gear a calculated percentage of their advertising to social media as the market is there and growth is predicted.
How much of your holiday shopping is done online? How much on Cyber Monday? Leave us a comment below and let us know.
image credit: luxuryluke on flickr