In the annals of retail history, few phenomena have captured the imagination quite like Cyber Monday. Born in the early days of eCommerce, Cyber Monday has evolved into Cyber Week and quickly outgrew its Black Friday cousin, which is starting to look positively archaic in a world where the experience economy is king and the customer experience is queen. Take a look at its history and you can see how it has evolved from a humble marketing ploy to a global spending spree that has made even the most cynical Wall Street traders raise an eyebrow.
Here’s how it started. Picture this: It’s 2005, and the National Retail Federation (NRF) is scratching its collective head, wondering how to get a piece of that Thanksgiving weekend Black Friday-centric action for online retailers. Black Friday was already a thing, but what about those newfangled internet shops? Enter Ellen Davis, a young NRF PR whiz, who coined the term “Cyber Monday.” Little did she know she was about to create a monster — a benevolent, discount-dealing monster, but a monster nonetheless.
Why Monday, you ask? Well, back in the dark ages of the early 2000s, not everyone had high-speed internet at home. Shocking in hindsight. So, the idea was, people would return to work on Monday, fire up their lightning-fast office computers (probably running Windows XP), and shop till they dropped — or at least until the boss walked by.
The New York Times, in all its infinite wisdom, initially pooh-poohed the idea, hoping it wouldn’t catch on. Spoiler alert: it did. By 2010, Cyber Monday sales had already broken the billion-dollar barrier. Take that, Gray Lady!
As the years rolled by, Cyber Monday grew faster than a tech startup’s valuation. By 2019, it was raking in a cool $9.4 billion. But wait, there’s more! The pandemic hit, and suddenly everyone was shopping online like it was going out of style. In 2022, Cyber Monday sales topped a whopping $11 billion. That’s a lot of discounted socks and gadgets.
What started as a single day of deals has now morphed into a week-long extravaganza. Retailers, not content with just 24 hours of frenzied purchasing, extended their sales into what’s now known as “Cyber Week.” Because why have one day of impulse buying when you can have seven?
So, in the red corner, we have Black Friday. In the blue corner, Cyber Monday. Who will win this retail rumble? Well, in 2021, 2022 and 2023, Cyber Monday came out swinging, beating Black Friday’s sales by a significant margin. In 2023, Cyber Monday flexed its digital muscles with $12.4 billion in sales, outpacing Black Friday by $2.6 billion. That’s like finding an extra billion in the retail industry’s couch cushions — three times over.
As we look to the future, one thing is clear: Cyber Monday isn’t going anywhere. Projections for 2024 suggest we’ll see a staggering $13.2 billion in sales. And what can we expect from Cyber Monday 2024? Well, if you’re in the market for Bluetooth headphones, the latest “Call of Duty” game, or a Bluey Ultimate Lights and Sound Playhouse (don’t ask, just buy), you’re in luck. And if you’re wondering about discounts, electronics are expected to see cuts of up to 30%, while apparel will likely be marked down by 23%. Time to stock up on those designer sweatpants you’ve been eyeing!
As we raise a glass (or a mouse) to Cyber Monday, let’s remember its humble beginnings. From dial-up dreams to digital dollars, it’s a testament to our collective love of a good deal — and our ability to shop productively while looking busy at work. Here’s to you, Cyber Monday. May your servers stay strong and your discounts stay deep.
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