In 2005, the National Retail Federation, or NRF, first coined the term Cyber Mon for the phenomenon it had been seeing the Monday following Thanksgiving.
For several years in a row, NRF noticed a recurring spike within online traffic and revenue on Mon after people returned to work where they could make purchases on their work computers with faster internet speeds and be away from prying eyes trying to get a sneak peek at their gifts.
Kristin McGrath with Retail Me Not said while much has changed since 2006, consumers’ love for online shopping has only grown. Even Black Friday, which is traditionally thought of as an in-person shopping holiday, has become a huge e-commerce event.
“While that has changed, and the lot of us are still working from home, Black Fri and Cyber Monday really have blended together, ” McGrath said. “Black Friday’s moved more online, retailers are starting Cyber Monday on Saturday and Sunday. So what it’s become is this giant deals marathon weekend plus we kind of call it the Internet 5, it’s just nonstop shopping from Thursday, you know, through Monday. ”
Big box stores and major retailers aren’t the only ones prioritizing online product sales. Small businesses across the country, including those in Park City, are running holiday sales and web specials they hope will entice consumers to shop small.
Not only will shopping little help local businesses stay afloat, Scott House along with the Park City Chamber of Commerce said when people shop community, 67 cents of every dollar stays in the community.
“You have to think about this as you invest in that will small business, that dollar stays, a person know, goes farther in your community, ” House said. “But then that small business is investing that dollar as well. And they’re investing that will in, you know, service providers, so whether that’s cleaning landscaping, carpenters, electricians in order to keep their own businesses open, suppliers, different vendors. So when we spend that money in our community, it really goes a lot deeper into our economy. ”
Of the small business owners surveyed by American Express this year, nationwide nearly one in four said the holiday sales season will make or break their company.
Scott Dudevoir with Cole Sport in Park Town said vacation sales are usually a large part associated with its business. For Cole Sport, Thanksgiving holiday weekend plus Presidents Day weekend are when it sees the largest product sales records. And while the store does have an online presence, Dudevoir, who locals know as “Dude, ” said they’re not taking part inside any Cyber Monday sales.
While the local gear and apparel shop in a ski town may not focus on the internet deals, it may be missing out.
In 2020, customers spent $10. 8 billion Internet Monday, and this year, McGrath stated, all signs point to a new spending record.
“We found out that slightly more shoppers say these people plan to shop Cyber Mon than planned to buy Black Friday, so it’s going to be a big 1, ” McGrath said. “Adobe Analytics will be saying consumers are going in order to spend about $11 billion dollars on Cyber Monday, which is up about $2 billion through what they will spent on during Black Friday. ”
According to estimates, Black Fri 2022 product sales raked inside a record $9. 12 billion from on-line shoppers despite concerns of inflation plus higher prices. McGrath mentioned inflation accounts from some of the increase this year.
“When we surveyed customers, they said that they were likely to try to spend the little less than they did last 12 months or buy fewer gifts to make upward for inflation, ” McGrath said. “But those early numbers out from Black Friday, we find that consumers actually spent a little more but a lot of that is probably with some inflation baked in, they spent a bit more to get a little less, yet consumers are usually trying to become as choosy as they can with what these people buy. ”
Whether individuals decide to store small, in-store or on the web, shipping delays aren’t expected to end up being as bad as they were last year. The United States Postal Service said Dec. 17 is the shipping deadline for retail ground and first-class mail and December. 23 may be the deadline with regard to priority mail express service.