Cyber MondayCyber Monday is the one day of the year when retailers go crazy, slashing prices as much as 70-80% in anticipation for increased consumer demand in the run up to Christmas. Cyber Monday originated in the United States, and, like much else from the land of the stars and stripes, has been copied and adopted worldwide. Cyber Monday is the Monday after the more well-known Black Friday, and Thanksgiving, which all fall in November. Retailers noticed, during the week following Thanksgiving and Black Friday, that Americans were still scouring the web looking for deals they might have missed.
The term Cyber Monday was first used in 2005 by Ellen Davis, Senior Vice President of the National Retail Federation. It was found that people would return to work in the week after Thanksgiving/Black Friday and couldn’t resist the urge to search for deals to fight off the back-to-work blues.
Cyber Monday is now a worldwide marketing term. On the day you’ll find all your favourite online retailers will have huge Cyber Monday sales, most retailers beginning the sales at midnight. Cyber Monday is also 24 hours only - a key difference from Black Friday where savings can last up to 5 days.
Huge savings can be made electronics like laptops, TVs and games consoles, but also toys and games. It’s much easier to click your mouse than brave the crowds of eager shoppers on Black Friday. A note of caution: Cyber Monday often leaves employees red-faced as companies sack those using work hours to surf the net for discounts.
Just a few short years ago Cyber Monday was a complete unknown in the UK. If you asked: ‘What are you looking to buy on Cyber Monday?’, around the water cooler, you’d likely be met with blank stares. Now, the atmosphere has been flipped on its head, and Cyber Monday is a hot topic of discussion every year, with consumers keen to make savings on big ticket purchases in the run up to Christmas. In 2015, IMRG and Experian found that we spent £968m on Cyber Monday 2015, a 25% rise on the 2014 figure of £720m.
Top Tips for Cyber MondayShopping on Cyber Monday need not be the stressful experience many consumers fear. Instead, you can bag yourself a great bargain by following a few simple steps.
- Make a List Making a list of what you need to buy or who for, is the best way to keep track of your purchases. It is easy to get distracted and end up with a basket full of impulse buys, which you don't need or don't want. Keeping a list as easy way to keep on track and on budget.
- Social Media Some retailers will save their biggest deals for Facebook, Twitter or Instagram. If you sign up to and follow the social media sites of your favourite shop, you'll be the first to know about huge discounts and can make the most of it.
- Use Additional Codes Cyber Monday deals can be great and you can find massive savings on a whole host of products. However, some retailers will allow you to use existing voucher codes to add even more discounts to their products. Check the terms and conditions for each offer to see if they can be accepted.
- Check Out Last Year's Deals Companies may not recycle their old deals, but looking at their Cyber Monday sales from previous years can give you an indication of the kind of savings and products you can get. This can help you prepare your list of what you need, saving you time and money.
- Sign Up for Newsletters Most retailers will have a newsletter or e-mail sign up you can take advantage of. These will usually be the quickest way to find out which deals are happening and when. Some flash sales are over within hours, but if you're a subscriber, you will be notified anywhere when they start, eliminating any chance of missing out.
- Set a Budget As previously mentioned, impulse purchases can not only distract you, but can make your money fly out of your account faster. By setting a budget, you can filter the sales by price, removing temptation from your searches.
- Shop Early or Late Most consumers will spend the day online, even while at work, to scour the web for the best discounts. By finding deals early in the morning, or even late at night, you can avoid the rush in store and online. Most deals will expire at midnight, so you needn't worry about searching after work.