Cyber Monday and Cyber week

Cyber Monday discounts begin at the first minute of Monday, December 2,  and usually last 24 hours. However, many stores extend their offers throughout the following week,  known as Cyber Week, an event that will run until Sunday, December 8 in most cases.

What are the figures for 2024  ?  According to Adobe Online shopping data report  : 

"Cyber Monday growing 7.3% year-over-year (YoY) to $13.3 billion, and Cyber Week up 8.2% YoY to $41.1 billion"

This articles provides few sociological factors feeding this online storm 

•  Convenience : many people prefer shopping online due to the convenience of browsing  and purchasing from the comfort of their homes or offices, avoiding the chaos and long lines in the stores

• Deep discount : Retailers offer significant discounts and promotions which attract customers 

• Mobile shopping : the rise on this shopping channel has made it easier for consumers to make purchases on-the-go, contributing to increase online spending

• Social influence : Social media and online advertising play a hue role in promoting Cyber Monday deals, creating a sense of FOMO (Fear Of Missing Out) among customers

• Economic factors : customers are more inclined to take advantage of sales to stretch their budget. As the cost of living rises, consumers become more and more price-sensitive. They also prioritize essentials items and still look for deals on theses essentials. Online shopping allow consumerq to compare prices more easily . Bulk buying is also another facto . To save money in the long run, consumers migth buy in bulk during sales events. The last factors is econonic uncertainty . Customers may choose to make significant purchases during sales events to avoid future price hikes.

As company sellling product it is valuable to understand the consumers triggers .

Others key insights from the ADOBE online shopping data report : 

• Mobile shopping dominates : On cyber monday , 57% of onlien sales came through a mobile device representing $7.6 billion in spend 

• Buy Now Pay Later (BNPL) hits milestone : BNPL usage hit an all-time high on Cyber Monday, driving $991.2 million in spend (up 5.5% YoY), as consumers looked for greater flexibility in managing their holiday budgets. The vast majority of BNPL transactions are happening on a mobile device, at 75.2% share on Cyber Monday.

• Shoppers embrace generative AI : Chat bots, powered by generative AI, have made a mark on the holiday season. On Cyber Monday, traffic to retail sites from chat bots (shoppers clicking on a link to a retail site) increased by 1,950% compared to the year prior . AI adoption is growing rapidly in every use case of our life .

• Social Influencers Rise in Prominence : Adobe’s data also showed that influencers are converting shoppers (individuals making a purchase after seeing influencer content) 6 times more than social media overall.

These insights show the importance of the channel.