Find out the truth behind the hype of cyber monday in this insightful article from Business Week Online.
Despite a huge amount of hype, the Monday after Thanksgiving is historically only the12th-biggest online shopping day of the year… So what’s up with this Cyber Monday idea? A little bit of reality and a whole lot of savvy marketing. It turns out that Shop.org, an association for retailers that sell online, dreamed up the term just days before putting out a Nov. 21 press release touting Cyber Monday as “one of the biggest online shopping days of the year.”
The genesis of the concept goes back even further. Shop.org member Shmuel Gniwisch, chief executive of the online jewelry site Ice.com, recalls getting an e-mail from Shop.org last year, suggesting that online retailers come up with their own marketing hook to match Black Friday. “The online guys got together and said, ‘Let’s give people something different,'” he says. “The reality is, we didn’t notice anything special” on the Monday after Thanksgiving.
MARKETING WILDLIFE. Now, however, the term has taken on a life of its own in the media. As a result, it may be starting to fulfill its own marketing hype — at least for some.
Ice.com’s Gniwisch, for instance, said Monday’s traffic had jumped 82% over the previous Monday, Nov. 21. And sales on Monday, Nov. 28, were up 92% from last year, much higher growth than last year’s 68% jump. He attributes that partly to a “Cyber Monday Blowout” sale that did so well — selling out all the merchandise listed — that he had to take down the promotion and scramble to add new products to hawk on the site.
Read the whole article HERE