NCU News

Looking at the Impact and Significance of Cyber Monday - Dr. Tim Veach

About half of Americans are expected to do some online shopping on Cyber Monday this year, and several local retailers are taking advantage of it.

The National Retail Federation estimates 122 million Americans will be shopping online to score even more discounts after Thanksgiving weekend. But could Cyber Monday be losing its momentum? With all these other consumer holidays around, that could be a possibility.

Shannon Arm is the owner of Bambini Eugene, an eco-friendly retailer for children. Her locally-owned business has been around for 17 years and supports her family of four. She says the weekend after Thanksgiving brings in good numbers for her store.

“We look forward to these days. They really help us out. And people get really excited to shop. We have a lot of giveaways and specials and fun things going on,” said Arm.

Arm says her business had a record-breaking day today, with 27 web orders when she came in this morning.

Online sales are up across the board. However, even though Cyber Monday is the biggest day for online shopping of the year, that doesn’t necessarily translate into the biggest profits for retailers.

Tim Veach“And it doesn’t necessarily mean that every single person that shops online on Cyber Monday is going to get the best deals they could possibly get that year,” said Dr. Tim Veach, an Associate Professor of Business at Northwest Christian University.

Adobe’s forecast puts Cyber Monday neck-and-neck with Black Friday with consumers spending $3.34 billion, a 21.6 percent jump from last year. That could mean the Monday after Thanksgiving could lose its significance.

“So why are people not shopping on that one day? Because that’s not the way millennials shop anymore. They’re finding deals throughout the year. They’re finding deals when the deals come,” said Dr. Veach.

“Because of technology, the shopping process has been deconstructed, and the consumer constructs their own flow,” said Gartner analyst Gene Alvarez.

But Cyber Monday still packs a mighty punch, thanks to the increase of consumer spending during the holiday season.

“We had a really great Cyber Monday, so I’m super excited,” said Arm.

Source: Looking at the Impact and Significance of Cyber Monday as broadcast and posted by KEZI News.

Broadcast Nov. 28, 2016 By Rosie Nguyen