Most of us have heard about Cyber Monday, the first Monday after American Thanksgiving when retailers offer many deals for us to buy on-line, but what is Green Monday?
Green Monday falls on the second Monday in December, the name is thought to originate from the green colour of the American dollar. The term was originally coined by Ebay in 2007 to describe the best sales day on their website in December. Green Monday marks the 10-day shipping period before Christmas and is so successful because people realize that their time is running out to buy and ship gifts to arrive for Christmas.
As other retailers also adopted this day to offer their own seasonal deals (some call it Cyber Monday 2) Green Monday became the third largest shopping day of the season with sales in the U.S. of over $1.6 billion in 2016. The retailers that usually participate in Green Monday are Walmart, Amazon and Best Buy and though popular in the U.S. the day is not as important on the calendar of Canadian shoppers, but it will probably grow in popularity in the future.
The first Monday after American Thanksgiving was named Cyber Monday by Shop.org in 2005, although at that time as not many people had high speed internet connections they did not participate. However, as connections speeds have increased so has the spending on Cyber Monday. It was the biggest shopping day of the year both in 2017 and 2018 surpassing Black Friday. Nearly a third of shoppers in the U.S. begin on the day before Cyber Monday and top stores such as Amazon and Walmart start cyber week sales on Thanksgiving Day.
Why Cyber Monday is so Popular
A few on-line shoppers surveyed said that they would not buy on-line due to expensive shipping charges, or they didn’t like that they could not see or handle their purchase, or thirdly did not like to wait for their items to be delivered.
Mobile Technology and Social Media
Over a third of shoppers said that they would go to social media to get information about Cyber Monday deals usually on a company’s Facebook page and two thirds check out reviews on the company website before making a purchase. More than half of on-line retailers make sure that they promote their sales on social media and that their websites are optimized for mobile devices.
Impact on Brick and Mortar Stores
On-line retailing is growing by almost 10% annually and in 2020 is expected to reach $523 billion(USD). In 2017 over 60% of people in 16 countries said that their everyday transactions were on-line rather than in-store. This growth in on-line sales is having an impact on brick and mortar stores with more and more declaring bankruptcy every year. It has been predicted that 75% of shopping malls will close in the U.S. in the next five years and those that do survive will cater only to high income consumers. We can see from the number of closed stores in our malls that the same pattern is being repeated in Canada.
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