U.S. Cyber Monday Hits New Record as Sales Surge to 1.5 Billion Dollars

Category: Retail/Consumer Goods / Nov 27, 2012 12:29PM EDT
Online shopping sales are expected to reach 1.5 billion U.S. dollars in the United States on Cyber Monday, a day dedicated to online shopping after Thanksgiving. The holiday shopping time in the U.S. started the day after Thanksgiving, with Black Friday. But the shopping frenzy continued with Cyber Monday. Christina Hagan is a newcomer to Cyber Monday. But after spending a few minutes surfing the deals, she thinks it is worth the effort. "I can get quite a few good deals today, and I'll probably buy everything that I need today, and get free shipping," said Christina Hagan. Cyber Monday has become so big that there is even a CyberMonday.com website offering special deals from scores of participating retailers. Shop.org, a division of the National Retail Federation, started Cyber Monday in 2006. This year, the online shopping sales are expected to grow by 20 percent to 1.5 billion U.S. dollars. "It's really the online retail world's answer to the Black Friday weekend. But it's very real, because as consumers continue to shift a significant portion of their holiday shopping from brick and mortar environment to online, it's grown tremendously," said Prof. Dale Achabal, Santa Clara University Retail Management Institute. Achabal says that while cyber-sales have grown by double digits, overall retail sales increase have been much more modest. Consumer electronics tend to be the biggest beneficiary of Cyber Monday. There are a lot of promotions, but they aren't the real deep, deep promotions that you saw a few years ago. This year, there's more caution on the part of the retailers. They don't wanna give it away," said Prof. Dale Achabal. However, some cautious shoppers have also found bad deals on shopping websites where products are sold at higher prices than the brand's own retailers. "Do your homework, then know what the prices are, so you can make a good deal," said Koreanna Sinn, online shopper.