Cyber Monday is emerging from the shadow of Black Friday as another major retail day as customers make the shift to online shopping.
Sales during the online shopping day topped $1 billion last year and could reach $1.2 billion this year, according to a report from the Los Angeles Times. What is known as Cyber Monday became the largest online sales day of the year for the first time in 2010, the report said. Though the online bargain day still has a long way to go before it catches up with Black Friday, Internet retailers are expected to do well this year after high sales from the weekend. ComScore reported that e-commerce spending was up 26 percent online for the days following Thanksgiving, the Associated Press reported Sunday. A Friday estimate from IBM research found that online shopping was up 20 percent.
Black Friday sales set records this year, pulling in $52.4 billion, according to figures from the National Retail Foundation. Those numbers, which represent sales over a four-day period that starts on Thanksgiving, are up 16.7 percent compared with the same period last year.
Shopping behemoth Amazon is making a big push for Cyber Monday, though it is also doing its best to feed consumers’ appetites for bargains by staggering the release of their best deals throughout the week. Other stores on the Web-- such as Best Buy, Barnes and Noble and Overstock.com --- are offering deep discounts on electronics, toys and other products.
It’s estimated that half of all Cyber Monday purchases last year were made at work, attributed partly to the fast-paced nature of online shopping. While there’s little risk of being trampled on the way to grab the best online specials, shoppers still need to jump on deals before stock runs out.