What is the difference between Black Friday and Cyber Monday?
Cyber Monday originated in the US and is a marketing term used for the Monday after Thanksgiving. It was created by retailers to encourage people to shop online. The term was coined by Ellen Davis of the National Retail Federation and Scott Silverman, and has actually been around since 2005. Since then the popularity of Cyber Monday’s has gained tremendous traction. Last year, Cyber Monday online sales reached $6.59 billion in the US alone. Cyber Monday is basically, online stores running their own big sales initiative in an effort to compete with the brick-and-mortar juggernaut that is Black Friday.
Why Monday and not Saturday?
Because it turns out people like to shop while they're at the office. In the early days of online shopping, Monday proved a lucrative day for online stores so Monday just seemed like the obvious choice.
Is there any real difference between Cyber Monday and Black Friday?
In the beginning there was, you would basically go shopping on Friday and then shop online on Monday. These days there are just as many online options on black Friday. All sorts of fun products go on sale for Black Friday and Cyber Monday, which can add up to steep savings.
Insurance Gateway now also offers Cyber Monday savings.
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BY ARTHUR KAMP, CHIEF ECONOMIST AT SANLAM INVESTMENTS
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