Cyber Monday
Following a stuffed turkey dinner filled with family and friends, now a
days most families are thinking about what time they have to go to bed to get a
least an hour of sleep before they rush out of the house to fulfill their
shopping needs. To most people, this does not seem desirable, waking up around
3 A.M. and running around the mall with millions of other people running solely
on caffeinated Starbucks beverages and energy drinks. First observed in 2005,
there has been a solution to this: Cyber Monday.
Many stores that had discounted their items on Black Friday also
discount their items on this so called Cyber Monday that allows customers to
spend their hearts out in the comfort of their home. And another advantage to
being at your own home is that you can even get some sleep, “several retailers offer additional
lunchtime discounts to their customers” (“Cyber Monday in the United States”). With the price so low, the producers do not
want to sell that many items at that price, which is why the items run out so
quickly; as the price drops, the supply decreases on the supply graph, but as
the price decreases on the demand graph, the quantity is going to increase. Although
stores do not sell many of the same items because of the supply that they have,
they are using a key marketing strategy known as leader pricing. Leader pricing
is getting people into your store or in case of Cyber Monday, on their website.
With just a couple easy clicks, by adding a leader price on the front of your
page, the customer is now not only buying the item on the front of the page but
three other items that they found clicking around.
As said in the video below,
sometimes the sales online have an even larger variety of items than in the
store on Black Friday. The video also talks about the most popular stores to
buy electronics, jewelry, or even the best overall sight. One interesting thing
that Regina Lewis does point out is that many people do not know that for Cyber
Monday, you can basically pre-shop where you add all of the items into your
shopping cart, and then when the deal is online, all you have to do is press
buy.
I believe that in the coming
years, the Cyber Monday sales are going to increase to such an amount that it
will surpass Black Friday. With all of the new technology that has come out and
is coming out, stores are making it easier and easier for people to buy
merchandise just at the click of a button or by pressing your thumb.
Both Cyber Monday and Black
Friday are components that increase the US’s real GDP. Real GDP takes in
account just change in the amount of items sold by keeping a constant price. By
having these days where so many items are being sold, the GDP is being
increased. Cyber Monday is going to be a key day this year to help the
customers get the price they want, but also to help the United States as a
country advance in sales.
"Cyber
Monday." Wikipedia. Wikimedia Foundation, 11 Feb. 2013. Web. 3 Nov.
2013. <http://en.wikipedia.org/wiki/Cyber_Monday>.
"Cyber Monday in United States."Timeanddate.
N.p., n.d. Web. 3 Nov. 2013. <http://www.timeanddate.com/holidays/us/cyber-monday>.
I thought you did a great job at picking a topic. I never really heard about "Cyber Monday" so you educated me well. I also thought that you compared it to Black Friday and described what it actually meant. The video also gave great information on the topic and it was a credible site because it was a news broadcast. Great job, and good topic!
ReplyDeleteNice topic relating to GDP, a really unique topic. But could these shopping holidays influence buyers too spend too much? Causing a slight rise in profit, but could crash because of people buying with credit they can't afford to repay back?
ReplyDeleteI agree that in coming years cyber Monday will produce more revenue for companies than Black Friday. Not only does it give more variety to the consumer, but it is easier for the producer/ supplier as well. They don't have to pay people overtime to go to work all morning on Black Friday, and instead can just increases warehouse workers.
ReplyDeleteIt helps to create a more efficient way of production and distribution through the use of technology.
This was a really interesting topic. I agree with you that Cyber Monday will eventually bring in more profit than black Friday. Cyber Monday is more convenient for people so they won’t have to deal with the craziness of Black Friday but they will be able to get the things they want to purchase.
ReplyDeleteHolidays are very important to specialized store companies because it is the only time of the year where they are actually making a profit. Throughout the rest of the year, these companies are either not making a profit or barely getting by. Their sales are in the red. But by the time Black Friday and Cyber Monday come around, their sales shoot up and into the green. The sales during the holidays generate enough profit to make up for the entire rest of the year, which is why I agree that more companies will use Cyber Monday to make a profit.
ReplyDeleteI have never heard of Cyber Monday which is really weird to me... but I am glad that I know about it now. I definitely agree with you that this day is going to increase in popularity. It is crazy to think that two days out of the year have the power to affect our economy so much. Obviously, these kinds of days last because of the lucrative nature of the products. This was a really interesting topic!
ReplyDeleteAs someone who has stayed up until 3 a.m. to go shopping, I agree wholeheartedly with your theory that Cyber Monday will surpass Black Friday in the long run. Standing out in the cold in the middle of the night to get brand new electronics for a price that is over-hyped and in reality, not much better than the original, is just not worth it. The convenience of Cyber Monday, in my opinion, makes it a far greater opportunity for shopping for deals than dragging yourself out of bed at e a.m. Overall good topic, and you connected it to economics very well.
ReplyDeleteAs someone who doesn't participate in black Friday or cyber Monday, I can see where people are coming from. However, the fact that people are standing outside of a store for sometimes days, which, in this time, they could have made more money than they saved is ridiculous to me. This is why cyber Monday is such a convenient event for both consumers and companies.
ReplyDeleteI do agree that Cyber Monday will produce more revenue than Black Friday because a lot of people don't want to deal with getting up early and the huge crowds at the mall. It is a lot easier to stay at home and order their purchases online. I agree with Collin in that it will save businesses money by not having to pay workers to come in and work at 2 in the morning. Overall I think that Cyber Monday is a good thing for our economy and for businesses during Thanksgiving time.
ReplyDeleteAlthough I think that Cyber Monday will become more and more popular in the coming years, I also believe that it won't completely shut out Black Friday, at least not for a while. I know that in my family it has almost become tradition to get up early and go Black Friday shopping, and it's honestly kind of a thrill. Maybe it'll diffuse as the years go by, but for now I think they're hand in hand.
ReplyDeleteI have actually heard of this before but never really knew what it was all about. Now that I understand what it is, I agree with you when you say that Cyber Monday is going to increase and surpass Black Friday in the future. It is so much more convenient and with the variety of the items and same sales, why would you go out on such a crazy night and risk maybe danger because we have all heard the horror stories of how people get trampled or injured. I do get that the hype of Black Friday is fun and intriguing, but personally, I would rather get some sleep and save some gas. But I definitely think it is a benefit to our economy.
ReplyDeleteWe researched this a little during my marketing class sophomore year, cyber sales have grown a lot since then. This has happened for obvious reasons; consider the incredible sales of smart phones. Most people have cyber shopping at their fingertips 24 hours a day. Aside from our easy access to online shopping, it seems like the sales of Black Friday tend to carry over into the next week anyway, giving consumers a larger time frame to buy. Cyber Monday adds to that time frame which could be another reason for the rise in cyber popularity. Great topic Dave!
ReplyDeleteCyber Monday and Black Friday come very hand in hand for all types of people. For both events, people can get deals and even buy Christmas presents. But, on Black Friday, people can go out and shop and on Cyber Monday, people can save a trip and shop online. I don't think either are going to dwindle, because these events are structured for the two different types of shoppers in the world. People who want to physically experience this and those who would rather stay at home can both benefit from this, and this is why the government does so well during this weekend.
ReplyDeleteAlthough Cyber Monday is now becoming popular, I don't believe that it will completely take away the hype of Black Friday. Although Cyber Monday may be convenient I still know people who love to shop outside of their house. It's funny how so much technology is used each and every day, that I think of Black Friday as a day to go out and shop, while Cyber Monday contributes to technology more and more. Just in my life I would rather shop on Black Friday outside of my house.
ReplyDeleteI agree with you that in the future Cyber Monday will become more and more popular—people are becoming more lazy and participating in the sales from the comfort of their home is much more ideal for most Americans. I didn’t know that Black Friday and Cyber Monday increased America’s GDP, though, and I found that very interesting that two days can affect the economy like that.
ReplyDeleteI think the benefits of cyber money are great for the economy. More and more people will participate with this "holiday" as the years pass and popularity is gained. It is a great idea to save everyone some sleep and time, and still helps the economy the same, and still lets buyers get their Buckle jeans for a good deal. Overall, I think cyber Monday is a great idea for everyone.
ReplyDeleteFor people that enjoy shopping, Black Friday will always be a huge attraction. They get to go shopping and enjoy all the great deals while they do it. However for people that just don't see the benefits of being in the actual store, Cyber Monday is definitely the way to go. I do agree that this is a great market strategy that will continue to grow in the coming years as more and more people get connected to high speed internet in their homes.
ReplyDeleteThis was an interesting topic. I didn't really realize how big Cyber Monday is, and how big it is going to grow to be. I definitely agree that Cyber Monday will continue to grow, as it is much easier than going to each of the stores, and also especially if the sales are just as good. It'll also be nice for some families to not leave quite as soon as they can still get their shopping done Monday online.
ReplyDeleteIn all honesty, reading this made me really excited for Thanksgiving and for Black Friday. While I don't really participate in Cyber Monday because I don't have a credit card, I know my parents enjoy the luxuries of ordering online. They do both shopping days - as do many people I am sure. They want to maximize their buying opportunities. It is no surprise that these two sales events cause an extreme rise in GDP, people go crazy. It also doesn't surprise me that Cyber Monday will soon pass Black Friday up in revenue. With our world becoming so technology driven, people have the ability to make purchases at their fingertips.
ReplyDeleteI think to just two years ago when I didn't even know Cyber Monday existed and now see how popular it is. It is just amazing. I could see Black Friday eventually becoming irrelevant to most Americans because why stay up all night after thanksgiving if I can shop from home on Monday and the same or even better deals. I don't see this happening anytime soon but the rising popularity of Cyber Monday could eventually lead to a downfall in Black Friday.
ReplyDeleteI think the concept of Cyber Monday emphasizes the drastic changes that are happening in the United States. The use of technology for something that is usually a social, fun activity is becoming more and more common. I also agree with what Tyler said about Cyber Monday eventually leading to the disappearance of Black Friday all together. You did a good job relating this to what we've learned in econ!
ReplyDeleteCyber Monday is a great improvement to Black Friday. On Black Friday people risk personal injury by being trampled by all of the crazy people. Cyber Monday is a great new innovation in shopping that creates easier opportunities for people to spend their money. They lower prices create a greater demand for people to buy products and that is why they sell out.
ReplyDeleteI agree with you, cyber Monday is going to increase in popularity over the next couple of years. It is super convenient that the items that we buy can be shipped to our houses, so all parts of shopping can be done without leaving the house. As the demand for the key products rises, the supply decreases. This is critical in items like TV's and laptop's, and other major electronics people want.
ReplyDeleteI think cyber monday is going to drastically increase in the near future because its a win win situation for both parties--the consumers as well as the providers. It makes the lives of consumers extremely easy because they can just easily shop for what they wish to get by just looking through the online catalog. This idea also helps companies extremely because they are able to increase their supply extremely and make bigger profit especially if their product is just a digital copy of something. Less production and more sales = more income for companies and happy customers. I believe this new invention of Cyber Monday is going to be strongly influenced in the future to come!
ReplyDeleteI agree with you, that Cyber Monday has been a great addition to the Black Friday craze. I myself have never wanted to get up and go Black Friday shopping, going into stores with tons of people. some of which who will risk a lot to get that one item for a fair deal. I think it works out for both parties, because it gives the people what they want at a price they feel is worth it, and it also increases sales and draws attention to the companies, and increases their sale. Cyber Monday will continue to increase over the next few years as more and more people will take advantage of this opportunity.
ReplyDeleteI think that cyber monday is definitely going to increase in the future. While Black Friday is a very popular day to shop, I think that cyber monday is going to start taking over as the main "shopping holiday day". Every year there is stories of people getting injured due to the crazy amount of shoppers on Black Friday. Cyber monday allows shoppers to get the deals that they want, while staying in the safety of their home. Also, with technology continuing to advance, shopping online may become even easier in the future, encouraging more people to participate in cyber monday. Either way, both Black Friday and Cyber Monday are two days that greatly impact our economy. I find that crazy that these two days alone were able to raise America's GDP.
ReplyDeleteI know everybody likes discount prices and they want to find everything for the lowest prices. MOMS are crazy when it comes to black Friday and they're all running and screaming. I don't understand why they do this, I would wait for Cyber Monday and that's what I do. I think Cyber Monday is a great way to increase GDP because people from all over are buy things. For example I can buy a surf board from Florida when I live in Wisconsin. The down fall to this is people don't receive their order when they want. I have experience from this I had ordered a gift for my grandparents and I couldn't wait to see their faces when they received it. It was suppose to take 3-4 weeks but they had a delay and it would come until 6-10 weeks. I was very upset I am paying for their survives and they couldn't get my purchase on time are you kidding me what am I paying you for. This is the down fall sometimes your item's get back ordered and your upset and the hole thing is a mess. This is why I give credit to those screaming moms, they get their purchases right then and there so they know they have their gift to give to their special someone
ReplyDeleteCyber Monday sounds like a much nicer way to spend the day than Black Friday. As you said, Black Friday is just a bunch of super cranky super-savers that would do anything to get the best price. And this is why Cyber Monday should be the ideal way for shoppers hoping to avoid this craziness get what they want at a reasonable price, as well as boosting the GDP and economy. This year I think I'll take part in Cyber Monday instead.
ReplyDeleteA lot of people actually look forward to going black Friday shopping with a bunch of crazed ladies. The older people who go black Friday shopping have done this for several years and know how things are done. These people aren't as internet friendly because they didn't grow up with it. As I do think that Cyber Monday will get bigger, I don't think it will be for several years because of the technological innovations through the generations of people. Plus for a bunch of kids and other people, it is fun to go out all night to shop in the late hours of the night, including sitting outside freezing their butts off. A ton of people actually look forward to this day.
ReplyDeleteThis was a great topic to pick especially because of the holiday season is approaching us and everyone is excited for black Friday shopping. A lot of families are looking forward to this holiday but as crazy as it gets it may not be for everyone. Pushing and shoving all just for a tv so I think that “Cyber Monday” is the perfect idea for some. Being able to sit at home with your laptop and get just as much as people waking up at bizarre hours. This way you will be able to get the items that you want to purchase. This was a perfect topic.
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