There has not been a more perfect time to shop than Cyber Monday. The shopping extravaganza has, over time, proven to be an e-commerce solution, offering large discounts shopping.
A report has it that Cyber Monday is bigger than Black Friday. In fact, according to Finances Online, Cyber Monday beats Black Friday in digital sales. It is currently the biggest shopping day for e-commerce. In 2021, 62.8 million people reported that they plan to shop on Cyber Monday via a survey.
2020 was a year when Cyber Monday witnessed an all-time high in sales, which amounted to $10.8 billion dollars. That is an increase from its figure in the previous year (2019), at $9.2 billion. Cyber Monday beats Black Friday in that same year, which had its figure at $9 billion in 2020 and $7.4 billion in 2019. This article seeks to highlight the current statistical data on consumer spending and the general behavior of consumers.
We figured that this will help retailers understand how important Cyber Monday is to its ardent consumers, and slash their prices accordingly. It also seeks to help budding retailers understand how much people make on the sales day and help them make valuable decisions.
Key Cyber Monday Statistics
- Cyber Monday hit a mark of $10.8 billion, an increase by 15.1% from a year ago, making it the largest US online shopping event
- 1% of the Cyber Weekend revenue in 2020 came from mobile phones
- The buying rate reached $12 million per minute during the peak hour of Cyber Monday 2020, which is 8:00 PM – 9:00 PM.
- The gross merchandise volume in 2020 increased by 74% year-over-year
- An estimated number of 186 million people bought goods on Cyber Week 2020.
Top Cyber Monday Statistics and Facts
What is Cyber Monday Demography?
There are varying percentages of people who like to shop on Cyber Monday by age. When it comes to age, people who are between the ages of 33 to 44 are more likely to participate in the Big Day. The shoppers between these ages constitute about 33.6%. This is quite understandable given that they are adults and have purchasing power. On the hand, people between the ages of 25 – 34 constitute about 24.2%.
The gender spending on Cyber Monday varies every year. Contrary to the popular belief that women always shop more during shopping events such as this than men, 2020 had men spend more than women. According to Finder, men spent about $700, while women spent $600.
How Much Money do People Make on Cyber Monday?
Cyber Monday is a day that guarantees sellers of making huge sales due to price discounts. Due to this, a lot of retail online sellers queue into this opportunity to take advantage of the biggest shopping event. However, Amazon did not reveal the figure; they only mentioned that customers ordered “hundreds of millions” bought from Thanksgiving through Cyber Monday. It also mentioned that 140 million items were bought from small businesses.
Amazon tops the list of these sellers as it has the largest market share among other Cyber Monday retailers at 56%. Best Buy follows with 11%, Walmart gets 9%, Macy 6%, and eBay 5%. Shopify however had a clear figure on its sales generation which was $5.1 billion during Cyber Week 2020.
Is Cyber Monday the Biggest Ecommerce Shopping Event?
In 2020, Cyber Monday surpassed the eCommerce revenue of Black Friday by $1.8 billion. It has the largest eCommerce revenue in 2020 at $10.8 billion, while Black Friday stood at $9 billion in the same year. In 2021, Cyber had a sales revenue of $10.7 billion, a $100 million drop from 2020. In the same year, Black Friday had a total of $8.9 billion, a $100 million drop as well from 2020. That makes Cyber Monday the biggest online shopping event currently.
When you talk about Cyber Monday, you most certainly can’t leave Black Friday out because they both are the biggest shopping event in the world. Black Friday remains the most popular offline shopping event even though it also has an online presence. It is even regarded as the crowd puller. Cyber Monday on the other hand is the moneymaker, dealing mainly with online shopping.
How Much is Cyber Monday's Biggest Sale?
Cyber hit its highest sales in 2020. In that year, it generated $10.8 in sales revenue, which has been its highest so far. It was a 15.1% increase from its 2019 total sales revenue. However, that figure fell short of the $12.7 billion Adobe predicted, and it was attributed that there had been strong sales early in the season. From November 1 through November 28 retailers generated up to $99.1 billion in purchases, up by 13.6% year-over-year. We can not take out the fact that the sales revenue increase could have been triggered by the pandemic. Since then, Cyber has not been able to hit such a mark as it even witnessed a $100 million decrease in 2021 to $10.7.
What is Cyber Monday's Yearly Revenue?
Cyber Monday has mostly witnessed growth, however small, since its launch in 2005. The table below clearly shows Cyber Monday’s yearly revenue from 2005 to 2021.
Cyber Monday had its first and only fall in 2021 since its inception. From the table above, 2020 was the biggest sales year for Cyber Monday.
Which Country Leads in Cyber Monday Sales?
The country with the highest in sales varies every year, but the United States stands as an all-time country with the highest sales. The country leads in the sales for Cyber Week with about a 67% increase in merchandise volume. On average, US consumers are willing to spend $250 on both Black Friday. However, the big spenders on 2019 Cyber Monday are consumers from UAE with a $750 budget.
The United States has spent $109.8 billion online, which is an increase of 11.9% year-over-year. And on 22 of those days, consumers purchase another $3 billion worth of goods, which is another milestone, according to Adobe.
How Many Customers Shop on Cyber Monday?
Cyber Monday has become the biggest online shopping event and thus, has amassed a high number of customers. According to Statista, there are about 174 million people who shop from Thanksgiving to Cyber Monday. The United States alone covers about 62.8% of the total population of shoppers in 2021. The rest percentage is distributed among other countries that participated. An estimated 186 million people bought goods during Cyber Week 2020. 190 million fewer than that of Cyber Week 2019.
How Much did Cyber Monday Generate During the 2007 Recession?
Since its inception, Cyber Monday has not recorded any decrease in revenue except in 2021 when it dropped by $100 million. During the great recession in 2007, Cyber Monday was able to generate sales revenue of $733 million. This was higher than the $531 million Black Friday was able to generate. According to National Retail Federation, the two shopping events (Black Friday and Cyber Monday), became even more important during the recession. Customers did not have much to spend and so, they only spent on necessary items. And too, other online shopping events witnessed a great sales drop. Despite the recession biting hard on its customers, the upward trend of Cyber Monday sales revenue did not slow down as it hit $846 million in 2008.
What Devices do Customers use for Shopping?
Many online shopping companies have witnessed a tremendous level of patronage by mobile device users. This is not far-fetched as mobile is handier and users can order goods on the go.
Black Friday and Cyber Monday are not left out of this mobile browsing and sales trend. In fact, 69% of all online shopping that happens during the Cyber Weekend is done using mobile devices. Laptop devices, on the other hand, account for the rest 31%.
According to Business Insider, when Cyber witnessed a $2 billion sales revenue in 2017, smartphones accounted for 37.6% of retail visits on Cyber Monday. It was also responsible for 21% of total sales revenue.
Which do Customers Prefer Among Shopping Events?
It is not specifically stated which shopping event consumers prefer but these statistics show that amongst the two biggest shopping events (Cyber Monday and Black Friday) more users lean towards Cyber Monday than the latter. Statistics show that one-third of shoppers choose Cyber Monday compared to the 24% that go for Back Friday. Due to its online nature, Cyber Monday helps shoppers cut extra costs, thereby encouraging them. Future predictions show that most consumers will stick to online shopping.
What is Cyber Monday Customers Spending?
According to TechCrunch, the United States spent $34.4 billion during Cyber week. An increase of 20.7% from the previous year's. However, in 2021, that figure dropped by 1.4% positioning the spending at $33.9 billion.
So far from November 1, consumers in the United States have spent $109.8 billion online through Cyber Monday, which is a year-over-year increase of 11.9%. On 22 of those days, consumers purchased $3 billion worth of goods which is another milestone according to Adobe.
The drop in 2021 was due to early shopping deals that consumers got before Cyber Monday.
What is Customer Preferred Goods?
During most shopping events such as Cyber Monday, consumers usually purchase technology products. However, last year's Cyber Monday witnessed something different as the majority went for electronics. It ranked top among the product shopped, followed by clothing and accessories. Preference changes every year, and it is mostly influenced by discount percentage.
Below is a table that shows the ranking of products consumers purchased during the last Cyber Monday.
|Goods Category||Preference Rate|
|Clothing and accessories||54.5%|
|Health and beauty||22.8%|
|Art and crafts||19.3%|
|Interior home design||15.7%|
What is the Impact of COVID-19 on Cyber Monday?
The COVID-19 Pandemic played a huge in many aspects of Cyber Monday increased sales. It is the period when the shopping event witnessed its all-time high sales of $10.8 billion. Asides from that, most shoppers love to shop easily online, they didn't want to crowd at physical shopping events. Therefore rather than going for Black Friday and Thanksgiving shopping, so they opted for Cyber Monday. That explains why they towered above Black Friday in sales revenue.
In the same year, Independent businesses selling on the platform crossed $4.8 billion in worldwide sales from Black Friday and Cyber Monday. This is a 60% increase from the previous year's.
What is Cyber Monday’s All time High Sales?
Cyber Monday's all-time high sales remain that of 2020, during the Pandemic. Since then they have not been able to record such huge sales revenue. As a matter of fact, its 2021 sales saw a drop in its revenue by $100 million, to $10.7 million, making it its first negative growth since its inception. However, it helped online retailers collectively cross the $100 billion dollar mark for the season at $106.5 billion spent so far. Up by 27.7% in the same period the previous year (2019).
Black Friday raked in $9 billion, and Thanksgiving saw $5.1 billion in sales up by 21.5% from 2019. Thanksgiving was one of the shopping events that was not affected by the Pandemic.
What Kind of Discount is Offered on Cyber Monday?
The discount on 2021 cyber Monday was a bit low compared to that of 2020. According to Salesforce's analysis, holiday inflation and lower discounts affected discounts in 2021's Cyber Week, and consumers found it hard to get a good deal. In the US, the Average Selling Price (ASP) was up by 11% during Cyber Week. Other regions around the world saw a 5% increase. The average discount decreased by 8% year-on-year. Some of the categories of products that had lower discounts were:
Apparel 18 (which was 20% in 2020). TVs had a 13% discount whereas in 2020 they were 18%. Electronics saw a 15% drop from 27% to 17%. Sporting goods and appliances were both 8%, a decrease from the 20% they both were in 2020.
What is the Sales Comparison Between Cyber Monday and Black Friday?
Historically, Black Friday usually surpasses Cyber Monday as most customers try to get all their necessities when it begins. Cyber Monday on the other hand almost seems like a sequel to Black Friday as customers focus to get goods they couldn't during Black Friday. However, all these changed during the 2020 Cyber Monday. With the Pandemic playing a key role in the record-breaking, Cyber Monday beats Black Friday in revenue by 25% while Black Friday's 14% increase.
In orders, Cyber Monday has a 29% increase while Black Friday had an 18%. The conversion rate had Cyber Monday at 4% and Black Friday at 1%. The only area they equaled was traffic rate; they both generated 21% in 2020.
What is the Demand for Alternative Fulfillment?
Trust buyers to always want their goods delivered to them without having to come down themselves to pick them up. During the 2021 Cyber Monday, the demand for both curbside pick-up and local deliveries grew by a reasonable extent. The curbside pickup cart in the United States was $96.60 compared with the previous year's (2020) $79.84. In Canada, the price was $115.14 compared to 2020s, $94.93.
Local delivery too grew as well, with the average cart price in the United States for BFCM (Black Friday Cyber Monday) 2021 at $97.94. In Canada, local delivery averaged $120. 75. Retailers that offered a pickup option grew their revenue by 50% more than retailers who did not.
What is Cyber Monday’s Highest Discount?
So far, Cyber Monday's highest discount was 50%. In 2020, Cyber Monday discounts were a median of 29%, higher than the median discount for Black Friday. Cyber Monday's discounts vary every year and are also determined by the retailer who is always looking to give their best sales offer. In 2013, for instance, big names in the clothing industry began to notice the importance of Cyber Monday, therefore offering a discount of 30% – 50%.
More than 90% of retailers have a specific sales strategy prepared specially for Cyber Monday. In addition, 45% of retailers offer coupons or percentage discounts. ⅓ of retailers have offers that usually come within a limited time. A little less than 15% offered a gift when consumers purchase from them. Also, ⅓ of retailers offered free shipping.
What is Cyber Monday Growth?
In 2018 its sales revenue hit $6.0 billion and $7.9 in 2019. Cyber Monday has witnessed tremendous growth over the years, with the peak being its sales revenue in 2020 at $10.8 billion. It slowed down in the following year (2021) by $100 million dollars, leaving it at $10.7 billion. The fall could be linked to early deals in October when consumers did not have to wait for both Black Friday and Cyber to get good deals.
The prediction for 2022's Cyber Monday has not been shown in figures, but with the economic uncertainty and rising inflation around the world, sales may decline, again.
How Many Retailers Offer Promotions?
Out of the top 100 online retailers in North America, 82% of them offered sales promotions, using Cyber Monday in their marketing language. Out of this 100, 24% offered a sitewide sale. Merchants who did not offer sitewide sales offered varying discounts on various categories. However, note retailers offer promotions during Cyber Week than a week before. Of the top 100 online retailers, 69% offered sales promotions on their website, and 20% offered a sitewide sale. In 2020, 88% of the top 50 online retailers offer promotions on Cyber Monday. In 2021, it was slightly lower at 84%.
Free shipping is also a term that online retailers use to entice customers. 56% of the top 100 online retailers mentioned “free shipping” during 2021 Cyber Monday to gain patronage.
What is the Impact of Cyber Week on Global Marketing Communication?
In a bid to reach out to customers during Cyber Week, by sending SMS and email messages, they inadvertently increased global marketing communication. During the week, 40 billion measures were sent to customers, which is an increase of 34% from 2020. It didn't stop there; mobile push notifications increased by 114% from the previous year. And email grew by 25% from the previous year. According to Infobip, it handles more than 1.9 billion interactions on its platform as communication surged during Cyber Week. That is an increase of 93% from last year on a global level and a 37% increase compared to an average Monday in November 2021.
Why Aren't Americans Shopping on Black Friday?
According to Finder, it turns out that 8% of American adults think that online stores usually inflate the prices of commodities before Black Friday. Sort of like making up in advance for the discounts they might be given later. This makes Americans want to opt out altogether, or better still, wait for Cyber Monday. And too, they think that the discounts are not encouraging. On average, it takes an adult American 58% discount to shop on Black Friday. 1 in every 5 adults (19%) said only 50% discounts up nudge them to shop.
15% said discounts of 90% may encourage them to shop. Lastly, 11% said a discount of 70% may encourage them to consider shopping.
Which is More Popular Between Black Friday and Cyber Monday?
Speaking about popularity, Black Friday is more popular than Cyber Monday. But in recent times, Cyber Monday has proven to be bigger. In 2020 it amassed a sales revenue is $10.8 billion leaving Black Friday at $9 billion. It makes it currently the biggest online shopping event, which consumers are looking forward to. From November 1st to December 31st. While both of them still operate online, with only Black Friday using physical outdoor stores, it gives Black Friday a little edge. But when you speak of numbers, you definitely have to give it to Cyber Monday. Its last 4 hours alone generate $12 million per minute, accounting for 25% of all sales revenue in 2020. Conclusively, each one is popular in a different type of way.
Which Shopping Event do Consumers Prefer?
In a survey carried out a week before Cyber Monday 2020, most shoppers prefer to take advantage of the sales on Cyber Monday. Those that said Cyber Monday is their preferred choice were at 30%. It is followed by the Black Friday sales at 24%. Small Business Saturday, 18%. Thanksgiving, 15%, and pre-Black Friday at 13%.
However, there is no particular shopping event that customers prefer unless it has better deals compared to the rest. Most of the time, they do not have a preference, whichever seems to care for their wallets, they cling to.
What Stores have the Best Cyber Monday Deals?
There are quite a handful of stores with the best deals, but for the sake of this article, we shall be focusing on the best 5.
Verizon is one of the stores with the best deals. It takes up to $1200 off its Android phone prices.
Samsung: With a discount of up to $1300 on 4k QLED TVs, appliances, and more, Samsung is certainly one of the stores to out to during Cyber Monday.
HP: on Cyber Monday, their laptop sales begin from $209, which would cost more on other days.
Newegg: takes up to 55% off gaming laptops and other accessories.
Lowe's: take 50% off vanities, smart home devices, and more.
[Source: Tom's Guide]
Why don't Consumers Want to Shop Offline?
In 2018, 174 million Americans shopped on Black Friday and Cyber Monday, spending $335 per person, with the majority of them doing so online. As against offline shopping of 51 million people, 58 million people do shopping online. On Cyber Monday 2021, 53% of purchases came from mobiles.
So, Generally, people just want to get things easy, having to go through hassles for it. Any business that can let their customers have what they want at their fingertips will be doing their business much good. During Cyber Week in 2021, physical shops dropped in sales by 24%.
What is Cyber Monday Traffic Rate?
In 2020, traffic to the 100 top shopping sites increased by 137% on Black Friday and 112% on Cyber Monday. Year-over-year shopping category traffic was stable. However, sites such as kohl.com and costco.com witnessed dramatic gains. Overall, the top 100 shopping sites saw a visit of 147.3 million daily from August to October. The traffic increased by 22% during November. It added another 137%, which was caused by Black Friday, having daily visits at 349 million. Cyber came in with the highest traffic when it started in the second week of that year, bringing the shopping sites an additional 312.3 million daily visits. That is an increase of 112%.
How Many People Access the Event Using iOS or Android?
In 2020, 54% of orders on Cyber Monday were made through mobile phones. Android devices account for over 19.7% of Cyber Monday traffic, while their iOS counterpart accounts for 11.5%. However, when it comes to completing a purchase, iOS users account for 11.7% of all online purchases, while Android users stand at 5.5%. Tablet owners spent $126.30 per order, while Android users spent $106.49 per order. Overall there was an increase of 20.6% over last year's Cyber Monday online sales. Although it is reported that Android users spend more hours on shopping apps at 110 million, in the week leading to or during Cyber Monday.
What are Cyber Monday Hottest Selling Products?
Tech products are the most in-demand products during Cyber Monday. As a retailer, during the cyber week, you should expect high sales on iPads and AirPods because that's what most consumers go for. However, in 2020, Super Mario 3D All-stars was the highest-selling product. It was followed by iPads, Vtech toys, AirPods, HP, and Dell computers in that order. Mobiles account for 47.4% of total visits, and 33.1% of total sales revenue. In 2017, mobile transactions were at a 12% higher rate compared to 2016. Bestselling electronics include Google Chromecast, Apple iPads, Samsung tablets, Apple AirPods, and Sony PlayStation VR, among others. Due to this high demand for tech products, discounts are lower on tech products.
What is Cyber Monday Golden Hour?
Cyber Monday's golden hour is between 11 pm, and 12 am. This is understandable since some consumers don't have time to properly shop, and too, last-minute purchases are often taken more seriously. During this time, consumers are reported to spend up to $12 million every minute. Cyber Week begins from Thanksgiving on Thursday, last through the weekend, and ends on Monday, which is Cyber Monday. But the majority of consumers do not bother to quickly purchase what they want at the initial time. As a matter of fact, 25% of the entire sales revenue generated in 2020 came within the last four hours (7 pm – 11 am). Accounting for $2.7 billion.[Source: Zdnet, SaveMyCent]
What is the Impact of Cyber Monday on Small Businesses?
Experts have mentioned that Cyber Monday gave rise to the expansion of small businesses, and not just the big names. Cyber Monday Growth rate had been said to be about 20% – 30% from year to year. This is a good thing for small businesses that are looking to make huge sales, as they ride with the Cyber Monday Traffic wave. More than 70% of customers said they came out specifically to support small businesses on BFCM weekend's Small Business Saturday. Small businesses had a 501% increase in sales during Cyber Monday 2021. Large businesses on the other hand saw a 486% increase in sales. According to Constant Contact, one small business made a whopping $67,000 from a Cyber Monday email. That is how beneficial the shopping event is to small businesses.
What is Cyber Monday's Highest Converting Channel?
During Cyber Monday shopping, businesses had to keep in touch with their customers to convert them. Thereby, increasing the various used to reach out to them. Email constituted about 4.81% during the Cyber Weekend, driving 8.35% of sessions and 11.7% of revenue. SMS on the other hand, had a conversion rate of 4.47%. Though, the number of business that took advantage of SMS are smaller. However, during the week of Black Friday and Cyber Monday, SMS accounted for 1.06% of the session on e-commerce sites and generated 1.5% of revenue.
According to Twilio SendGrid, it processed almost 6.8 billion emails on Black Friday and 7 billion emails on Cyber Monday, which represent 16.9% and 22.2% year-over-year (YoY) growth from 2020.
What is Cyber Monday's Awareness Rate?
As stated earlier in this article, Cyber Monday started in and is US-based, although the awareness is highest in the UK after the US and in a few other countries. The awareness rate for the US is 95%. The UK follows with 89% making it the highest in Europe. Germany trails behind the UK with 86%. Spain has 85%. Italy 80%. Netherlands 70%. Sweden 69%, and Denmark 52%.
While this does not translate to the highest spending country, the US still remains the biggest spender during Cyber Monday. The one time the US took the back seat in that regard was during 2019 Cyber Monday, when UAE consumers were the biggest spenders. With a budget of $750, they surpassed German and Danish's $268 $316 respective budgets.
How Many Percent of Orders were Buy Now Pay Later?
Customers love to explore different modes of payment. The Buy Now Pay Later (BNPL) is becoming popular among customers as the method grew by 29% during Cyber Monday in 2021. It constitutes 8% of Orders in that year. The increase in BNPL was 12% when compared with 2020.
On a global level, BNPL is making a positive impact on sales revenue for retailers as it gives consumers room to pay when they have the means. RBC Capital Markets estimated that BNPL increases sales revenue by 20% – 30% and boasts Average Order Value (AOV) between 20% – 50%. This payment method encourages customers to patronize online shops more than ever. And with 2022 Cyber Monday in sight, customers look forward to using the methods of payment.
Going by the statistics provided in this article, it is clear that Cyber Monday's growth is unhindered, especially during the peak of the Pandemic. Regardless of its little fall in sales from $10.8 billion in 2020 to $10.7 billion in 2021. Fingers are still crossed that 2022 will see an upwards trend in sales and overall growth despite inflation and economic uncertainties. If you are a Small business owner, you should prepare your mind to be part of the biggest shopping in the world. The event has plans to help small businesses grow, as last year saw a whopping 501% increase in sales revenue. So you have a great chance to be lifted during Cyber Monday this year. Good luck.