Cyber Monday jumpstarts 72 million online shoppers
Known as Cyber Monday after Web site traffic spiked on that day, online retailers considered it the official kickoff to the holiday shopping season. Post-Thanksgiving bargains expect to attract 72 million consumers.
Known as Cyber Monday after Web site traffic spiked on that day, online retailers considered it the official kickoff to the holiday shopping season, with the NRF and other retail watchdogs expecting 72 million consumers to shop online from home or at work for post-Thanksgiving bargains.
More than 147 million shoppers hit the stores over the Black Friday weekend, up 4.8 percent from last year.However, although deep discounts brought out much bigger crowds of holiday bargain hunters, the National Retail Foundation’s (NRF’s) 2007 Black Friday Weekend Survey said that this year, consumers spent an estimated $347.44 in total on Thursday, Friday, Saturday and Sunday, down 3.5 percent from the previous year.
“"Though Black Friday weekend was a complete success for many retailers, the results of the holiday season won’t be determined until the last two weeks of December,” NRF CEO Tracy Mullin said in a statement. NRF CEO Tracy Mullin said in a statement posted in CNNMoney.com.
Industry analysts said merchants are especially challenged this year to drive sales in the coming weeks as many consumers struggle to find spending money amid the current housing slump and other economic pressures.
And for those who deliberately avoided this weekend’s Black Friday traffic, bargain hunters have chance to save on holiday gifts after returning to office and turning on the computer in the next few days, as nearly 75 percent of online retailers would have started offering special promotions week after Thanksgiving.
Meanwhile, eBay, Inc., an online auction and retail site, and PriceGrabber.com, a comparison-shopping site run by Britain’s Experian Group Ltd., both gave positive reports on the first days of the Thanksgiving weekend, reporting that their sales were up significantly in the traditional holiday kickoff period from a year earlier, with referrals from its site to participating merchants going up by 47 percent from a year ago. According to both merchants, projections for online sales increases this season are in the 20 percent range, to about $33 billion.
“Early signs from a very busy Black Friday show that many shoppers are grabbing their mouse instead of their car keys this holiday season,” Jim Griffith, eBay Inc. dean of education, said in a statement released via CNBC’s Business Wire.
To see which online merchants are offering promotions, consumers can check out cybermonday.com, which features deals from nearly 500 stores. Online buyers can narrow down the list of retailers based on specific wants, such as free shipping or gift cards.
This year’s online promotions include special deals for current customers and one-day savings on selected products. Most top retailers will provide free shipping on all purchases with no conditions attached.
With all these online promotions, it is best to remember some valuable tips when shopping online, experienced online shoppers say, like comparing prices at sites like Shopzilla.com and Shopping.com before buying; reading the fine print for the return policy and asking such questions as “Can you return or exchange an item at their store?” or “If you have to mail returns, who pays for the shipping? Will you receive credit or a refund?” They advise shoppers to buy only from sites that clearly specify their return policies.
Be sure to shop only at secure Web sites that use encryption technology, they say, which will jumble your personal information to protect you from hackers. Experience have also taught them never to buy from a Web site that does not include a physical address and phone number because you want to be able to track down the merchant if your item never arrives.
Moreover, they advise to use a credit card when shopping online, the safest shopping method over the internet, adding that by law you are responsible for only $50 of unauthorized charges, and you have the right to withhold payments if you are disputing a charge.
And lastly, they say, be sure to record every price, and every purchase, to avoid being blindsided by the amount on the credit card bill by January.
