Move Over Black Friday!! Cyber Monday is Here to Stay

Over the past ten years the advancements of computer capabilities has been improved exponentially. These advancements allow computers to analyze tremendous amounts of data to draw key conclusions that can be used for everyday people to make educated decisions. There has been an influx in very profitable technology companies that sort through large amounts of data to make it very easy for the user to find what he or she is looking for. There are many variations of this concept that consumers use on a daily basis. The following are just a few examples of companies that use technology to sort through data to find the consumers the best possible prices:

1. Amazon- A consumer using this webiste can find just about any product for a very good price.

2. Sites like Travelocity or Expedia make it easy for users to find cheap hotel rentals and airfare.

3. Companies such as Pricegrabber.com sort through thousands of products in a matter of seconds to find the best deals across Internet retailers on electronic consumer goods.

This dramatic change in the way consumers shop for goods cannot be more relevant than during Christmas time. The day after Thanksgiving, commonly referred to as Black Friday is considered to be one of the biggest shopping days of the year and undoubtedly it was. However, this year there was another day that got a lot of attention throughout the country. Cyber Monday was widely talked about by everyone from parents trying to find the best Christmas deals to Wall Street stock analysts covering the retail sector. I believe that this is a clear indication that the way consumers shop at a global level has revolutionized to a technological focused market.

The reason for this dramatic change is that it is much more convenient to shop on your computer in your home then it is to battle over parking spots and fight your way through crowded stores hoping that the specific product you are looking for is even in stock. It is also much more likely the consumer is going to find the best deals online because it is much easier to “price shop” when a stores inventory is a 3 second click away compared to a 20 minute drive down route 10.

I definitely think this change in the way consumers are beginning to shop is here to stay and will only continue to grow over the next five years. If retailers want to stay in the game of profitability, they better innovate and catch up because this trend will not be slowing down anytime soon.