'Cyber Week' Results in Record Online Spending of $6 Billion
While Black Friday may be a great American tradition, Cyber Monday is proving to be one of the best ideas that Wal-Mart has ever had.
So good in fact that they've decided to kick it up a notch by graduating it to a whole week. Yes, you read that right; Cyber Monday has been turned to Cyber Week. This means a couple of extra days of great sales and deals. The biggest thing though is that Wal-Mart also agreed to a free shipping policy.
That's the kind of transaction that no online shopper can resist.
To prove that, ComScore.com has the latest figures on Cyber Week and they couldn't be more positive.
"Cyber Monday kicked the week off with a bang as consumers opened their wallets to the tune of $1.25 billion, but it was only the beginning of a very strong week of online holiday spending. Tuesday and Wednesday followed with billion dollar spending days, helping Cyber Week reach a record weekly total of nearly $6 billion in spending."
"As the deals from this week expire, it will be important to see the degree to which consumers return to the same retailers to continue their holiday shopping, thereby helping improve retailers' profit margins, or if we experience a pullback in consumer spending - which has occurred in previous years - before promotional offers and spending intensity pick back up in earnest around mid-December," said ComScore chairman Gian Fulgoni.
With all the success that this online event has created, it won't be a long shot to predict that this might turn into an annual event. And with all the reports of Black Friday brutality, perhaps this is one way that shoppers can stay safe even as they avail of all the sales of the season.