Despite a weak dollar, high cost of oil and growing economic doubts, retailers reported a robust year-over-year sales increase greater than 8 percent for the first holiday shopping weekend of the season. The early success is giving many retailers and e-commerce companies pause to believe today, Cyber Monday, will exceed previous expectations. Started as a marketing gimmick two years ago to spur more online shopping, Cyber Monday is now a true phenomenon. This year, Americans are expected to spend more than $700 million online today, as they take advantage of incentive such as free shipping and deep discounts. Conversely, U.S. companies can expected a marked decrease in productivity, as employees use work computers and Internet access to shop today. By some estimates, employees will spend an average 12 minutes at work shopping today, which translates into nearly $500 million in lost productivity.
For more on Cyber Monday, read “High-Tech Marketing Marks Black Friday, Cyber Monday”
