What Is Cyber Monday and Where Are the Best Deals?
Most Canadians are familiar with the shopping extravaganza that is Black Friday, but in recent years another date is being circled on the retail sales calendar: Cyber Monday.
Perhaps the best way to describe Cyber Monday is that it’s Black Friday for online shopping. The term was coined all the way back in 2005 in a retail industry press release after reports showed that US retailers saw an increase in online shopping activity immediately following the Thanksgiving weekend.
Of course, now that online shopping has become mainstream, the fancy titles aren’t all that relevant. What you need to know is that during the last week of November, you’re going to find some incredible deals whether you’re shopping at the mall or online.
When Is Cyber Monday 2020?
Originating in the US, Cyber Monday always falls on the Monday after American Thanksgiving. It also comes on the heels of Black Friday, which is the day after Thanksgiving. For 2020, Cyber Monday is on November 30th, and in 2021 it will be November 29th.
Three Reasons to Shop on Cyber Monday
The way I see it, there are 3 reasons that you may want to wait for Cyber Monday sales to get your holiday shopping done this year. If you’re already an avid online shopper, none of this will be a surprise, but here goes:
- You avoid the Black Friday lineups. If you plan to head to the mall on Black Friday, one thing is guaranteed; you’re going to be battling lineups both inside the store and outside in the parking also. By waiting for Cyber Monday sales, you’ll get many of the same deals without having to leave your house.
- You can shop 24/7. Black Friday is a business day in Canada, which means that most people have to work. Shopping online saves you from having to book time off work or race to the mall in the evening after the best deals have already been picked over. Remember, online stores never close, so if you have commitments during the day, you can log in anytime.
- Take advantage of free shipping. One of the best ways to get free shipping is by signing up for an Amazon Prime account. But what if you want to buy from a different online store? Because of the heavy competition, many online retailers entice shoppers by offering free shipping on Cyber Monday.
How to Find the Best Cyber Monday Deals
If Cyber Monday starts to sound appealing, you may be wondering where to go to find the best deals. Because many of the Black Friday sales carry-over to Cyber Monday, you can always refer to my guide to Black Friday shopping, or you can use the following resources:
Visit Your Favourite Retail Stores Online
If you have a favourite online store, you may want to head there first. Most big stores, such as Amazon.ca, Walmart, or Canadian Tire, are advertising Black Friday and Cyber Monday sales at least a few weeks in advance.
Survey Deal Websites
If you don’t mind spending time comparing prices, check out the following deal sites that list deals for Cyber Monday from many of Canada’s top retailers. This might be the fastest way to find the lowest prices.
Take Advantage of Cashback Apps
No shortage of cashback apps let you earn when you spend. Sites like Rakuten will pay you when you link to your favourite online stores from their website. Meanwhile, apps like Drop sync to your debit and credit card and pay cashback when you shop online or in-store. They do the work for you; there are no coupons to clip or discount codes to scan.
The Economics of Spending to Save
While not everyone celebrates Christmas, those who spend roughly $1700 on everything from Christmas gifts to travel, food, and alcohol, according to a 2019 Deloitte study. Imagine if the majority of these purchases would have been made between Black Friday and Cyber Monday. The savings would be significant.
Based on my personal experience, I estimate that I save an average of around 25% on purchases I make during Cyber Monday and Black Friday. If you stick with the $1700 figure above, the average cost of Christmas gifts could drop to roughly $1300 overall, with that 25% discount. Keep in mind that Cyber Monday shopping doesn’t just have to be for Christmas. You can purchase other items in advance for birthdays, anniversaries, and more.
Have you shopped on Cyber Monday? What did you think?
Have you ever taken advantage of a Cyber Monday sale? Was it worth waiting for, or do you get your holiday shopping done earlier in the season? If so, I’m interested to know how your experience has been. Please share your own experience in the comments below.