(WYTV) – Last year, Americans spent more than $9 billion online on Cyber Monday, making it the biggest e-commerce sales day in the country. How did that happen?
It started with a woman named Ellen Davis. She was the senior vice president of research for the National Retail Federation. She coined the term in 2005.
For several years in a row, the NRF had watched a spike in online shopping and traffic on the Monday after Thanksgiving.
The theory was people were buying online from their computers at work, where the Internet connections were faster. Remember, this was 15 years ago and their kids couldn’t get a sneak peek at their gifts.
The Retail Federation put out a press release a few days before Thanksgiving 2005 and used the term “Cyber Monday” for the first time.
The federation claimed three-quarters of online retailers did see their sales increase substantially on Cyber Monday the year before and it expected this trend to continue.
Davis considered calling the new online shopping holiday Black Monday, but the stock market crashed on Black Monday in 1929 so that was out.
The New York Times used the new term and then it spread. That Monday, online sales reached almost a half-billion dollars — a 26% increase from the previous year.
Year after year, Cyber Monday became more recognized and in 2014, Cyber Monday did become the biggest online shopping day in the country, with more than $2 billion in sales.
Each year, the bar gets higher.