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Cyber Monday 2017
Have you ever wondered why cyber monday is a huge thing? Why do people spend a lot of time shopping around this time of the year. Cyber monday is a day where almost everything goes on sale online at hard to beat prices. You can get markdowns on electronics, fashion and just about anything. This is the time of the year that you have been waiting for. All the money that you have put aside can now be used to buy the things you need without feeling guilty about your purchase.
What you do this cyber monday is totally up to you. We recommend that you spend some time shopping online. Mondays can be busy and you end up going to work or getting carried away with other activities. It is easy to miss this amazing opportunity to save and cyber monday only comes on one day during the entire year. Whatever else you do on cyber monday this year, be sure to buy something online.
Online shopping is becoming the most popular way to shop. This is because of the dominance and importance of the mobile phone in our daily lives. When you do anything that is uncomfortable or unpleasant you don’t want to do it again. The only time you continue to do it is if there is no other option available. However once you find a more dependable and comfortable option, you will leave the uncomfortable way for the convenient way most of the time.
Amazing mobile features like text search, voice search, image search, voice recognition, biometrics have made life easier when using a smart device. As a result of the comfortable updates, you find out that more and more people are getting glued to their phone. Just recently, we saw a youtube video of a lady who walked into a ditch because she was staring at her phone. This could happen to anyone today, and since I am not writing about the dangers of staring at your cell phone I will not comment any further.
A Buyer’s Perspective
As a buyer, this time of the year provides more answers than questions. Online shopping can be intimidating with the number of choices that are available. It can also be daunting when you see the way prices vary through various seasons in the year and times of the day. In fact, you could have a case where the same item is sold to ten different people at ten different prices and this is very fine.
This is where we write about the meaning of a buyer’s willingness to buy from a different perspective. Everyone has a different reason to buy an item. The decision to buy at any particular time is a function of many different factors. One big driving factor is the importance of the product at the point in time.
A Tire Example
Take a tire for example. If a driver has all four tires functioning properly, then he does not want to buy a tire. However once he has a punctured tire, the desire to buy a tire will increase by orders of magnitude. Now think about a scenario where the same driver needs to get to a job interview or the airport at the same time. Then his/her need to buy a replacement tire increases further.
What does this mean about cyber monday 2017? Well cyber monday is also a real time event that affects the willingness to buy from a buyer’s standpoint. Most people are more willing to buy on cyber monday and black friday than at any other time in the year.
This time of the year has become a buying culture. Everyone buys around this time of the year and this creates a habit and environment where you are expected to buy. As a result your willingness to buy increases exponentially. Another influencing factor is the price drops that happen around this time which will further entice you to buy. A third factor is the gifts. This period is right before the christmas holidays which is a season of gifting. This provides just another reason to buy from a buyer’s perspective.
A Seller’s Standpoint
Cyber monday 2017 is also a win for the seller. A seller typically wants to sell as many items as possible. A seller does not have to sell an item at the same price throughout the year. There are many factors that will influence the price at which a seller decides to sell at a particular time. One is the number of buyers that are willing to buy at that price, called the demand. And another is the amount of stock that the seller is willing to let go of. These two factors work hand in hand and from a seller’s standpoint they want to come out on top at the end of the year.
Each time you sell a well branded product, you are also contributing to advertising. Every time to provide free shipping, you are telling your customers to spread the word about how awesome your store is. From a seller’s standpoint, you don’t want to only consider the monetary profits when making sales. This is why you want to sell to as many people as possible.
Price discrimination is a tactic that is used by many high end sellers. A buyer with a high demand or need for a product is willing to pay higher for the item. Another buyer with a low demand, low bank account, or low need for the same item may buy at a low price. Well that same buyer may be in a better position in a month’s time and will come back and buy another item at a higher price. With thousands or even millions of price variations happening in the same store, it is easy to see how the seller will still come out on top by selling to different buyers at different prices.
As a seller, you want to sell to people willing to buy at different prices. This is how you win on cyber monday 2017. You price as low enough as to get the people at the lower end of the spectrum. These people are only willing to buy at very low prices. You sell to them and get rid of inventory at the same time. You can add free shipping to the deal and you have a very loyal customer that will come back to buy.
Cyber monday 2017 provides opportunities to win for both sellers and buyers alike. We have done a very light assessment of why this is the case. Whatever side you find yourself on cyber monday 2017, make sure you win and you do not miss out on this amazing opportunity.