There seem to be a lot of buzz words being thrown around during the holiday shopping season. Are you familiar with them all? If not, then you’re in the right place. Here is a list of major eCommerce and retail buzzwords and what they mean:
Black Friday is the day following Thanksgiving Day and traditionally, it starts the Holiday shopping season. Typically retailers offer promotions and major discounts on all products in their stores. The majority of retailers also adjust their opening hours to encourage the early shopping ‘frenzy’. For years, retailers would open their doors at 6am, but as time went on, retailers began to open even earlier at 4 or 5am. However in 2011, it was taken to a new extreme with retailers opening as early as 12am midnight.
Cyber Monday is the term used to describe the Monday after Black Friday. As Black Friday is traditionally known for in-store discounts and promotions, Cyber Monday was created to encourage consumers to shop online. This year Cyber Monday was 17.1% higher than Cyber Monday in 2011, where spending exceeded $1.46 billion (in the United States), making it the biggest day ever for eCommerce. This year saw many online retailers taking advantage of the whole weekend, by beginning their online promotions on Black Friday and lasting until the end of Cyber Monday.
Green Monday is a term that was invented by eBay in 2007 to describe its best sales day in December. It usually occurs on the 2nd Monday of December. In 2011, consumers spent approximately $1.25 billion in the United States, and is considered to be the 3rd heaviest day of the holiday shopping season.
Sit Back Shopping
Thanks to the rise of eCommerce around the world, consumers are able to shop in the comfort of their own home. Recently, during their State of Online Retail webinar for Q3, comScore reported a significant trend which they dubbed “Sit Back Shopping” (also known as Sofa Shopping). This trend saw a spike in shopping during the later evening hours, usually between 8pm – 12am. Sit Back Shopping refers to shopping online with a laptop or mobile device while on a couch or in bed.
Monitor shopping is a play on the term “window shopping”. Consumers are now using their computers and mobile devices to surf the web much like they use to peruse malls and window shop, only now it involves browsing various online stores without buying anything.
Showrooming is the act of visiting a Brick and Mortar store to see a product but instead purchase it online. Consumers do this to be able to touch and feel a product before buying and then seek out a better price online. According to comScore price is the biggest driver of Show-rooming and that 72% of consumers surveyed said that price was better online than in-store.
comScore is expecting these Four S’s to be the key drivers of eCommerce this holiday season: Smartphones, Showrooming Sit Back Shopping and Social Commerce. Social commerce is the use of social networks and social interaction (e.g. Facebook, Twitter, Pinterest, etc) to encourage consumers to buy products and services online. This term was coined by Yahoo in 2005, but the concept was further developed by David Beisel who said, “when advertorial content is generated by a friend, a special element of trust is integrated into the advertorial relationship that wasn’t present otherwise”. Essentially, if a friend or someone you know is recommending you to buy a product or service, you are more likely to buy it.