Power up and shop. It’s Cyber Monday and retailers are expecting a big jump over last year.
The spending surge associated with Cyber Monday comes after a growing Thanksgiving shopping weekend, with many stores now open on the holiday itself.
The name Cyber Monday was coined in 2005 to encourage people to shop online. After retailers revved up deals for the day, it became the busiest online shopping day in 2010.
But since then, retailers have expanded deals, stretching them into Cyber Week or even Cyber Month. This year some retailers rolled out online deals beginning in early November.
Last year Cyber Monday hit a new record with $7.9 billion. Retail analysts forecast a 20-percent increase in online sales today, up to $9.4 billion dollars. E-commerce spending hit a record on Thanksgiving Day and Black Friday online sales were up 19-percent before lunchtime.
Big stores participating in Cyber Monday this year include Amazon, Walmart, and Target, and countless others.