Cyber Monday was coined back in 2005 and it is the Monday following Black Friday. In theory, Cyber Monday is the day when people shop online for gifts rather than going to a bricks-and-motar store, a.k.a they are shopping online while at work. It seems like Cyber Monday is now treated like a digitized Black Friday; retailers have jumped on this band-wagon and offer huge discounts and bargains on this Monday. But like Black Friday, not all online stores participate with discounts.
This year, the high-end luxury goods store, Sallie home, did not see a peak in sales on Cyber Monday. Is this because they did not offer any Cyber Monday discounts? Maybe, but it doesn’t really matter to them since they know the value and the buying habits of their customers and products. Sallie home sells ‘high consideration’ purchases like china, linens, and home goods. People just don’t go out and buy these types of items because they are discounted, they need to think about them and research the products first. Instead of discounting, Sallie home likes to focus on customer experience online and offline to build customer loyalty, emphasizing superb customer service and fair every-day pricing. The loyal customers are where they make their money anyway, not in huge discounts.
It may seem odd that some stores, like Sallie home, do not rely on discounting to produce sales since it seems like the word ‘discount’ has become synonymous with retail these days. Since retail stores started feeling the effects of the recession, discounts have become commonplace, it’s hard not to buy something at a discount. This has taught people that they are entitled to a discount any day, everyday, and on anything. Holiday spending has been up lately, but how much are retailers actually making off these big sales, they better have a lot of people buying to make a good profit. I’m not saying don’t have a sale at all; they are a great way to reward customers and generate new ones, but it shouldn’t be an everyday thing that a business has to rely on. Value what you are selling and value your employees and customers. To note, Sallie home did not go without sales and discounts this holiday season, because they do help to boost purchases. But, unlike other retail discount junkies, they have not and will not make discounts a selling point for their products.