TAMPA, Fla. - ‘Cyber Monday' is the online answer to ‘Black Friday,' a day when online retailers supposedly offer tremendous deals to entice rabid shoppers who are flocking to websites.
Sometimes the perception, though, doesn't match reality.
Myth: The Monday after Thanksgiving was dubbed ‘Cyber Monday' because people were noticing an explosion in online sales that Monday.
Reality: That's not entirely true. Shop.org, the digital division of the National Retail Federation, named the Monday after Thanksgiving ‘Cyber Monday.' However, it's partially a marketing tool to get people to buy online. That's backed up by the next myth-versus-reality.
Myth: ‘Cyber Monday' is the biggest online spending day of the year.
Reality: It's never been the biggest online spending day of the year. More frequently, it tends to be the 7th-to-9th biggest online spending of the year.
Myth: Companies offer their best online deals on ‘Cyber Monday.'
Reality: Again, that's not necessarily true. There are certainly good deals available, but they may not be the best deals of the year. Previously, Consumer Reports indicated that deals on televisions, for example, will be better in mid-December.
Also, the deals are not limited to Monday. Many companies have been offering their deals since Thanksgiving, while others will continue to offer their deals all week.