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History of Cyber Monday and how it's expanded small business shopping

Cyber Monday is more than just a day to shop online a look at its growth over the years and how it impacts small businesses.

GREENSBORO, N.C. — Cyber Monday first got its name in 2005. Since then, the Monday after Thanksgiving exploded into the largest spending day in the United States.

Cyber Monday means more deals ahead of the holidays, and we spoke with a Triad economics expert who said it's surpassed Black Friday as the number one shopping day of the year in the United States. 

That expert went on to tell us how Cyber Monday gives a boost to small businesses and not just the big box stores. 

Wake Forest University Economics professor Dr. Tommy Leung explained its growth.

"In total spending was close to 3.7 billion, 2017 4.7 billion, 2018 it was 6 billion, 2019 7.9 billion, and 2020 was 8.9 billion. So on average, it's about 20%-30% growth from year to year."

There aren't any numbers out yet for this year's Cyber Monday spending totals. If they're anywhere near the 20 to 30 percent growth like years previous, we're talking about north of $10,000,000,000 dollars within 24 hours.

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"That's a good thing for small businesses because they really really on the online platform to reach consumers across the country. Whereas in the past with brick & mortar model, there was no way for small businesses to reach a wide audience."

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Dr. Leung also said shoppers now prefer Cyber Monday, because you don't have to leave the comfort of your home to catch the deals on their favorite items.

Many shoppers stand in line outside stores for Black Friday