CLEVELAND - This is Cyber Monday and financial experts predict as much as two billion dollars will be spent online by millions of shoppers. Businesses right here in northeast Ohio are benefiting from what's known as the "Black Friday of the Internet."
Dan Malley is the Vice President of Marketing for Malley's Chocolates in Lakewood. You walk into any Malley's store and you'll find some old and new favorites like a new box with the Terminal Tower lit up in Malley's pink and green. But now you don't even have to walk into the store for those treats: you can let your fingers do the walking.
Dan told us Cyber Monday helps with sales including the Bordeaux with a discount Cyber Monday only.
"Obviously without the online sales you wouldn't have those sales that day anyway," said Dan. "So, every dollar that comes in is an added dollar," he added.
And it seems people, in general, are enjoying Cyber Monday a lot.
"When you look at the compound growth from year to year, you're talking tens of percentage points," said Dr. Elad Granot who is the Director of the MBA programs at Cleveland State University. He said Cyber Monday generates three times the sales volume of a regular day of online shopping. And internet buying has become so popular that he says it's impacted when physical stores open on Black Friday or even earlier on Thanksgiving.
"These retailers noticed that there was an uptick a significant uptick in online activity during the past few Thanksgivings during the supposedly dinner hour when people are supposed to be getting together with their family and they were missing out on this action," Dr. Granot explained.
And by setting up a way to buy the treats online, Malley's hopes mouths near and far don't miss out on this action.
"You have people as far away as California, Tennessee, Florida, that can go right to Malleys.com and buy their chocolates," Dan added.