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Cyber Monday: Impacts on the Local Economy
Twin Falls, Idaho (KMVT-TV) Cyber Monday brings to a close the busiest shopping weekend of the year.
It's quickly growing in popularity, but what does it mean for our local economy?
As we've entered into the realm of Smartphones and tablets, many Americans are changing the way they shop.
Much of it has to do with retailers offering online-only deals.
"I think people are really deal savvy, really shopping the ads," said Aaron Heaton, Target, Twin Falls.
This year a record eighty–five percent of online retailers will offer special promotions on Cyber Monday, up from just a little over seventy–eight percent in 2011.
"Cyber Monday is very exciting for us. We have a lot of things that we don't offer in the store that's available online," said Heaton.
Retailers are getting the word out to customers using social media, email and mobile alerts.
Local shoppers won't have to go far to find a good deal Monday, but it does have a heavy impact on our local economy."
"When people are shopping online those dollars aren't staying in the local community," said Shawn Barigar, President, Twin Falls Chamber of Commerce.
According to a National Retail Federation survey 72 million Americans, roughly 57 percent, will shop for a holiday gift from the office this year.
The brick and mortar small businesses are the ones that are hit hardest.
"So, even if you're shopping at a big box retailer in Twin Falls they're employing people, they've made investments here they're paying their taxes and those dollars are turning in our economy," said Barigar.
Retailers are expected to spoil their online shoppers with coupons, big discounts and limited–time promotions, but the biggest treat on Cyber Monday is the free shipping.
Cyber Monday began back in 2005 when retailers started noticing a growing number of people shopping online the Monday following Thanksgiving.
Today Cyber Monday is viewed as the online equivalent of Black Friday.