Wal-Mart Stores Inc. and Target Corp. are taking their Cyber Monday promotions up a notch.
Both retailers on Monday said that they are strengthening their offers for Cyber Monday on Nov. 30.
Wal-Mart is under pressure after lowering its guidance in October and posting disappointing results for the third quarter. The world’s largest retailer’s profits are being pressured by investments in wages and technology.
Target last week delivered solid third-quarter results, but investors apparently wanted more and its stock fell.
Wal-Mart on Monday said it will release all 2,000 Cyber Monday deals on Sunday Nov. 29 at 8 p.m. EST. The retailer said that in previous years many customers stayed up until after midnight to get first crack at the offers.”By starting Cyber Monday a few hours earlier on Sunday evening and quadrupling the number of Cyber Monday specials, we’re making it easier for customers to get ahead of the busiest online shopping day of the year,” said Fernando Madeira, president and chief executive officer of walmart.com.
Target said that on Cyber Monday it will offer 15 percent off site-wide on target.com, marking the first time the retailer has discounted virtually everything on its Web site. In addition, Target said it will offer a slew of e-doorbusters on Cyber Monday as well as steep discounts within key departments such as apparel and toys during Cyber Week.
“We’re making target.com a not-to-be-missed destination for deal-seekers on Cyber Monday and throughout Cyber Week,” said Jason Goldberger, president of target.com and mobile. “We’re confident holiday shoppers who are looking to quickly and conveniently check items off their lists won’t want to miss Target’s deep discounts as well as free shipping and returns on Target.com.”
Examples of deals include XBox One 500GB Gears of War: Ultimate Edition Bundle for $299.99, regularly $349.99; plus a free EA sports game and free three-month XBox Live subscription; 50 percent off select Sennheiser in-ear headphones; 50 percent off kids’ licensed cameras, 30 percent off apparel, shoes and accessories for women, men and kids, and Swagway X 1 hands-free smart hoverboard, $399, reguarly $499. Ads on Nov. 29 will tout a selection of Cyber Week deals.
Targets savings can be stacked, for example, the 15 percent Cyber Monday discount can be on top of other promotions such as the 30 percent off apparel offer.
With all the deals, offers and promotions, the question is whether retailers can deliver so much savings without denting their profits. In addition, experts warn that consumers are being conditioned to shop earlier and earlier in the season for holiday gifts, which may leave their wallets empty in subsequent weeks.
Retail experts also note that this cutthroat, competitive holiday season will end up being a market-share game and retailers are looking to grab their share of the consumer spend first.