Consumer Reports Top 5 Cyber Monday myths

Posted Monday, November 26, 2007

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If you didn't get your fill of shopping this weekend, you've still got today, Cyber Monday, to hunt for bargains. Actually, you've got a few weeks, though it is worth checking out some of the deals being touted today. Before clicking that "Buy" button, however, be sure to review Consumer Reports Top 5 Cyber Monday myths:

1. You can get the best deals today.
Yes, there are some great deals to be had if you shop right now. Dozens of stores are offering free shipping and discounts on purchases. But many of those offers don't end today. For example, at the top of the official Cyber Monday Web site (sponsored by the National Retail Federation, which created the "holiday" two years ago) is a link to Apple's online store offering free shipping on all purchases with the tag "today only." However, Apple routinely offers free shipping for orders over $50, so unless you're planning on picking up something for less than that (not an easy task, given that the cheapest new iPod is $79), there's no reason to hop online and buy it today. Similar issues apply with many other merchants, so be sure to read the fine print before you rush into a purchase.

2. Cyber Monday is the busiest day for online shopping.
Sure, it's busy. In fact, according to ComScore networks, last year's Cyber Monday was a record day, with $608 million in online sales. But by December 25th, that record had been broken over 10 times, with the trophy going to December 12th, at $667 million.

3. If you don't shop today, hot products will be sold out.
This one's tricky. Yes, some hot items may sell out today, or over the next few days. And, the closer you get to the holidays, the more likely it is that some "must-have" gifts might be harder to come by. So, if there's anything you absolutely have to buy, and you're afraid it's going to sell out quickly, go ahead and place that order soon — though in most cases, that doesn't mean today.

4. You should shop online today if you want to get your gifts before the holidays.
Because Christmas falls on a Tuesday this year, you can order gifts from many retailers as late as December 18th and still get them delivered on time using standard shipping (and some offer overnight shipping as late as December 22nd). However, if you're shopping for Chanukah, you may want to get busy. The Festival of Lights starts next Tuesday.

5. If you shop at work today, your boss is not going to be pleased.
Sorry, this one isn't a myth. According to the National Retail Federation, 54 percent of workers will shop at work today. Headhunters Challenger, Gray & Christmas (yes, that really is their name) estimate that workplace shopping may cost the economy almost $500 million in lost productivity. So, if you must shop today, do it on your lunch break, so both you and your boss will save a few bucks. (And before you shop, be sure to check out these tips from ShopSmart!)