This week started with the most dismal and depressing time of the year… Apparently.
That’s Blue Monday for you.
There’s not really much of an explanation behind why exactly ‘Blue Monday’ is the most depressing time of the year. But with a little bit of digging, we can at least see some reasons why.
For one, its the third week of the month, and for those out there that have been a little bit ‘lavish’ in spending over the holidays, that could explain it. Payday is more than a week away. For those people – we’re rooting for you!
The true explanation comes from equations that appeared from 2005 onwards. These pieced together some variables that create a formula for the most depressing day.
While these have been considered pretty silly by modern mathematicians, it’s managed to become a viral sensation.
Is it the case that some of us out there felt down on Blue Monday? Possibly. But for eCommerce across the world, it’s actually a brilliant time to be around.
What Blues? eCommerce Surges Ahead
Over the course of the holidays, eCommerce has accounted for well over $723 billion in spending, an increase of 8% compared to last year. There are plenty of reasons why this increase took place. For one, smartphones proved to be a game-changer once again.
Ecommerce growth in the US, for example, was bolstered thanks to the fact that payments on mobile accounted for 84% of growth.
Why mobile? It’s 24/7, of course! That’s what 54% of Americans said during a survey by KPMG. When offered more flexibility to when and how they can buy, people are going to take it and be more than happy to buy again!
It’s because of going mobile and offering this flexibility that US eCommerce hit $142.5bn in 2019 alone.
Same goes with the UK, which saw its eCommerce market jump by 7.6% to $84.8bn over the same year. High internet penetration means more eCommerce users, making the UK a powerhouse market on its own.
With that said, the price of innovation is constant vigilance. And it pays to pay attention to what could go wrong in your user’s experience.
Buying Blues: Bad Customer Experience
Even if Blue Monday doesn’t hold up to scrutiny. It’s still the case that a bad day or bad experience can put people off something for good. According to PwC, more than 60% of people would stop using a business altogether if they had one poor experience.
That goes far beyond just any kind of business. A further 32% would walk away from businesses that they had previously loved if they had a bad time.
There are plenty of percentages being thrown here, but let’s break it down a little bit more. If 2/3 of your customers reliably spend $20-30 on your store a month, what does that mean for your business? Take some time to think about how much revenue you’re getting from that, and how much you’re potentially losing.
Be the Change you Want to see in the World… For Customers, at Least
eCommerce businesses that can provide a rapid, painless, beginning-to-end experience for consumers are absolutely bucking the blues. 80% of customers highlight speed and efficiency as being key factors in their overall journey; from visiting the website to checking out.
When you’re an eCommerce business battling against the Monday Blues, it’s really important to give a good first impression. It’s even more important to give them every reason to stick around for the services you provide.
There’s no reason, in this day and age, that payments should be one of those obstacles to customers using your website. It’s why we at Unlimint always aim to keep the door wide open for users all over the world; letting them make payments the way they like!