Last Monday was predicted to be the biggest day for online transactions this year, with nearly half a million pounds estimated to be spent
Around 25 million shoppers were expected to log on to the web to take advantage of deals and purchase presents for the coming festive season. Cyber Monday, as the retail event has come to be known, is the first Monday following on from Black Friday, which takes place after American Thanksgiving.
In the US, according to a study by research agency comScore, actual Black Friday sales were down 11% on the year before. However, it has been predicted that Monday will prove to have been the biggest day for online purchases yet. Some believe, therefore, that the lower number of physical transactions last week is due to customers holding off to buy the same items online.
This will be good news for search engine optimisation firms and Internet marketing companies, which have been working hard to facilitate online sales for retailers.
IMRG, Britain’s e-retail industry body, predicted before the event that around £451,000 would be spent per minute by UK shoppers online, meaning that there will be a total estimated revenue of £650m.
The event is increasingly being seen as a great boost for internet-based retailers entering the holiday season, as well as more traditional stores that are moving their services online. According to retail finance firm Pay4Later, around 24.9 million people will have done some of their Christmas shopping on Monday, with around a million predicted to have completed half.