Cyber Monday is expected to generate £500m sales Today

Cyber Monday is expected to generate £500m sales in a single day as consumers head online for festive bargains.

Cyber Monday is traditionally the day that Brits adopt a “spend now, think later” attitude to shopping.

Consumers will complete the most online transactions ever recorded in a single day today, Cyber Monday, according to forecast data from Sage Pay.

Success of ‘Black Friday’ and the growth of sales via mobile devices suggest a lucrative Christmas is in store for retailers. Online retailers and card companies are flexing their muscles this morning ahead of what some have said could be the busiest day for internet shopping…in history. Traditionally an American phenomenon, Cyber Monday, has taken the world by storm, as consumers flock to the web in search of a festive bargain. Visits on Cyber Monday are expected to break all previous online records, it has being revealed. On a single day, there will be 113m visits to e-commerce sites.

Today, the buying frenzy is expected to move up another notch. The first Monday of December, which in recent years has become known as Cyber Monday, or Mega Monday, is the busiest day of the year for online sales, as shoppers order early to ensure pre-Christmas delivery.

Already this year, Barclaycard reported online shopping is up more than 10% compared to 2012, and credit card firm Visa has predicted today will beat last year’s Cyber Monday by a staggering 16%.

 

Nearly £500,000,000 is expected to be spent online today – the equivalent of £312,500 every minute and more than 7m transactions will take place. It is likely to be the busiest day ever for shopping online in the UK, with more than 113m visits to virtual stores as shoppers use their last pay cheque before the big day.

Online retailers expect to have raked in more than £1bn between Saturday and Monday night. Total Christmas sales are expected to be a staggering £72.2bn – or £351 per person – an increase of more than 2% on last year, according to the Centre for Retail Research, one third will be spent online.

Whilst enjoying this great day and offers, please also ensure you are shopping safely. For tips on safe online shopping, check Met Police’s top 10 tips to avoid online fraud. Happy Cyber Monday shopping from PING! and we look forward to hearing your experiences.

 

Cyber Monday is expected to generate £500m sales Today