Cyber Monday splurge to hit £500m

Consumers will complete the most online transactions ever recorded in a single day on Cyber Monday, spending more than £500m, according to forecast data from Sage Pay.

It’s one of the biggest shopping days of the year for British retailers, following hot on the heels of Black Friday. Last year, shoppers spent of £456m, according to Sage Pay’s records.

Website visits on Cyber Monday will break all previous online records, it has revealed. On a single day, there will be 113m visits to e-commerce sites.

“With just four weeks until Christmas, most of us will just have been paid, so Cyber Monday is the day when consumers rush online to do their Christmas shopping,” explained Simon Black, CEO at Sage Pay.

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

Last year, Visa estimated that £10,000 was spent online every second on the day, up 30pc on 2011. Research firm Experian also counted 112m visits to online retailers that Monday, an increase of 32pc on the previous year.

The winners of the online sales race last year were eBay, Amazon and Argos. These websites received the largest number of online visits out of all UK e-tailers, accounting for 30pc of all online visits in the retail category.

There is, however, one more contender for the biggest online shopping day of the year title. Small Business Saturday, the US initiative brought to the UK by shadow business secretary Chuka Umunna, takes place on the December 7. Shoppers are being urged to support the UK’s five million small businesses by picking local shops, restaurants and traders over big chains.
The initiative created an extra £3.5bn in revenue for US small businesses last year.