Visa Europe predicts that Monday the 3rd of December will be the biggest online shopping day in the UK’s history. The company is gearing up to support the anticipated 6.8 million transactions totalling around £320 million, using Visa cards alone.
The first Monday in December, known as “Cyber Monday” or “Mega Monday”, is expected to once again be a virtual shopping frenzy, when UK shoppers use their computers, tablets and smart phones to shop for Christmas gifts at great discount prices and with enough time for their shopping to be delivered and gift-wrapped before Christmas.
The term “Cyber Monday” was coined by Shop.org after a study revealed that 77 percent of online retailers reported a substantial increase in sales on the Monday after Thanksgiving. This led to more and more online retailers giving discounts and special deals on this day to further drive sales.
Sales on the Monday after Thanksgiving have risen every year since then. Last week, UK retail association IMRG forecast a £920 million spend by consumers using mobile devices in the first two weeks of December.
Steve Perry, commercial director of Visa Europe, was quoted as saying: “Online shopping now accounts for a significant proportion of all retail spend. This reflects the confidence that shoppers feel about the security of using their Visa cards for online transactions.”