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Are you ready for Cyber Monday? Image

Are you ready for Cyber Monday?

Sunday 1st December, 2013

Cyber Monday (December 2nd) - or Mega Monday - will be the biggest day ever for online shopping in the UK, as merchants slash prices to take advantage of the pre-Christmas retail splurge.

Online transactions in the UK will top 7.7 million, up 16 per cent on 2012, making it the busiest day of the year for e-commerce, according to Visa Europe.

It is predicted that an eye-watering £450 million will be spent in one day just on Visa cards, which equates to £312,500 being spent per minute, or £5,208 per second, online.

With £1 in every £3 spent in the UK done so on a Visa card, the total value of Mega Monday transactions could be a lot higher.

Jeremy Nicholds, director of commercial development at Visa Europe, says the online shopping season “will certainly start with a bang”.

The busiest online shopping day tends to fall on the Monday closest to the beginning of December. 

It’s seemingly down to a combination of pay day for the majority of consumers falling on the last Friday of the month and a weekend spent browsing the shops. This results in shoppers logging on to buy their gifts online the very next day.

Mobile devices will be used like never before, with research showing UK consumers’ shopping habits have changed significantly in recent years.

More than 25% of all spend with Visa is now online and more and more consumers are using their mobile devices to search and purchase whilst out and about.

Industry body IMRG says mobile now accounts for 27 per cent of online spend - an incredible rise of 2,000 per cent since the start of 2010.

Indeed this growth is likely to continue, especially if the new range of budget tablets sell well this Christmas, according to the organisation.

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