More than £1billion worth of goods are expected to be snapped up by shoppers today as online retailers slash prices for Cyber Monday.
Bargain hunters who missed out on the thousands of discounts available on Black Friday will have a second chance to get their hands on a deal as UK retailers take part in one of the biggest internet shopping days of the year.
Retailers will be particularly keen to find ways of reeling in shoppers after a disappointing month of sales on the UK high street.
Bargain hunters will have a second chance to get their hands on a deal as UK retailers take part in one of the biggest internet shopping days of the year (file picture)
Last year, consumers spent £1.1billion shopping online on Cyber Monday and, if it is able to replicate Friday’s success, it looks set for another bumper year.
Data published by Barclaycard, which is responsible for almost half of debit and credit card transactions in the UK, showed that spending on the Black Friday just gone was up 7 per cent on last year.
It recorded a peak of 998 transactions per second between 1pm and 2pm compared with last year’s highest hourly rate of 791.
Amazon said 400,000 home products had been placed by UK customers by 4pm on Friday, while John Lewis saw its website crash briefly as it raced to match prices to those of its rivals.
Dom Joseph, chief executive of advertising tech company Captify said: ‘What works very much in Cyber Monday’s favour is that it is the last significant retail “day” before Christmas, in which people have the opportunity to pick up a heavily discounted bargain.’
Employees work at an Amazon fulfilment centre near Doncaster, South Yorkshire, last Friday
According to PwC, 51 per cent of UK shoppers plan to shop over Black Friday and Cyber Monday and three quarters of all spending will be done online or by mobile.
Technology and electrical items are the most sought after products over the Black Friday weekend, with half of all shoppers planning to fork out on these items.
Lisa Hooker, consumer markets leader at PwC, said: ‘Technology and electrical items are in demand this Black Friday weekend and retailers who specialise in these areas can’t afford not to have a Black Friday promotion in the UK – it’s here to stay.
‘The promotional weekend isn’t as vital for some sectors, such as fashion retailers, but undoubtedly still presents an opportunity for the whole UK retail industry.’
While Cyber Monday is officially the last day in the Black Friday calendar, not all retailers will drop deals straight away with PwC predicting a ‘Black Fortnight’ for some sectors.