Published: 22nd Jun 2016
Today (December 2nd) is expected to be the busiest 24 hours of the year for online retail.
Known as 'Cyber Monday', some 113 million visits to online stores are forecast for the day, with Visa Europe predicting 7.7 million purchases will be made, which is up 16 per cent on 2012.
The organisation said this will make December 2nd the busiest online shopping day ever with a total of around £450 million being spent. This works out at spend of £312,500 per minute and £5,208 per second.
Jeremy Nicholds, director of commercial development at Visa Europe, stated: "UK consumers' love affair with online shopping will reach its peak on mega Monday."
"Online shopping now accounts for more than 25 per cent of spend with Visa in the UK, signifying the confidence that consumers have in the security of online payments and in the delivery of goods," he added.
Visa said Cyber Monday usually occurs on the Monday closest to the start of December due to a combination of people being paid on the last Friday of November and having the weekend to look at potential purchases in store before buying them online.
The organisation also claimed mobile devices now account for 27 per cent of online spend, which represents a rise of 2,000 per cent since the beginning of 2010.
Mark Lewis, online director at John Lewis, said the habits of the retailer's consumer have changed thanks to the growth of the internet and mobile technology. He added Sunday evening has become the prime time for people to buy goods from its website.
Online retail has undoubtedly changed the way Britons shop and made the process much easier and more convenient. However, some people are unable to take advantage due to the poor quality of their internet connection - something Avonline can help with.
In November, Deloitte predicted more than £5 billion will spent over in the UK over the Christmas period as a whole.
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