Visa Europe has announced that Irish consumers are expected to spend €22 million on the first Monday in December, a day that is quickly becoming known as ‘Cyber Monday’ – the online equivalent to Black Friday.
The figure of €22 million represents an expected 17% increase on last year. It also estimates that approximately one million eCommerce transactions will be made in Ireland this weekend, using Visa’s various debit, credit and prepaid cards. Of those, some €74 million is expected to be spent between today (Friday) and Monday.
Conor Langford, Visa Europe’s country manager for Ireland, said online shopping is “exploding” in Ireland, with Irish ‘eTailers’ (ecommerce retailers) attracting customers across Ireland, and also internationally.
“At Visa Europe, we are enabling Irish companies to take advantage of the possibilities that eCommerce presents by making sure that online spending is safe and convenient. Visa Europe remains committed to developing new products to make online shopping even easier in order to create more opportunities for Irish companies so they can gain even more customers in the future.”
Throughout the month of December, Irish consumers are set to make up to seven million transactions online using their Visa cards. This is expected to bring the overall spending on eCommerce in December to €474 million.
Research has shown that €1 out of every €4 is spent via Visa in Ireland.
Meanwhile, Fiona O’Hara of Accenture UK & Ireland explained that “with Black Friday and Cyber Monday fast becoming fixtures on the [British & Irish] retail calendar, retailers have an opportunity to capitalise on these key milestones too. With so much competition, it is more important than ever that retailers switch from a mass-marketing approach to targeted-one-to-one offers.”
Across the pond, British bank Barclays recently released the results of an independent survey of multi-channel retailers, which found that despite being in its infancy, retailers believed shopping for gifts via social networking sites could increase by over a fifth (21%) compared to 2013.
“2014 has been a good year for many retailers thanks to heightened consumer confidence, and this is clearly reflected in their brighter outlook for the Christmas season,” explained Richard Lowe, Head of Retail & Wholesale at Barclays.
“It’s interesting to see that purchases on tablets have been cited as retailers’ biggest opportunity for growth and social commerce is also one to watch in the future, as ‘buy buttons’ on social networking sites will make online shopping even more accessible.”
In a European context, the United Kingdom is in the lead when it comes to e-commerce, but other countries aren’t far behind. Sales are expected to grow the fastest in both Spain (59.3%) and Italy (47.2%), while overall revenues will be the highest in the UK (€701m), Germany (€315m) and France (€245m).