Many consumers are now deciding what to buy for their friends and family as gifts for Christmas in what is normally the busiest time of year. There have been some retailers that have been struggling of late as Best Buy in the UK begins its closing down sale. But retailers are expecting to see huge sales today on Mega Monday, so what have you ordered?
In the US last week saw Black Friday which is followed by what is called Cyber Monday as consumers take to the internet to do their shopping. In the UK it is being called Mega Monday and according to The Telegraph it is being reported that record amounts of consumers will be going online to bag a bargain ahead of Christmas.
It has been revealed that retail sales have dropped at their fastest rate since March 2009 with the mild winter so far in the UK affecting demand for items such as winter clothes. But retailers both side of the pond are hoping for a sale surge to help weak demand so far. Consumers in the US are reported to be ready to spend big this year.
Over in the UK the Interactive Media in Retail Group, which is a trade body for online retailers thinks consumers will spend £3.72 billion in the next two weeks. This would be a fourteen percent increase compared to last year.
According to Argos the equivalent day last year saw 1.7 million visits to its online store with 20,000 orders made in one day. The company thinks the most popular items are expected to be iPads and iPods as well as copies of MW3.
There have been warnings though that some online retailers may struggle to compete with rivals with regards to pricing. Some will have to change prices twice today alone and up to ten times in the lead up to Christmas.
Have you ordered anything yet today?