Consumer Payment Card News

Cyber Monday

Yesterday was projected to be the heaviest online spending day on record with sales expected to top $700 million with 72 million shoppers online. Top retailers have plugged into the action by running special promotions such as Wal-Mart’s “Cyber Week” and Macy’s “web-busters.” comScore says e-commerce spending on “Thanksgiving Day” rose 29% to $272 million and “Black Friday” increased 22% to $531 million. The digital measurement service predicts “Cyber Monday” e-shopping this year will jump 16% from $608 million in 2006. comScore says more than $9.3 billion has been spent online during the season-to-date, a 17% gain over last year. Meanwhile, Macy’s “web-busters” promotion is offering free shipping on orders of $75 or more. The retailer is also featuring one-day-only “web-busters” plus nearly 80 other handpicked specials in all merchandise categories. Walmart kicked-off “Cyber Monday” with five days of online specials offering significant savings. The giant retailer has nearly tripled the number of online specials this year since last year and is introducing a “daily featured item” each day this week. According to Forrester Research, online payments are predicted to top $33 billion this season, a 21% increase over the holidays in 2006.

2006 2007
Thanksgiving Day $210MM $272MM
Black Friday $430MM $531MM
Cyber Monday $608MM $701MM
Source: comScore

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