Jason Jeffries
29 November 2011
Online retail expert Andrew Senior recently said online and multichannel retailers will be in tight competition on Cyber Monday and in the following weeks, as price cuts are expected to be significant this year. Pricing strategies on bestselling products could be subject to numerous changes throughout the next three weeks, as competitor prices will mould shopping behaviour.
"The online retail market continues to grow at a rapid pace and retailers are facing increasing competition for a share of the market," Senior stated. "Retailers will struggle to keep in touch with their competitors, with thousands of prices on products likely to fluctuate on 'Cyber Monday' - and perhaps even more so in the weeks to come."
According to the BBC, online retail experts have predicted both Cyber Monday and the following week to report the highest number of online sales in the U.K.
Andy Mulcahy of the Interactive Media in Retail Group told the BBC sales are expected to reach £3.72 billion for the fortnight starting on Cyber Monday. Christopher North, Amazon U.K.'s managing director, told the news source that the first Monday in December has historically been the busiest shopping day for the website, while Visa Europe said Cyber Monday will produce the highest number of online sales this year. In addition, eBay U.K. expects the first Sunday in December to attract more than 5.5 million shoppers to the auction site.
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