Cyber Monday: 100 Million Expected to Shop Online Today

Next to Black Friday and Boxing Day, Cyber Monday (today in the US and Canada) is considered one of the most popular shopping days each year. However, while Black Friday and Boxing Day usually mean long lines and zero parking at the local mall, Cyber Monday is all about shopping for loved ones online, and this year it could bring the highest sales ever.

Cyber Monday to Bring 100M Shoppers

According to a recent estimate from industry analyst Shop.org, nearly one hundred million shoppers are expected to make their way onto the web today in order to find the cheapest merchandise from the comfort of their desk chairs and living room couches.

If Shop.org (which coined the phrase "Cyber Monday" five years ago and has been following it ever since) is right with its 96.5 million online shopper projection, it will mark the busiest Cyber Monday in history, topping last year's record of 85 million.

Smartphones, Recession Fuel Sales

Helping to drive the number of online shoppers up this year is the increased popularity and affordability of smartphones like the RIM BlackBerry and Apple iPhone, which allow users to surf the web and make purchases from just about anywhere. That makes completing a sale much easier, since one doesn't even need a computer to do so.

Also making Cyber Monday more popular this year is the recession -- since it's much quicker and much easier to shop more retailers from home than on the road, consumers are often able to find the best price on a piece of merchandise in far less time. "We've already been seeing so many people shopping for deep discounts," said PriceGrabber.com spokesperson Michelle Kane. (Source: wsj.com)

Already statistics are suggesting that online shopping is up this year. The best evidence? Black Friday, a day traditionally known for traffic and shopping mall hysteria. According to ComScore, online sales this year are up 3 per cent over 2008. However, if you focus in on just Black Friday, stats show that web sales were up 11 per cent this year over last. (Source: cnet.com)

Job Loss Fears Still Loom

As for both the mall and online shopping, it appears the number of total purchases will stay about the same. In a recent report, the National Retail Federation (NRF) said it expected holiday sales to be $437 billion, a drop of 1 per cent from 2008. The NRF says 84 per cent of consumers plan to spend less this year compared to 2008, suggesting job loss fears have yet to subside.