Tue, November 30, 2010
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Millions log on for Cyber Monday

2010-11-30 10:37:03 GMT2010-11-30 18:37:03 (Beijing Time)  SINA.com

Retailers are hoping Cyber Monday deals click with web consumers after an upbeat start to the holiday shopping season.

After the thrill of the hunt on Black Friday, it was time to chill out in front of the computer on Monday- where bargains were just a click away thanks to what retailers have dubbed Cyber Monday.

BDO USA partner Alan Sellitti:

SOUNDBITE: ALAN SELLITTI, PARTNER, BDO USA, (ENGLISH) SAYING:

"It comes at usually a time when you need a break from your work routine and there it is and 5 minutes later you've accomplished what you would have in an hour and a half going to a store and fighting the crowds."

This year, nearly 9 out of 10 retailers will have a special promotion for Cyber Monday according to Shop.org, the digital division of the National Retail Federation.

It also found that close to 107 million Americans will shop on Cyber Monday-whether it be from their offices, or at home, or even on the go.

Jim Awad of Zephyr Management:

SOUNDBITE: JIM AWAD, MANAGING DIRECTOR, ZEPHYR MANAGEMENT (ENGLISH) SAYING:

"I think the one day is the gimmick and it is the day that retailers will use as a promotion"

Early data showed the promotions were working- Ebay's Paypal unit says payment volume was up 21 percent compared to last year by about the middle of the day on Monday.

And Cyber Monday is not just about retailers- all that clicking turns into shipping- and that's a big boost to the companies that get the goods where they need to go:

Jim Corridore of Standard & Poors:

SOUNDBITE: JIM CORRIDORE, EQUITY ANALYST, STANDARD & POOR'S (ENGLISH) SAYING:

"FedEx and UPS both know that there is going to be a bump on the Monday after Thanksgiving. They have a peak which is a couple of days after that so they do plan on this they hire extra workers for it and they are expecting to see strong growth this year.

Last year Cyber Monday sales were $887 million according to ComScore. Some analysts are predicting Cyber Monday sales could be as high as a billion dollars this year.

(Reuters)

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