UK Black Friday online sales expected to beat record
By Caoimhe Toman
Date: Friday 27 Nov 2020
(Sharecast News) - Internet industry body IMRG said that the online sales for this year's Black Friday are expected to reach an all-time high.
The rise in sales comes as retailers slash prices in an attempt to drum up trade after a lost November on the high street due to the second wave of the coronavirus pandemic.
Some retailers have been forced to shut down shops and now only sell their products online.
Consumers have already shifted their purchases to online sites, providing an added boost to internet sales in 2020.
Last week online sales were 56% higher than in 2019, according to IMRG.
Some online businesses are also dramatically cutting prices to compete with traditional retailers coming into the sector. Asos is offering up to 70% off, while its rival Boohoo is slashing prices by up to 90%.
Fashion topped the list of most sold products, followed by beauty and grooming products, according to The Guardian.
Over the four days, shoppers are expected to spend £7.5bn, according to a Centre for Retail Research (CRR) report for Vouchercodes.co.uk.
The CRR's forecasts, which predict online sales will be nearly £2bn higher than last year at £5.8bn while stores will lose out on £3bn of business, to take just £1.7bn.
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