Cyber Monday is an 'opportunity' for retailers
Cyber Monday is an opportunity for Irish retailers to 'seize the moment' and reverse a trend of consumer spending going to international retailers, experts have said.
Irish retailers are losing out on €4.5bn annually, according to research carried out by Amarach for Virgin Media.
The research said that Irish consumers spent €7.5bn online every year. However, just 40pc of this is spent on Irish online retailers, leaving €4.5bn going abroad.
Virgin Media's Anna-Maria Barry said that Black Friday started a trend of a "quick sale frenzy" built on "buzz words" and that Cyber Monday gives Irish retailers "an opportunity to turn around" the increasing trends.
Amongst the leading brands participating in the online sale is Littlewoods Ireland. It is expecting a boost in sales for clothing and footwear, televisions, wearable technology, personal care products and small domestic appliances.
The research also showed that 94pc of Irish internet users shop online and they spend €80 per month on average.
A key factor in consumer spending was that six in 10 online shoppers said that they would not buy a product online if they could do so locally instead.
However, Graham McQueen from the Dublin Chamber of Commerce played down the hype of the sales by saying "there are not a lot of deals in quantity".
Mr McQueen said retailers were trying to get away from the "noise of Black Friday" as the "market has forced their hand".
He also said that there was a place for both online and traditional shopping methods, and that "retailers will be hoping to go back to normal in the future" as he sees the trends changing in forthcoming years.