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// Transactions on Cyber Monday rose 5% according to Barclaycard Payments
// Fashion retailers online and on the high street have resorted to deep discounts to drive sales
The volume of payments made throughout yesterday’s Cyber Monday rose 5% against 2021 as fashion retailers resort to deep discounts to drive sales.
The data from Barclaycard Payments, which processes nearly £1 in £3 spent on UK debit and credit cards, shows that “despite a challenging economic backdrop, shoppers have made the most of the discounts on offer,” according to the firm’s boss Marc Pettican.
The growth comes on top of the 3.59% year-on-year increase in transactions experienced on Black Friday.
However, fashion retailers have launched a barrage of discounts to get consumers shopping as the cost-of-living crisis and mild weather has hampered sales of autumn/winter stock.
On Monday, New Look was offering 50% off all products, Asos up to 80% off almost all lines and Boohoo 30% of everything.
The Guardian reported that the discounts came as industry insiders warned a number of online fashion retailers had experienced a double digit decline in sales in November versus last year.
Elsewhere, retailers such as M&S, Matalan and River Island had promotions that gave customers between 20% to 30% discounts.
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It has emerged that fashion retailers are sitting on piles of unsold clothing due to a hangover of last year’s supply chain delays, and lacklustre demand for current season stock.
Supply chain disruption easing has led to a pile up of products in warehouses as lead times from east Asia have shortened.
This means that retailers faced with clearing last year’s delayed stock are receiving new stock quicker than expected.
M&S has asked suppliers to postpone deliveries to its warehouses and has delayed finalising its orders for next year.
An M&S spokeswoman said it was “re-adjusting stock flow” as supply chain disruption eased. It is thought these are industry-wide challenges.
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