The 2010 online holiday shopping season is shaping up to be one of the best. Forbes.com reported that Cyber Monday may have been the heaviest online spending day in history with a record-breaking $1 billion in online spending, according to comScore. This data also reflected a nearly 16% year-over-year increase in spending, as well as the first time in history that over $1 billion was spent online in a single day.
While we here at Visa have always recognized the importance of in-store sales – as evidenced by our ubiquitous network of retailers that accept Visa cards – we are also keenly aware of eCommerce’s ever-growing significance to consumers who enjoy the convenience and security of online shopping. In fact, at our Investor Day, Elizabeth Buse (formerly our Global Head of Product and now Group Executive for Asia Pacific) said, “eCommerce is the fastest growing segment of Visa’s product portfolio.”
Visa has made significant advancements to expand its presence in eCommerce through the acquisition of CyberSource, a full-service payment management platform for eCommerce merchants, and the development of RightCliq, which was recently enhanced to add even more convenience and security to the online shopping experience.
As we look towards the future, we expect there to be many more billion dollar Cyber Mondays and are excited to be at the forefront of online shopping this holiday season and beyond.
