One day of specials on Black Friday is just not enough. Cyber Monday was an opportunity for the online platforms to also join in the action. The result was not as spectacular as Friday but the growth rates were impressive nonetheless. Paymark processed $2.5 million through ecommerce channels for core non-food retail shops, up 34.7% on the previous Monday and up 63.4% on the same Monday last year. For comparison, the spending through Paymark for these same merchants was $69.7 million on Black Friday.
Paymark did process a larger total through eCommerce channels on Monday but many transactions are within the non-retail sector e.g. government bodies, professional firms, travel companies. Total eCommerce spending on Monday was $17.6 million, up 9.6% on last year. eCommerce spending amounted to 10% of all spending processed through Paymark on Monday.
Spending through Paymark on Monday totalled $177.2 million, down 0.4% on last year. This is hardly surprising given the spending spree in the previous three days.