Retailers to feel pinch as buyers log on for Cyber Monday deals
Retailers are due to feel the pinch today as shoppers look to take advantage of Cyber Monday deals.
However, the Dublin Chamber of Commerce believes that the new trend of super sales will not last.
There are fewer products on sale in good quantities during the Black Friday and Cyber Monday weekend according to the Chamber's Graeme McQueen. He played down the hype of the sales saying there was "a lot of noise from Black Friday" but less stock on sale compared with last year.
Mr McQueen also said that retailers are trying to get away from the big sales as the "market has forced their hand."
He added that there is a place for online and traditional shopping and that "retailers will be hoping to go back to normal in the future" as he sees trends changing in coming years.
Mr McQueen's comments come as figures show Irish retailers are losing out on €4.5bn annually in online shopping, according to research carried out by Amarach for Virgin Media.
The research said that Irish consumers spend €7.5bn online every year. However, just 40pc of this is spent on Irish online retailers leaving €4.5bn going abroad.
Meanwhile, Jobs Minister Mary Mitchell O'Connor will today tell her European counterparts she wants an end to so-called 'geo-blocking' that sees Irish online shoppers pay more when buying from foreign websites.
She said the practice was "unfair" and current lack of regulation left shoppers "paying over the odds".
Geo-blocking means that shoppers are charged different prices on websites based on their nationality or purchasing location.
Shoppers are prevented from accessing cheaper prices on different versions of a seller's website for specific countries.
"I want to ensure fairness across the board so that Irish consumers are not disadvantaged...[shoppers] should be aware of the best prices available," Ms Mitchell O'Connor added.