Reston, Va. - Online retailers on Monday were expected to generate more than $700 million in sales -- an all-time single-day high -- according to Internet audience metrics firm comScore.

The day, coined as "Cyber Monday" by the industry in 2005, represents the unofficial kick-off of the online holiday shopping season.

Sales were projected to outpace the $531 million spent by consumer on "Black Friday," a figure that itself was up 22% from a year ago.

"The Friday after Thanksgiving is known for heavy spending in retail stores, but it's clear that consumers are increasingly turning to the Internet to make their holiday purchases," said Gian Fulgoni, the chairman of comScore.

"Online spending on Black Friday has historically represented an early indicator of how the rest of the season will shake out. Online retailers will also certainly be paying close attention to what happens on Cyber Monday, which will provide an even clearer indication of what lies ahead for the rest of the season."

Related Links:
http://www.comscore.com/press/release.asp?press=1914