The term, Cyber Monday, was coined seven years ago when online retailers started to notice a surge in sales after US Thanksgiving holiday.
It has been predicted that up to 25 per cent of Christmas shopping will be carried out online this year, a 16 per cent increase on last year's figures. This will equate to £7.75 billion being spent online, according to e[tailing trade association IMRG.
Meanwhile, fires on the High Street are expected to fall by 2.1 per cent.
It is also thought that nine out of every ten retailers will have a special promotion for Cyber Monday and 62.7 per cent will send promotions and deals to shoppers through a special Cyber Monday email.
Kevin Flood, CEO of social shopping website Shopow, said: "The peak in online Christmas sales has been brought forward to this week, a whole 14 days earlier than expected. The recession and strong demand from consumers hunting for deals online has lead to an all out price war, with many retailers losing their nerve.
"Amazon fired the first salvo a week ago with the mega sale launch much earlier than anticipated in order to shift their stock.
“We are experiencing a huge surge in demand from consumers hunting for deals and bargains on Christmas presents, we expect a record rise in online spend this Christmas forced in part by the recession and by ever tightening purse strings; creating a an all out nation of bargain hunters.
"Cyber Monday is an opportunity that retailers know they can't miss, as millions upon millions of British shoppers take their footfall online."