Last year it was dubbed "Click Fail" but the second incarnation of Click Frenzy - Australia's answer to Cyber Monday – has been hailed a success.
While traffic to the main Click Frenzy site was slightly down on last year, sales among participating retailers were well up.
Independent data from technology giant IBM shows the online sales of participating retailers to be up 16.3 per cent on the 2012 event.
Leading Australian online fashion retailer The Iconic recorded its biggest ever sales day on Wednesday and its first "million dollar day."
The Iconic's managing director and co-founder Adam Jacobs said it had received twice as many orders as last year's Click Frenzy event.
"We have seen an unprecedented level of sales over the past 24 hours, with purchases spanning our entire range," Mr Jacobs said.
A Myer spokeswoman said the department store had recorded its "second-biggest online sales day." Christmas Day in 2012 remains the busiest online sales day for the department store.
"This year's Click Frenzy was even bigger for us than last year and resulted in a strong 24 hours of online sales," she said.
She said their "peak hour" arrived at 10pm on Tuesday night and she expected the event to drive further sales in coming days.
"Just over 10 per cent of orders were 'Click and Collect', which will drive foot traffic and additional sales to stores over the upcoming days as orders are collected," she said.
The analysis from IBM Digital Analytics Benchmark found the average purchase value was $131.13 – down 4 per cent over the same period last year.
However, IBM's retail lead in Australia and New Zealand, Ian Wong, said given the 16.3 per cent increase in sales, overall spending was expected to be well up on last year's technology-plagued event.
Last year, the Click Frenzy site and those of several participating retailers, including Myer and Toys R' Us, crashed in the opening hours of the sale.
Mr Wong said this year's glitch-free event reflected a maturation of Australia's online retail environment.
"In comparison to last year where there were some challenges, what we've seen this year is a maturity of the online retail space in Australia," he said.
IBM's analysis also found that mobile shopping increased significantly during this year's 24-hour sale, further reflecting that Australian retailers were "addressing the increasingly popular mobile channel."
Mobile traffic made up 33.2 per cent of all online traffic during the event, up from 24.5 per cent in 2012, while mobile sales reached 17.7 per cent of online sales, up from 12.4 per cent.
Mr Wong said the data showed many consumers used their smartphones to browse online bargains then often switched to tablets to make purchases.
Tablets generated 17.4 per cent of all online traffic while smartphones generated 15.9 per cent. However, tablets drove a significantly higher percentage of sales than smartphones – with 14.1 per cent of sales compared to 3.7 per cent, respectively.
Click Frenzy organiser Grant Arnott said while preliminary figures showed there were fewer visitors to the website this year, they were spending more.
"The preliminary figure of 1,061,000 visitors is short of last year's total volume of almost 1.6 million, but the behaviour was decidedly different – this audience was there to shop," Mr Arnott said.
"Our prediction is sales figures for retailers will be in excess of the $15-20 million estimates last year."
Mr Arnott said the most searched for items were iPads, Lego and iPhones, with Apple, Nike and Bonds the most searched for brands and Myer, Bonds, Target, Big W and Peter Alexander the most popular retailers.
According to IBM, peak traffic times occurred after the evening meal at around 9.30pm on Tuesday night and peaked again at around 11.30am on Wednesday. The sale finished at 7pm on Wednesday night.