Black Friday sets over R1 Billion online spending records
Black Friday online sales went through the roof according to stats. While sales soared online, in-store sales declined from previous years.
The Black Friday frenzy led BankservAfrica to record a staggering 1.4 million transactions, totaling R1.39 billion, through its online 3D-secure service in 2023.
While the economic climate in South Africa posed challenges, the online realm saw an 11% increase in transaction volumes and a whopping 39% surge in total value compared to the previous year.
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BLACK FRIDAY SEES RISE IN ONLINE SHOPPING SALES
Contrastingly, in-store transactions faced a dip of 21% year-on-year, with the total value of in-store swipes dwindling to R3.1 billion in 2023.
Shergeran Naidoo, Head of Stakeholder Engagements at BankservAfrica, highlighted that in-store sales were lower than 2022 levels.
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He noted, “In-store shopping was slightly down compared to online, which delivered again as merchants amped up Black Friday promotions.”
Examining spending habits, BankservAfrica’s data revealed intriguing insights. Early Black Friday transactions saw a 4% increase, with 30,770 transactions tracked within an hour after midnight.
The e-commerce surge had a rhythm, slowing down before peaking between 10:00 and 11:00 with a record-breaking 93,814 transactions.
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A notable spike occurred between 08:00 and 09:00, with a 124% increase over 2022, and the final hour reflected robust 37% year-on-year online growth.
IN-STORE SALES DROPS
In-store transactions showed a 6% decline, dropping from 6.3 million in 2022 to 5.9 million in 2023. The peak in in-store transactions occurred between 16:00 and 17:00, totaling 496,399 through BankservAfrica’s systems.
Individual shopper behavior varied, with one cardholder processing 644 transactions in 2023, a decrease from 827 in 2022.
The highest single transaction value reached R113,000 at a luxury jewelry boutique.