Article provided by PayFast
Following a record-breaking Black Friday / Cyber Monday period in 2020, it’s not surprising that this year we once again broke records with this year’s total online transaction volumes increasing by a further 34% – as well as a 30% increase in total purchase values overall.
There was also a 30% increase in new buyers, compared to last year, demonstrating that consumers have become accustomed to the convenience offered by online shopping, especially when it comes to digital bargain-hunting and contactless payment options, as a result of the COVID-19 pandemic.
On Black Friday 2021, the largest transaction value for the day was R169,855. The average basket size was, R1,208 compared to R1,243 in 2020. One shopper purchased a total of 49 items in one transaction, to the value of R5,560, with the highest total purchase value for a single shopper coming in at R169,844.
While card payments remain the most popular way to make purchases online, alternative payment methods are also on the rise. QR code, or scan to pay, payments more than doubled on Black Friday 2021. There was also a 7% increase in the number of transactions taking place on a mobile device. This highlights the increasing number of consumers who are growing comfortable with cashless transactions, and the importance for online stores to cater for their preferences by offering a variety of payment methods at checkout.
It’s also worth noting that online transactions peaked between 9am and 10am, with many shoppers already making purchases just after midnight to make sure they got their hands on the Black Friday deal they were waiting for in anticipation.
We hope your online store had a successful and profitable Black Friday, and that you were also able to find some great bargains online.