19.3 C
Johannesburg
Monday, November 28, 2022
HomeBusinessMobile payments lead Black Friday sales with shoppers spending big on electronics,...

Mobile payments lead Black Friday sales with shoppers spending big on electronics, appliances, beauty and fashion products

Mobile payments lead Black Friday sales with shoppers spending big on electronics, appliances, beauty and fashion products

- Advertisement -

Mobile payments led the way on Black Friday, with 70% of total transactions driving sales, versus 30% on desktop, according to leading payment gateway PayFast.

The average basket size was R1 255, slightly higher than in 2021, which recorded an average of R1 208 per basket.

Electronics, appliances, beauty and fashion drove the bulk of sales over the bonanza discount weekend.

Brendon Williamson, managing director at PayFast, said: “Black Friday has become a highly anticipated annual event in South Africa, with people planning their wish-lists weeks, and even months, in advance.

“Between high inflation and increased food, petrol and energy prices, shoppers are more motivated than ever to take advantage of Black Friday deals – whether it’s to stock up on groceries and basic consumables or a post-pandemic splurge,” he said.

Many retailers reverted to the one-day format of Black Fridays past, big names like Takealot and Superbalist, have been running specials for the entire month of November.

Despite this, e-commerce activity spiked on Black Friday itself.

“Transactions peaked between 9am to 10am, with many shoppers already making purchases just after midnight,” said Williamson.

PayFast’s Black Friday Cyber Monday dashboard, a live payment data tracker that monitored transactions, recorded R397 217 split over two purchases by one single shopper, as the largest transaction value for the day.

Overall, the number of transactions PayFast processed increased by 20% compared to the previous year.

The company’s gateway solution PayGate, saw a slightly bigger increase in total payment volumes at 24%.

In 2021, the DPO Group, of which PayFast is a subsidiary was acquired by Network International, a globally renowned enabler of digital commerce across the Middle East and Africa.

As South Africa’s leading online payment gateway, PayFast enables frictionless, secure and instant transactions helping businesses succeed in the digital economy.

On Cyber Monday, the tracker indicated the highest spend at 9am was R200 000 spread over four transactions.

At 12pm on Monday, the largest single basket value from a shopper was R100 000 for just one transaction.

BUSINESS REPORT

Original Article

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -