South Africa’s major banks are predicting an uptick in online shopping this Black Friday weekend, with Absa, Standard Bank, Nedbank, and FNB expecting a significant rise in direct revenue from online transactions compared to last year. This is projected to contribute to a 17.3% increase in November's total retail sales, with online sales showing double-digit growth in November so far.
South Africa’s big-four banks anticipate a boost in online purchases today − Black Friday, which is considered to be the biggest shopping day of the year.
“Black Friday has consistently been a peak period and we’ve noticed customers have gained confidence in online purchases. Customers are drawn to the convenience of online shopping and the exclusive discounts available online during this time.” Black Friday is traditionally the day after Thanksgiving in North America, which marks the day when retailers move into profitable territory . It has been embraced globally in recent years and is regarded as the start of the festive shopping season.Absa says it has noted a significant increase in the total value of e-commerce transactions over the past year, while in-store transactions remain on the decline.
Although Absa typically sees transaction volumes peak on Black Friday, recent history suggests a significant portion of Black Friday or ‘Black November’ spending still occurs on the Monday after Black Friday, known as Cyber Monday. With the increase in retailers offering extended specials over the course of ‘Black November’, the bank expects in-store and online spend to exceed R3 billion over the Black Friday weekend, and anticipates a significant shift towards digital payments.
The bank’s data shows that while electronics and household items traditionally dominate Black Friday sales, there is notable growth in other sectors, such as travel.
BLACK FRIDAY ONLINE SHOPPING BANKS RETAIL SALES SOUTH AFRICA
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