It goes without saying that challenges always present an opportunity for innovation and we’ve seen quite a lot since the lockdown and pandemic has hit our shores. For one, Black Friday has certainly changed over the years and we reckon that its going to look a whole lot different.
With it falling on 27 November, we look at the predictions FNB has in-store (see what we did there?) for this year’s Black Friday.
For starters, comparable to the consistent growth in transaction volumes between Black Friday and Cyber Monday over the past four years, FNB expects e-Commerce to continue gaining momentum as one of the preferred shopping channels this year.
In 2019, during the Black Friday weekend transaction volumes on FNB POS (Point of Sale) devices grew by 32% compared to 2018, while e-Commerce transactions grew over 30%.
This year the bank anticipates a 10% increase in the total number of e-Commerce transactions between 27 and 30 November, when compared to last year, as many consumers who participate in Black Friday may opt to shop online instead of going into brick and mortar stores given the reasons we’ve touched on above.
It’s worth noting that no significant increase in year on year transaction values from a Rand perspective is expected, Black Friday e-Commerce volumes are certainly going to increase.
Merchants have also upped their game by providing superior customer experience and investing in their platforms to ensure a seamless sales experience, regardless of the types of devices used by consumers when shopping.
One such example is increased support for QR Code payments, where the customer opts to checkout through simply scanning the presented QR Code to pay.
Given that Black Friday and Cyber Monday officially kick start the festive season, merchants that have been significantly impacted by Covid-19 are also looking to maximise on sales to recover and make up for lost income.