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Black Friday 2020 Breaks eCommerce Records In South Africa

Fintech

News

Dec. 9, 2020, 3:46 p.m.

PayFast, a South African based online payment processing service, has issued a press release which says that this year’s Black Friday online transactions has increased to 50% compared to 2019.

The company says the total number of payment volumes recorded on Black Friday alone hit a 283% increase which is more than that of a normal busy day such as payday.

Jonathan Smit, the Managing Director and Founder of PayFast noted that, “This year’s Black Friday spend surpasses the volume we have seen in previous years. The rapid adoption of e-commerce over the course of 2020 has meant that we have seen more people shopping online, especially amid fears of a COVID-19” resurgence.

“Alongside big-ticket items like TVs and gaming consoles, more purchases were made online for items that are traditionally brick-and-mortar, retail store focused, like toiletries, cosmetics and essentials,” Smit adds.

According to PayFast, the highest transaction for the day was R299 950 and online shoppers spent more per basket at R1 243, compared to the 2020 average basket value of R803.

The release further emphasized that due to the pandemic, mobile devices were used to make the highest number of purchases with a 66% record. Moreover, retailers have invested in their online platforms to offer better user experiences for first-time shoppers.

Smit points out that alternative payment methods are on the rise because buyers are becoming more comfortable with online shopping.

“Instant EFT, QR codes and mobile wallets are becoming more popular as consumers become mvghore comfortable shopping online”.

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Dorcas

Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.

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