BLACK FRIDAY WRAP – Black Friday online shopping stays popular, in-store sales down
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GUEST - Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements.
In the online vs in-store retail Black Friday battleground, it would appear more South Africans focused on filling their online shopping carts which tracked positive year-on-year growth unlike the declining in-store sales, according to BankservAfrica’s numbers. The 2023 levels, however, reflected the tougher economic conditions.
“In-store shopping was slightly down from last year's levels compared to online, which delivered again as merchants upped their Black Friday promotions and attracted interest from eager consumers,” says Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements.
“BankservAfrica’s online card authentication service (i.e. online purchases that require customer authentication), 3D-Secure*, recorded a Black Friday total of 1.4 million transactions to the value of R1.39 billion. This represents an 11% growth on the 1.2 million transaction volumes and 29% improvement on the R1 billion registered in 2022,” says Naidoo.
In the online vs in-store retail Black Friday battleground, it would appear more South Africans focused on filling their online shopping carts which tracked positive year-on-year growth unlike the declining in-store sales, according to BankservAfrica’s numbers. The 2023 levels, however, reflected the tougher economic conditions.
“In-store shopping was slightly down from last year's levels compared to online, which delivered again as merchants upped their Black Friday promotions and attracted interest from eager consumers,” says Shergeran Naidoo, BankservAfrica’s Head of Stakeholder Engagements.
“BankservAfrica’s online card authentication service (i.e. online purchases that require customer authentication), 3D-Secure*, recorded a Black Friday total of 1.4 million transactions to the value of R1.39 billion. This represents an 11% growth on the 1.2 million transaction volumes and 29% improvement on the R1 billion registered in 2022,” says Naidoo.
