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There was a huge spike in online shopping on Black Friday, with a South African spending R299,950 on his holiday shopping.
This is according to data from PayFast, an online payment gateway owned by the DPO Group that facilitates online payments.
PayFast noted that the number of shoppers increased significantly over the Black Friday weekend, with online transaction volumes 50% higher than in the same period last year.
The company processed a 283% increase in total payment volume on Black Friday alone compared to a normal busy day like payday.
“This year’s Black Friday spending exceeded the volumes we’ve seen in previous years,” said PayFast managing director and founder Jonathan Smit.
“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.”
$ 99,950 in one transaction
PayFast said the largest single transaction it recorded on Black Friday was R299,950.
Additionally, South Africans spent more on Black Friday this year, with an average basket value of R1 243 compared to the previous year’s average basket value of R803.
These statistics, recorded by PayFast, are summarized below:
- Average basket value – R1,243
- The largest single transaction – 99,950 R2
- Total transaction volumes – + 50%
“Along with expensive items like televisions and game consoles, more purchases were made online for items that are traditionally traditional, focused on retail stores, such as toiletries, cosmetics and essentials,” said Smit.
Additionally, two-thirds of Black Friday shoppers in South Africa made their Black Friday purchases using a mobile device.
“Using smartphones means that you can buy from literally anywhere and at any time. We are seeing that merchants and payment methods are also better meeting the demand for mobile devices. “
PayFast said that this year’s Black Friday experience delivered a better customer experience across the board due to increased investment in online platforms.
The lockdown was a good test for many e-commerce companies, and the lessons were held in this peak period, ”said Smit.
The company also noted that 66% of transactions were made with cards during this period, indicating that alternative payment methods such as mobile wallets and QR codes are becoming more popular.
Black Friday transaction volumes
The infographic below shows the increase in online transactions during Black Friday in South Africa.
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