2022 once again saw online shoppers come out in full force over the Black Friday and Cyber Monday period. It’s positive to see that many shoppers are still choosing to purchase online despite COVID-19 lockdown restrictions being a thing of the past.
From our live Black Friday Dashboard and other data we collected, total PayFast online transaction volumes for the Black Friday and Cyber Monday period increased by 30% compared to 2021, including a 19% increase in total purchase values overall.
With Black Friday and Cyber Monday perfectly positioned ahead of the festive season, it’s not surprising that online shoppers chose to splurge on items like electronics, appliances, beauty and fashion.
On Black Friday, the largest transaction value for the day was R284,625 and the average basket size was R1,250, which was slightly higher than 2021, which recorded an average of R1,208 per basket. In comparison, on Cyber Monday 2022 the average basket size was R962.
Transactions peaked between 9 am and 10 am, which was later in the day compared to 2021 where online shoppers came out in full force just after midnight. This demonstrates online shoppers experienced a lesser sense of urgency to snatch up BF deals by choosing to shop once they got to work instead of setting their alarms for the midnight hour. Meanwhile, on Cyber Monday transactions peaked between 10 and 11 am.
As with Black Friday last year, online shoppers chose to shop online using their convenient mobile devices. 70% of total transactions were made on mobile phones versus 30% on desktop. This once again demonstrates the importance of having an online store that caters for shoppers using their mobile phones. On Cyber Monday, however, desktops proved to be the more popular platform.
And finally, on Black Friday 63% of payments were made via cheque or credit card compared to 31% via Instant EFT and 6% on alternative payment methods. While on Cyber Monday saw 51% of payments made via cheque or credit card compared to 45% via Instant EFT and 4% on alternative payment methods.
We hope you had a profitable Black Friday and wish you all the best for the festive season.
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