Everyone loves a good bargain and one South African took Black Friday savings to a whole new level after swiping for a single purchase of R299 950.
This year, online shopping was central to Black Friday in the country, which may be attributed to the global pandemic.
PayFast, an online gateway that various online retailers use as their payment facility, noted the single payment was the highest recorded on the day. The platform also experienced a 50% increase in online transactions in comparison to the same time last year, according to My Broadband.
Total payment volumes increased by 283% on Black Friday, in comparison to an ordinary busy day like payday. The average basket value recorded by the company was R1 243, whereas in 2019 it was R803. Two-thirds of shoppers used their device to purchase items on Black Friday. Approximately 66% of transactions were made using a physical card, showing an uptick trend in contactless payment options such as QR codes, virtual cards and mobile wallets.
Black Friday in South Africa is nothing compared to its Northern Hemisphere counterparts in that retailers don’t drop their prices as dramatically. Consumers generally use this day to save on tech, such as TVs, laptops, smartphones, and so on. PayFast noted that this year consumers purchased toiletries, cosmetics and essentials items online.
The trend can be attributed to the pandemic and the acute awareness it has instilled in people to avoid going out unnecessarily. Online shopping has grown over the years but this year, e-commerce and online retail spaces have been forced to innovate and adapt to the changing needs and demands of consumers.