The aftermath of Black Friday for online payments

Black Friday this year was heaven on earth for brands and retailers. According to Forbes, shoppers spent the mind-blowing $1 million per minute during its peak, generating more than $5 billion revenue in online sales in a record amount of time.

Unsurprisingly, online payments were the superstars of this year's shopping behavior. Considering the inconvenience of hunting discounts in stores stacked up to the ceiling with people, digital purchases were the logical choice for many consumers.

Here is the aftermath:

Online payments:

• $1 million spent per minute during the most intense hours;

• 2,800 orders per minute were made on e-commerce platforms;

• $5 billion have been spent online right after Thanksgiving;

• $3 billion spent on Thanksgiving day accounted for a 18.3% increase from the same time last year;

• $20 billion will be spent during the Black Friday week according to Adobe;

• $1 billion was generated online every day since 1st of November (this year Black Friday´s marketing efforts started quite early;

• $6.6 billion in sales are expected on Cyber Monday, which some believe will be the biggest online shopping day in history;

• 15% rise in online spending and other non-store sales is estimated this year;

Mobile payments:

• $1.4 billion in online revenue;

• 61% of all the web traffic to retail sites on Thanksgiving;

• 42% of sales came from mobile devices;

• 48% more orders on smartphone.than last year;

• 54.3% of page visits on Black Friday;

Overall consumer behavior:

• Preliminary data indicates a 1.6% decline for in-store purchases on Thanksgiving, and 1% decline on Black Friday;

• Mobile sales are starting to rise, having accounted for 42% of online sales, and more than 50% of web traffic;

• Internet sales volume has grown by 24% in comparison to last year, which is a significant increase in online payments.

• Generally, the shopping behavior statistics show that digital e-commerce and retail is the preferred alternative to in-store purchases, and mobile payments are on the rise.

Black Friday around the world:

• UK - an estimated 8% drop in the number of shoppers visiting stores; however, overall spending is estimated to go up by 8% in comparison to last year.

• Spain - according to Reuters, Black Friday is having a relatively low pick-up amongst Spanish people, with only 22% of them buying something; the average purchase was for 102 euros per person.

• Germany - sales promotions on Black Friday and Cyber Monday generated an estimated $2 billion revenue;

• France - about 8 million French people are expected to make purchases from Black Friday to Cyber Monday;

• USA - on average, the North-American consumer spent $132 dollars per purchase, up by 3.2% from last year. More than 85% of the online stores offered free shipping.

Taking a look at the numbers, it is safe to conclude that online payments are stealing the show this year. With Black Friday being especially infamous for causing actual fights and other acts of violence over getting the last item on sale, it is not a surprise that people prefer to shop online without stress, and from the comfort of their own home.

If your store missed the opportunity to generate additional revenue via online sales this year, have no fear; MYMOID is here. We offer a new generation of completely safe digital payment solutions for your business to will help you take the fullest advantage of the upcoming Christmas shopping. Just contact us!

And if you are still not convinced on whether you should enable digital payments for your store, we recommend you to read these articles:

5 indisputable reasons to enable digital payments for your store

What is a payment gateway and how does it work?

10 benefits of a payment platform that will boost your e-commerce

Sources:

• Heller, Laura. "Shoppers Spent $1 Million per Minute at the Peak of Black Friday". Forbes. Published Nov 25, 2017.

• Khosla, Proma. "42 Percent of Black Friday Sales Came From Phones". Mashable. Published Nov 26, 2017.

• Hirsch, Lauren. "Online Shoppers Have Spent 18% More This Morning Than On Last Black Friday". CNBC. Published Nov 24, 2017.

• Re, Gregg. "Black Friday Sets Online Sales Record". FoxNews. Published Nov 26, 2017.

• Davey, James. "Europe's Retailers Tempt Shoppers With Black Friday Deals". Reuters. Published Nov 24, 2017.

• Bockwoldth, Daniel. "Europe Embraces Black Friday Sales With Some Reservations". TheLocal. Published Nov 25, 2017.

• Wattles, Jackie. "Online Sales Boomed on Black Friday". CNN. Published Nov 25, 2017.

• Morris, David. "Black Friday Online Sales Surge to New Records with Mobile Pushing the Fastest". Fortune. Published Nov 26, 2017.