Tag: Cyber Monday

Source: Supermarket & Retailer

Data shows that 2 out of 3 South African consumers participated in Black Friday shopping at some point, according to Isana Cordier, sector head for consumer goods and services, corporate and investment banking at ABSA.

ABSA card data indicates that, on average, every last Friday of the month consumers spend about 55% of purchases on groceries.

On Black Friday, however, this changes and durable goods make up about 20% of purchases.

“It, therefore, seems that consumers are holding back spending on those durable items to buy them on Black Friday. South Africans especially like to spend on electronics on Black Friday,” Cordier said at a recent consumer insights event hosted by ABSA in Cape Town.

Black Friday has become the biggest spending day of the year in the SA retail sector, with more than R3bn spent last year.

Another interesting trend for her is that, whereas Black Friday shopping in SA was initially mostly centred around Gauteng and the Western Cape, the “frenzy” has started to spread to other provinces as well.

For instance, the Eastern Cape now makes up about 7.2% of Black Friday spending in SA, KwaZulu-Natal 14.2% and the Free State 4.1%. Gauteng still accounts for 37% of spending in SA on Black Friday.

Fin24 reported last year that retail sales over the Black Friday and Cyber Monday period most likely “saved” the South African economy in November, according to the BankservAfrica Economic Transaction Index (BETI).

On Black Friday and Cyber Monday, a total of 5.2 million card transactions were recorded.

More significantly, according to the BETI report, there was 55% growth in online sales for Black Friday and 36.4% for Cyber Monday.

Black Friday weekend in numbers

According to an article by Business Tech, online sales for Black Friday and Cyber Monday 2018 exceeded figures for 2017.

BankservAfrica provided Business Tech with the following figures on one of the biggest shopping days of the year:

  • A total of 581 189 online transactions were processed over the weekend
  • 404 594 online transactions were recorded on Black Friday
  • The single most expensive transaction for Black Friday was over R6-million
  • The single most expensive transaction for Cyber Monday was R5-million
  • Black Friday shopping peaked between 08h00 and 09h00
  • Cyber Monday shopping peaked between 10h00 and 11h00
  • The average number of transactions per minute peaked at 695 on Black Friday
  • Transactions averaged at 281 per minute on Black Friday
  • The average number of transactions per minute peaked at 277 on Cyber Monday
  • Transactions averaged at 1251 per minute on Cyber Monday
  • Black Friday saw 55% year-on-year growth in online transactions
  • Cyber Monday transactions were up 36% year-on-year 

The United States, where the trend originated, also saw some big numbers:

  • Cyber Monday sales surged to a record $7.9-billion spent online
  • This is a year-on-year increase of 19.3%
  • Black Friday pulled in a record $6.22-billion in e-commerce sales
  • Transactions on mobile devices were up 55.6% on Cyber Monday, generating $2.2-billion in sales
  • Cyber Monday marked the biggest shopping day in Amazon’s history
  • Amazon Black Friday and Cyber Monday combined saw the purchase 18-million toys and more than 13-million fashion items

Source: Fin24

Deeply indebted consumers have been warned not to splurge on Black Friday and Cyber Monday sales as retailers tempt even the most financially distressed, said Debt Rescue CEO Neil Roets.

Black Friday is taking place on Friday, 23 and Cyber Monday, 26 November.

“While it is true that there will be some very tempting deals on offer, consumers should think long and hard before plunging themselves even deeper into debt by splurging on luxury goods that they most likely don’t need.”

Roets said that over the past several years, his firm has seen the impact that Black Friday and Christmas shopping sprees have had on consumers over reckless spending .

He pointed out that South African consumers collectively owe their creditors in excess of R1.7trn with most of them three months or more in arrears with their repayments.

“We are far from seeing the light at the end of the tunnel. It is our belief and many leading economists share that belief that we are far from staging a recovery.”

Roets was on the view that things are going to get a lot tougher before they get better.

“Now is not the time to act recklessly. On the contrary – it is more important now than ever before to implement fiscal discipline and save whatever money is left over at the end of the month.”

Roets suggested that consumers only buy what is absolutely necessary.

“While we all feel that we desperately need a holiday and the end of a brutal year, keep those holidays within budget and don’t think that if you don’t have the money for school fees in December that the money will somehow, magically become available in January when the schools reopen,” he said.

An international survey performed the week preceding Black Friday 2017 examined consumer preferences in anticipation of the end-of-year shopping events.

The survey, conducted among 3,400 participants from 8 developed countries, has revealed that Black Friday enjoys a double-digit popularity percentage in 6 countries outside the United States, while Cyber Monday tops out at only 4% outside of North America.

A survey conducted in November 2017 by One Hour Translation presents a global perspective on the preferences of online consumers concerning the end-of-year shopping events.

The survey reveals that the event most consumers look forward to is Black Friday, which enjoys a double-digit popularity percentage in 6 countries outside the United States. Cyber Monday tops out at only 4% in the examined countries outside of North America.

The online survey was conducted with Google Consumer Surveys among 3,400 participants from the following 8 developed countries: The United States, Canada, the UK, France, Germany, Spain, Australia and Japan.

One Hour Translation asked the participants: “Which online shopping event have you been waiting for this year?” and allowed the respondents to pick more than one answer. The survey analyzed the answers of 1 000 participants from the US, 600 from the UK and 300 in each of the remaining participating countries.

In the United States, 14.5% of respondents said they were waiting for Black Friday, which took place on November 24 this year, while 16% were waiting for Cyber Monday (November 27). Black Friday is particularly popular in Canada (about 26%), Spain (about 22%), France (about 21%), the UK and Germany (about 19% each) and to a lesser extent in Australia and Japan (about 10% in each country). On average among the 8 countries sampled in the survey, 17% of respondents were looking forward to Black Friday, compared to about 8% who were looking forward to Cyber Monday and about 3% who were looking forward to the Singles Day event (the Chinese holiday celebrating single people) – making Black Friday a significant shopping event outside the US.

Cyber Monday, on the other hand, enjoyed a double-digit popularity percentage only in the North American countries. 16% of respondents in the United States said they were waiting for Cyber Monday, and 10% of respondents in Canada, figures that were much higher compared to the ones observed in the UK (about 4%), Australia, Germany, Spain, France and Japan (about 3%).

The Chinese “Singles Day” shopping event, which takes place every year on November 11, was highly anticipated among 7.5% of respondents in Japan, as opposed to approximately 6% in Spain and France, 4% in Canada, 3% in Germany, 2% in Britain and Australia, and only 1.4% in the United States.

Despite the fact that the survey was conducted online and was naturally geared towards online consumers, about two thirds of respondents (68%) on average among the eight countries said that they were not looking forward to any online shopping events. About 4% of the 3,400 respondents said they were looking forward to shopping events other than those examined in the survey. The level of variability among the countries when it came to these two figures was low.

“We already knew that Black Friday has become the top brand among the end-of-year shopping events around the world, thanks to the survey we conducted last year. This year, Black Friday is once again the most popular shopping event among consumers.

“However, looking at the figures, we can see a major difference in the levels of anticipation for the Cyber Monday shopping event, which is popular in North America – the United States and Canada – as opposed to the anticipation it enjoys in the major economies outside of North America,” says Ofer Shoshan, co-founder and CEO of One Hour Translation.

“Based on our extensive work with thousands of e-commerce companies, we would encourage companies outside of North America in this particular field to invest in associating their activity and their brand with the Cyber Monday event.”

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My Office News Ⓒ 2017 - Designed by A Collective


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