Comparable to the consistent growth in transaction volumes between Black Friday and Cyber Monday over the past four years, FNB expects e-commerce to continue gaining momentum as one of the preferred shopping channels this year.
In 2019, during the Black Friday weekend transaction volumes on FNB PoS (point of sale) devices grew by 32% compared to 2018, while e-commerce transactions grew over 30%.
This year the bank anticipates a 10% increase in the total number of e-commerce transactions between 27 and 30 November, when compared to last year, as many consumers who participate in Black Friday may opt to shop online instead of going into brick and mortar stores.
While a significant increase in year-on-year transaction values from a rand perspective isn’t anticipated, due to the financial impact of Covid-19 and a tough economic environment, Black Friday e-commerce volumes are certainly expected to increase.
As a direct consequence of Covid-19, FNB’s e-commerce merchant base has increased by 26%. More merchants are now offering a combination of brick and mortar as well as digital sales, with a lot of value and specials offered to consumers who prefer to shop online.
For those consumers that will opt to go into brick and mortar stores for Black Friday shopping, FNB expects a significant increase in the use of contactless card payments.