R2.5 billion worth of purchases made over Black Friday in 2018 - FNB
DURBAN - FNB debit and credit card holders made over R2.5 billion worth of purchases during last year’s Black Friday.
FNB Retail Chief Executive, Raj Makanjee said, "We expect the value of Black Friday transactions to rise by 16 percent this year. When comparing typical Friday spend to Black Friday, we usually see a 100 percent increase in spend by customers. We encourage consumers to be mindful that Black Friday is effectively the start of a very long festive season, therefore it’s important to plan for it properly and budget for purchases. Those participating should also consider making purchases for Back to School necessities to ease possible financial pressure at the beginning of next year".
The eBucks Shop was among the top online retailers where FNB customers bought discounted goods and services during last year’s Black Friday. In addition, eBucks offers the convenience of using your eBucks to wholly pay or part-pay for purchases.
"We encourage customers to minimise reliance on cash, especially for larger purchases. More importantly, by enabling consumers to tap or scan to pay, retailers can process transactions faster, reduce queue times and the risk of basket abandonment," concluded Makanjee.
On Black Friday, FNB customers can save up to 40 percent with these eBucks Shop
eBucks members can expect an additional discount of up to 40 percent off on selected products, depending on their reward level.
FNB expects a 15% increase in Black Friday transactions
FNB expects a 15 percent increase in the total number of transactions during the Black Friday and Cyber Monday weekend between 29 November and 02 December, the lender said in a statement on Tuesday.
FNB said over the past three years, the bank had seen a substantial increase in transaction volumes for the period between Black Friday and Cyber Monday. In 2018, Black Friday transaction volumes grew by 16 percent compared with 2017.
Online retail is projected to reach 1.4 percent of total retail in South Africa, based on an estimated R1 trillion to be spent via traditional channels in 2018, according to findings of the Online Retail in South Africa 2019 study, conducted by World Wide Worx with the support of Visa and Platinum Seed.
Thokozani Dlamini, FNB Merchant Services chief executive said the total number of transactions processed through their payment system over the course of the Black Friday weekend in 2018 were 10 million on Friday, 8 million on Saturday, 5.9 million on Sunday and 6 million on Cyber Monday.
BUSINESS REPORT ONLINE