Cyber Monday closed out a very busy and active retail trading week for many South African retailers and consumers. Photo: Pixabay

CAPE TOWN – At its height, Standard Bank customers were transacting at 41 online transactions per second, taking advantage of Cyber Monday specials at online retailers, the lender said on Tuesday.

Cyber Monday typically follows Black Friday – which comes after the Thanksgiving holiday in the US – and was created by retailers to encourage people to shop online.

The top five domestic retailers on Cyber Monday included general consumer sites, ride sharing apps and two local airlines, according to Standard Bank. The top five non-South African retailers were made up of airlines and hotel reservation sites.

Cyber Monday closed out a very busy and active retail trading week for many South African retailers and consumers.

Standard Bank, one of the country’s largest credit card providers, said Black Friday transactions increased by 13 percent year on year, while Cyber Monday transactions grew by a 16 percent on a year on year comparative basis, while the value of online purchases increased by 21 percent.

Ethel Nyembe, Standard Bank head of card issuing in South Africa said consumers had truly adopted and adapted to the cyber shopping experience.

“The growth we have seen in consumers logging on and purchasing is very encouraging, and is reflective of the convenience, safety and variety of offerings available to local consumers. Retail days like Black Friday and Cyber Monday are prime examples of what success looks like for retailers who are considering or who have adopted cyber space as a retail window to the world,” said Nyembe.

She said trading activity in the last several days leading up to Black Friday and concluding with Cyber Monday were truly reflective of the resilience of the local consumer, as well as their keen eye to spot discounted deals.

“Trading and value models have increased on every measure. However, consumers still have the festive season to look forward to and we urge customers to spend wisely, to engage Standard Bank for the affordable credit limit that is right for them, to spend safely, and spend time with family and friends,” said Nyembe.

BUSINESS REPORT