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Black Friday sales ramp up this year - FNB and Ozow

Black Friday sales appeared to gain traction this year, according to data from FNB and Ozow. Photo: REUTERS/Kamil Krzaczynski

Black Friday sales appeared to gain traction this year, according to data from FNB and Ozow. Photo: REUTERS/Kamil Krzaczynski

Published Nov 30, 2021

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BLACK Friday sales appeared to gain traction this year, according to data from FNB and Ozow.

Lender FNB said last week that by 10am on Black Friday, FNB’s systems were processing a record 3 000 transactions per second, and by lunchtime, in excess of 63 million transactions were processed through the bank’s systems.

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Chief executive of FNB Merchant Services Thokozani Dlamini said, "As at midday, transactions processed through our merchant acquiring systems averaged 300 transactions per second (TPS). These volumes have already increased by 18 percent compared to last year. As expected, we are already seeing an improvement in activity both physically through brick-and-mortar stores, and through e-commerce compared to the previous year. This is due to a sustained recovery in consumer income, relaxed lockdown levels and a more open economy.

Meanwhile, online payment firm Ozow said its data showed that by midday, more than half of its top merchants had already exceeded their total processing values that they achieved on Black Friday in 2020.

According to data from Ozow, 92.32 percent of transactions were being done on mobile devices versus only 7.15 percent on desktop. Mobile usage increased by more than 10 percent this Black Friday, in comparison to the average split held between devices during the year.

“Based on the payment trends that we are seeing, the majority of consumers shopping during this Black Friday are spending on higher-value transactions, and predominantly live or work in more affluent areas,” it said.

BUSINESS REPORT ONLINE

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