Black Month 2023

 

 

In the ever-evolving landscape of e-commerce, Black Friday serves as a test for the resilience and adaptability of global merchants. PayU GPO, a leading online payment service provider, has delved deep into the Black Friday 2023 data, unraveling key insights that shed light on the trends shaping the future of online retail across diverse regions. 

 

Commanding the CEE Region: In Poland, Czech and Hungary, Black Friday witnessed a remarkable 16% uptick, marking the second year of growth in Poland. The notable shift in consumer payment preferences towards efficient and mobile-friendly options signals the importance for global e-commerce merchants to adapt and embrace future-ready payment strategies. 

 

• Mobile Payments on the Rise: The future of payments is marked by a significant shift towards convenient mobile payment methods, with Blik and cards leading the charge. Notable upticks in Apple Pay and Google Pay usage indicate a growing preference for digital wallet options, emphasizing the need for merchants to align with evolving consumer habits. 
• Surge in Spending: Black Friday 2023 saw a surge in spending per transaction, with the average transaction value climbing from $49 in 2022 to $54 in 2023. This presents a golden opportunity for global e-commerce businesses to tap into heightened purchasing power, encouraging strategic and higher-value purchases. 
• Top-Performing Verticals: A Shift Towards Value Key verticals such as fashion, electronics, and marketplaces showcased significant year-on-year growth. The data highlights a trend of increased average transaction values, reflecting a shift in consumer spending patterns towards higher-value items and services compared to the previous year. 
• Romania’s Black Friday Triumph: Romania’s Black Friday, held two weeks ahead of the global event, witnessed a remarkable spike, marking an 18-fold increase from a standard day and a 25% year-on-year increase. The resilience displayed by global e-commerce merchants navigating economic complexities reflects a dance of success amidst challenges. 

 

Africa’s Resilience: Despite a downturn in Africa attributed to reduced traffic throughout the year, some merchants in cosmetics and fashion defied economic odds and experienced growth. Black Friday 2023 witnessed an 83.05% surge in purchases compared to a regular day, showcasing the nuanced narrative of success and challenges in the region. 

 

• Digitalization in South Africa: Shaping Payment Methods South Africa’s digitalization efforts are paying off, with a boost in card usage from 94.1% in 2022 to an impressive 95.8% in 2023. Mobile shopping commands a significant share of transactions, emphasizing the importance of offering mobile-native payment solutions. 

 

Latin American Resilience: Strategic Moves Amidst Challenges Latin America emerged as a stage for resilience and strategic maneuvers, with merchants like Avianca in Colombia strategically deploying early discounts. Product categories like makeup and clothing experienced surges, showcasing the diverse trends across the region. 

 

• Diverse Trends in Latin America: A Strategic Playground While Colombia and Brazil witnessed a small decline, Argentina, Mexico, Peru, and Chile experienced an increase in Black Friday activity compared to the previous year. The regional landscape unveils diverse trends that global e-commerce merchants can leverage for strategic expansion. 

 

As PayU GPO navigates the complex landscape of Black Friday 2023 insights, it becomes evident that success in the online retail landscape requires an understanding of nuanced consumer behavior, industry dynamics, and a commitment to adaptability. These insights serve as a guiding thread for global e-commerce merchants, poised to craft success stories that transcend the challenges of the evolving world of online retail. 

 

Read more in the report: This is Not A Black Friday Anymore – Report 2023