Uncover the secrets of Black Friday 2023 as we decode global e-commerce trends. From commanding the CEE region to Africa’s resilience, explore strategic insights that redefine success in the ever-evolving online retail landscape.
In the wake of Black Friday 2023, the global e-commerce landscape stands at a crossroads, navigating uncharted waters amid unprecedented economic shifts.
As the world grapples with uncertainties, expectations for this year’s Black Friday were set low, overshadowed by the lingering specter of economic turmoil.
For a few years already, but even more so this year, merchants have extended their discounts over the weekend, throughout the whole month, and even all the way to Christmas.
Amidst these challenges, PayU GPO unfolds a narrative that transcends expectations, revealing strategic insights that redefine the very essence of success for online merchants in various emerging markets.
Latin American Resilience and Strategic Moves
Summary: Crafting Success in a Global E-Commerce Landscape
For more information, download the Black Friday 2023 report.
In the second year of Black Friday in Poland, the region celebrates growth with a notable 16% uptick. This year, we contemplate a clear consumer shift in payment method distribution. Global e-commerce merchants are urged to adapt to the demand for efficient and mobile-friendly payment options, laying the foundation for a future-ready business strategy.
The future of payments unfolds with a significant shift towards convenient mobile payment methods, with Blik and cards leading. Noteworthy upticks in Apple Pay (24% from 16%) and Google Pay (10.2% from 8%) indicate a growing preference for these digital wallet options.
Witness a surge in spending per transaction. The average transaction value climbs from $49 in 2022 to $54 in 2023, presenting a golden opportunity for global e-commerce businesses to tap into heightened purchasing power.
The fashion vertical emerges with a solid 7% YoY growth with a higher basket size. This signals a shift towards strategic and higher-value purchases.
The electronics sector presents intriguing insights reflecting a shift towards higher-value purchases within the electronics market.
The marketplace segment shows consistent growth, which signifies a healthy expansion.
The 2023 data highlights a key trend across these verticals: a significant increase in the average transaction value. This indicates a shift in consumer spending patterns, with customers opting for higher-value items or services compared to the previous year.
Romania’s Black Friday was two weeks ahead of the world’s. The country emerges with a spike on its Black Friday that’s 18 times more than a standard day, marking a 25% Year-on-Year increase.
In Africa, Black Friday 2023 sees a downturn, attributed to reduced traffic throughout the year. Despite the decline, some merchants and industries, particularly in cosmetics and fashion, defy economic odds and experience growth. Economic nuances shape the narrative of success and challenges. Despite the decline, Black Friday 2023 witnessed an 83.05% surge in purchases compared to a regular day.
Payment Methods Distribution in South Africa witnesses a boost in card usage, surging from 94.1% in 2022 to an impressive 95.8% in 2023.
Device utilization paints a dynamic picture, with mobile shopping commanding 57.5% of transactions in 2023 compared to 53.3% in 2022. Tablets make a notable rise, contributing 4.1% to the transaction landscape in 2023, up from 0.6% in 2022. While other platforms account for 38.4% in 2023, showing a slight decline from 46.1% in 2022, maintaining a versatile approach remains essential amidst economic nuances.
Handmade or not, here too, PayU GPO noticed a 11% increase in basket size compared to the previous year, reaching an average of $85 USD (R1584). This indicates that while the number of transactions may have decreased, consumers are making higher-value purchases, contributing to a more substantial and impactful shopping experience.
Latin America emerges as a stage for resilience and strategic maneuvers. Merchants like Avianca in Colombia strategically deploy early discounts, setting the stage for an exciting Black Friday amidst economic challenges.
Across the globe, miscellaneous product categories experienced a surge in transactions on Black Friday. In Argentina, makeup products take the lead, witnessing a remarkable surge, while clothing maintains a steady volume.
Colombia and Brazil witness a small decline, but Argentina, Mexico, Peru, and Chile experience an increase in Black Friday activity compared to last year. Despite the decline, the numbers of transactions in Colombia was very high, replacing the non-VAT days. The regional landscape unveils diverse trends that global e-commerce merchants can leverage for strategic expansion.
As the curtain falls on Black November 2023, global e-commerce merchants find themselves amidst a complex tapestry of trends and challenges. PayU GPO’s insights become the guiding thread, revealing the dance of resilience and strategic moves that shape success in a changing landscape.
It’s not just about economic turmoil; it’s about understanding the nuanced patterns of consumer behavior and industry dynamics. Global e-commerce merchants, armed with PayU GPO’s insights, stand poised to craft success stories that transcend the challenges of Black Friday 2023 and pave the way for strategic triumphs in the evolving world of online retail.