The 2024 Ecentric Black Friday Index reveals that the period from Black Friday to Cyber Monday is the most significant retail window in South Africa, showcasing increased transaction and revenue growth compared to the entire holiday season. Key insights indicate the importance of e-commerce, in-store revitalization, omnichannel integration, and data-driven personalization for future retail success.
Black Friday continues to generate significant media buzz and retail activity. The inaugural South Africa Black Friday Index, developed by World Wide Worx and Ecentric Payment Systems, demonstrates that the period from Black Friday to Cyber Monday represents the most influential retail window each year. The index reveals that this timeframe yields higher transaction and revenue growth compared to the entire holiday season from early November to Christmas Eve.
The 2024 Ecentric Black Friday Index, a collaboration between Ecentric Payment Solutions and World Wide Worx, is based on analyses of retail transaction data through the Ecentric payment gateway, which excludes grocery sector data. Ecentric processes about 20% of South Africa’s card transactions and collaborates with 65% of JSE-listed retailers, providing in-store, online, mobile, and omnichannel payment solutions.
The index measures both transaction volume and value from Black Friday to Cyber Monday as part of total holiday retail sales. Notably, online transactions during this period increased by 30.4%, climbing from 7.9% to 10.3% of total holiday sales, while online revenue rose by 23.8%, from 10.1% to 12.5% of total holiday revenue. In-store transactions experienced a 15.4% increase to 10.5% of holiday sales, and in-store revenue surged by 109.4% to 11.1% of total holiday revenue.
Rory Bosman, Chief Sales and Marketing Officer at Ecentric, expresses optimism for retailers, stating that the findings provide crucial insights for exploiting this retail peak. He emphasizes, “The index makes it clear that the Black Friday weekend stands out from the full holiday shopping period in both sales volume and growth.”
The report points to a shifting holiday shopping trend; unlike previous years, the 2024 Black Friday to Cyber Monday period displayed a significant rise in transaction volume. Bosman notes, “This is different in 2024; the Black Friday to Cyber Monday period saw a massive leap in transaction volume.”
For retailers preparing for future Black Fridays, Bosman underscores the necessity of e-commerce. He advocates prioritizing smooth digital experiences, mobile optimization, and exclusive offers. Additionally, the resurgence of in-store retail calls for immersive experiences, such as interactive shopping and festive promotions.
He states, “Consumers respond well to positive in-store experiences,” suggesting that technologies like augmented and virtual reality may enhance consumer engagement. Furthermore, seamless omnichannel integration is imperative for success, as consistency in messaging and experience will distinguish successful retailers.
Lastly, Bosman highlights the value of data-driven personalization in setting retailers apart. “AI-powered recommendations and targeted deals will set leaders apart,” emphasizing the importance of utilizing data for tailored promotions and flexible fulfillment options as retailers look towards 2025 and beyond.
The Black Friday Index for 2024 illustrates the continued significance of the Black Friday to Cyber Monday period in South Africa’s retail landscape. With marked increases in online and in-store sales, retailers are encouraged to focus on e-commerce, immersive in-store experiences, and seamless omnichannel strategies. Moreover, leveraging data-driven personalization will become increasingly critical for retailers aiming to distinguish themselves in a competitive market.
Original Source: www.zawya.com
