Tuesday , June 28 2022

#BlackFriday sales up, but transaction value down



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Press release

November 26, 2018, Johannesburg: According to i-Pay data provided by EFT instant payment providers, the value of Rand from Black Friday's sales rose by more than a thousand percent over 2016 digits.

"At the nominal value, e-tailers experienced the largest sales volume for Black Friday in South Africa. Moreover, the transactions completed this day have increased by almost 700% over the past year," says Thomas Pays, CEO i-Pay.

However, Pays believes that the uncertain economic environment of the past year has contributed to how much consumers were willing to spend online.

"Our data show that the average EFT transaction volume has fallen by 19% over last year, which highlights the importance of e-tailers being able to process each transaction reliably and reliably." Whatever the value of the sale, the transactions are added could mean the difference between reporting a profit and staffing, "says Pays.

He says that while e-tailers have invested heavily to make sure their sites stay online, they have been frustrated by the fact that traditional online payment services are not available.

"People could browse online stores, but they could not pay for orders, which led to consumer frustration, and merchants lost sales, however, with alternative payment solutions such as instant EFT via i-Pay, this has been mitigated. "

Thirty-five percent of consumers using i-Pay used it for the first time. Pays says this is proof that people are willing to adopt digital payment solutions. At one point during Black Friday, i-Pay processed 438 competing transactions, the fastest transaction recording only 13 seconds.

"Being online is not good enough. You need to empower merchants and consumers with digital payment solutions that are safe, do not require credit cards or customer registration and are available regardless of traffic volume. work and made people aware of the need to use instant EFT online purchasing systems, "he concludes.

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