Cyber Monday closed out a very busy and active retail trading week for many South African retailers and consumers. According to Standard Bank, one of the country’s largest credit card providers, Black Friday transactions increased by 13% year on year, while “Cyber Monday” transactions grew by a 16% on a year on year comparative basis, while the value of online purchases increased by 21%
Ethel Nyembe, Standard Bank Head of Card Issuing in South Africa says: “Consumers have truly adopted and adapted to the cyber shopping experience. The growth we have seen in consumers logging on and purchasing is very encouraging, and is reflective of the convenience, safety and variety of offerings available to local consumers. Retail days like “Black Friday” and “Cyber Monday” are prime examples of what success looks like for retailers who are considering or who have adopted cyber space as a retail window to the world.”
At its height, Standard Bank customers were transacting at 41 online transactions per second, taking advantage of “Cyber Monday” specials at online retailers. The top five local retailers on the day included general consumer sites, ride sharing apps and two local airlines. The top five non-South African retailers were made up of airlines and hotel reservation sites.
Unlike “Black Friday” peak purchasing times which occurred between 13:00 and 15:00, online purchases on Monday remained relatively consistent throughout the day, with peaks occurring between 9am and 12pm. Online transaction patterns reflected the always on nature of doing business online.
Ms Nyembe says: “Trading activity in the last several days leading up to “Black Friday” and concluding with “Cyber Monday” have been truly reflective of the resilience of the local consumer, as well as their keen eye to spot discounted deals. Trading and value models have increased on every measure. However, consumers still have the festive season to look forward to and we urge customers to spend wisely, to engage Standard Bank for the affordable credit limit that is right for them, to spend safely, and spend time with family and friends.”