Black Friday online shoppers embrace Flex Pay but generate record sales
High inflation and recession fears didn’t dampen Black Friday online sales, which hit a new record of $9.1 billion on Friday, up 2.3% from a year ago.
But consumers, already spending more on fuel, groceries and other essentials, have embraced more flexible ways to shop online, according to data released Saturday by Adobe Analytics, which tracks retailers’ website sales. For the week of November 19-25, Buy Now Pay Later (BNPL) revenue increased by 81% compared to the previous week. And orders placed with BNPL increased by 78%.
“As Black Friday saw record spending online, we’re also seeing clearer signs of a price-conscious consumer this year,” said Vivek Pandya, senior analyst at Adobe Digital Insights, in a statement. “Shoppers are using the Buy Now, Pay Later payment method more this year to buy desired gifts for family and friends.”
Top sellers on Black Friday
Online sales of electronics increased 221% from the October average day, including smart home items (up 271%) and audio equipment (230%). Also up were toys (285%) and exercise equipment (218%).
Top sellers included Apple MacBooks, Dyson products and drones, as well as gaming hardware (Xbox Series X, PlayStation 5) and titles (NBA 2k23, FIFA 23, Pokemon Scarlet & Violet). Also popular on Friday were Roblox, Bluey, Fortnite, Funko Pop and Disney Encanto.
Another record was broken in mobile shopping on Friday: 48% of online sales are from smartphones, compared to 44% a year ago.
“The cell phone has become the remote control of our daily lives, and this has led to a surge in couchette shopping as consumers settle down after Thanksgiving dinner,” Rob Garf, VP and general manager of retail at Salesforce, the online Sales tracked, the Associated Press said.
Adobe expects Cyber Monday (Nov. 28) to be the biggest online shopping day of the year again, with year-over-year growth of 5.1% and spending of $11.2 billion -Dollar. Cyber Week (the five days from Thanksgiving to Cyber Monday) is also expected to generate $34.8 billion in online spending, accounting for 16.3% of November’s holiday season to December and a year-on-year increase of 2.8%.
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