Online retail transaction value jumps 29% ahead of Black Friday
Online retail transaction value has jumped 29% in the UK so far this month, ahead of what is expected to be a record-breaking Black Friday for etail.
According to Barclaycard, which processes £1 in every £3 spend in the UK, retail transaction values have leapt however overall transactions remain 7% below where they were in November last year, likely due to the drop in in-store sales, due to lockdowns.
Rob Cameron, CEO of Barclaycard Payments, said: “Over the past couple of years, we’ve seen an increase in the volume of transactions on Black Friday. 2020 is unique, and with many stores across the UK currently unable to open, we expect a different picture this year.
“The silver lining is that businesses are seeing sustained year-on-year growth in e-commerce. Already this month Barclaycard has seen a 29% increase in the value of online transactions processed, and this is even higher in key 'gift' categories such as electronics, cosmetics and jewellery. This growth signals both a change in consumer behaviour, with people unable to buy gifts in-store, and the fact that many retailers have been spreading out their discounts throughout November, meaning shoppers can take advantage of early bargains.
“Retailers can respond to this shift to e-commerce by ensuring their online payment solutions are easy to use, and provide a seamless customer experience in time for the Christmas shopping rush.”