Paystack rings up Black Friday boom

Payment processing company Paystack says it collected 93% more in revenue for businesses in South Africa during the Black Friday/Cyber Monday (BFCM) 2023 period, compared to the same period in 2022.

Statistics from Black Friday and Cyber Monday 2023 reveal huge growth in digital forms of payments such as card, EFT and QR payments. Paystack data from the 4-day period also reflects increases in online sales on the WooCommerce and Shopify platforms. Paystack also released the following lkey data:

• Sales for Paystack merchants more than doubled during the 4 day Black Friday Cyber Monday long weekend. Paystack saw a 128% increase in collections during the BFCM long weekend compared to the same 4 day period the week before
• Clothing, shoes, and apparel was the single most popular retail category on Paystack during the BFCM long weekend. Of the top 10 businesses with the most sales on Paystack during BFCM weekend, 7 were clothing, shoes, and apparel brands, 2 were beauty/cosmetics brands, and 1 sold consumer electronics.
• The vast majority of customers preferred to pay for BFCM orders with a card. This was the breakdown of how customers paid on Paystack during the BFCM long weekend: 91.71% Card, 4.62% EFT, 3.66% QR
• Shopify stores had the biggest share of sales among store builder platforms. Many retailers build their online stores on ecommerce platforms. Here is a breakdown of revenue generated on the top 3 online store platforms during the 4 day BFCM long weekend: Shopify 77.5%, WooCommerce 20.52%, Wix 1.08%.
• WooCommerce stores saw the largest increase in week on week sales. The top three store builders saw a 2 to even 5 times increase in sales compared to the week before BFCM. Here is the breakdown: sales at WooCommerce stores increased by about 5X week on week, sales at Shopify stores increased by about 3X week on week, and sales at Wix stores increased by about 2X week on week.