Fears of high inflation and a recession did not dampen online sales on Black Friday, 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, food and other necessities, have embraced more flexible ways to shop online, according to data released Saturday by adobe Analytics, which tracks sales on a retailer’s website. For the week of November 19-25, Buy Now Pay Later (BNPL) revenue spiked 81% from the previous week. And orders executed using BNPL have increased by 78%.
Vivek Pandya, principal analyst at Adobe Digital Insights, said: “As Black Friday hit record levels of online spending, we also saw more prominent signs of budget-conscious consumers. in this year”. “Shoppers are using Buy Now Postpaid more this year to be able to buy the desired gifts for family and friends.”
Black Friday best selling
Online electronics sales were up 221% from the average day in October, including smart home goods (up 271%) and audio devices (230%). Also increasing were toys (285%) and exercise equipment (218%).
Among the top sellers are 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 Fridays are Roblox, Bluey, Fortnite, Funko Pop and Disney Encanto.
Another record broken on Friday was mobile shopping, with 48% of online sales coming from smartphones, compared with 44% a year ago.
Rob Garf, Vice President and General Manager of Retail at Sales forcetrack sales online, told The Associated Press.
Adobe expects Cyber Monday (November 28) to once again be its biggest online shopping day of the year, up 5.1% year over year and bringing in $11.2 billion in spend. It further expects Cyber Week (five days from Thanksgiving to Cyber Monday) to generate $34.8 billion in online spending, representing a 16.3% share of the holiday season from November to December. December and up 2.8% from a year ago.
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