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Did Black Friday force rethink on checkout experience?
By Danny Chazonoff, Chief Operating Officer, Paysafe
The UK headed into the festive peak season encumbered by Covid-10 restrictions. With retail store lockdowns causing non-essential stores to close, how can online businesses ensure success?
W
hilst Black Friday was once only important to the retail industry
in the US, in the past few years it has become increasingly important to businesses in the UK. According to data from Barclaycard, UK sales during the week of Black Friday rose 16.5 per cent in value and 7.2 per cent in volume last year indicating a future long term trend. The UK high street also saw an increase in footfall during the same week for the first time since 2014.
Black Friday growth For online retailers, capitalising on the opportunity festive season campaigns such as Black Friday is imperative. And this year the spike in online traffic and sales should be even more pronounced than the trajectory previous Black Friday sales have projected, due to the volume of consumers that are shopping online during COVID-19. In April we commissioned consumer research for our Lost in Transaction report series, and of the 1,000 consumers that were questioned in the UK, 43 per cent said they were shopping online much more frequently
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now due to COVID-19 restrictions. Additionally, 21 per cent of UK consumers told us that they had actually shopped online for the first time since the outbreak of the pandemic. This is not only growing the potential market size for online retailers, it is also reshaping the demographic of their potential customers.
And while some have recognised this shift and reacted accordingly, many online businesses are yet to re-think their offering or strategy in the wake of this change, specifically in regards to customer experience at the checkout. Black Friday 2020 is the turning for online businesses forcing them to evaluate their checkout experience and assess whether they are catering to the changing demands and expectations of consumers.
Consumers are already paying differently In September we commissioned a global survey of over 1,100 online businesses to gauge how they had already been impacted by COVID-19, and the plans they were putting into
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