South Africa’s e-Commerce will get a major boost on Black Friday and Cyber Monday as consumers are increasingly becoming aware of the convenience of online shopping to avoid the long queues, says FNB.
Last year, FNB processed an average of over 800 000 card transactions per hour which peaked at 1.5 million card transactions between 16h00 and 17h00 because of last year’s Black Friday shopping spree.
FNB Retail CEO, Raj Makanjee says, “The transaction volumes give a firm indication that Black Friday has become one of the important days for South African consumers. Many see this as an opportunity to stretch their budgets amid unrelenting pressure on household income. Consumers who have set aside a budget will be in a better financial position and we encourage those who need to use credit to do so responsibly. It’s vital for consumers to consider that there’s still a long festive season ahead, therefore, it’s important to reserve some funds for unforeseen emergencies.”
Christoph Nieuwoudt, CEO of FNB Consumer says, “During last year’s Black Friday, we saw an overall 120% increase in card payment volumes compared to a typical Friday. The spike in Black Friday spend was driven by a 250% increase in purchases from local online retailers versus the 80% spend increase at physical retailers. Interestingly, we only saw a 60% increase for international sites like Amazon vs a typical Friday. By comparison, spend on Cyber Monday was synonymous with volumes of a typical Friday. The real winners were domestic online retailers which doubled their share of spend from a typical 5.5% to reach 11% of total debit and credit card spend on the day.”
As consumers prepare for the Black Friday shopping spree, FNB has unveiled valuable deals to ensure that its customers’ money goes further. FNB customers can expect discounts of up to 60% on the eBucks Shop for tech, gaming, travel accessories and gifting items. Customers will be able to spend using their FNB Cards, eBucks, or part-pay with both.
FNB Connect will save customers up to 40% through great deals on smartphones, laptops, TVs, gaming devices and wearables. The deals will be open for 2 weeks from 19 to 30 November 2018, with instalments fixed for 24 months to help customers manage their monthly budgets. The FNB Connect deals include:
- Apple iPad (6th Gen) 32GB with Pencil bundle for R369 over 24 months;
- Apple Watch Series 3 38mm with Airpods bundle at R399 over 24 months;
- Land Rover Explore outdoor phone with a free bike mount at R689 over 24 months.
- Xbox One 1 S TB for R199 over 24 months if taken between 23 – 27 Nov 2018; comes with a controller, 3 months Live.
Consumers will also benefit from optimal security when using their FNB Debit and Credit cards to shop online, by entering a bank issued One Time Password (OTP) on secure merchant website. They can also use the FNB APP or Online to verify the cellphone number or email to receive the OTP.
The bank also encourages consumers to be vigilant of websites which request their online banking details when making payments. In addition, customers can also report fraud, cancel a lost or stolen card immediately on the FNB APP, FNB Online, Cellphone Banking, FNB ATMs or the FNB contact centre.