TechInAfrica – Black Friday in 2002 has led many South African to spend the massive average expenditure of around R1243 on that day. However, the main point is where they spent their money.
According to the data revealed by Yoco, this year’s Black Friday brings massive income for SMEs since the card transaction volume is 46 percent higher than a pay-day Friday.
Yoco co-founder and chief executive officer Katlego Maphai say that small businesses experience significant growth of more than 40 percent in turnover across Saturday and Sunday on Black Friday weekend when compared to a standard end-of-month weekend.
SMEs in the retail sector saw massive growth in-store transactions growing 35 percent year-on-year. It is fascinating as it uncovers that customers may feel more comfortable shopping at more modest stores than going into shopping centers. It makes sense since the pandemic is still happening.
Unfortunately, many sectors are still not stable because of the lockdown imposed this year. Although some aspects have been better, for those who are in the food and beverages sector, they do not experience significant growth in income during Black Friday.
Worse still, the Western Cape had the slowest Black Friday in South Africa, likely due to tourism being impacted in the province.
Today, SMEs are becoming increasingly popular among local shoppers.