Hello everyone, I'm Aude Vicaire and I welcome you to the Payment Instant.
This month, I'd like to talk about Black Friday, a promotional event that takes place every year on the 4th Friday of November and that marks the kick-off of the holiday shopping season.
Black Friday is a key event for merchants that allows them to boost their sales but also represents a major challenge. Indeed, it is necessary to anticipate the high traffic in stores to avoid shopping cart abandonment and a loss of turnover.
Usually, during the Black Friday weekend, the number of customers in stores increases significantly. The current economic situation could change this, even if an increase in consumption is expected. And who says increase in attendance says increase in waiting time. According to a Harris Interactive study, only 3 out of 10 French people said they were willing to wait up to 10 minutes. And 76% said they would abandon their purchase because the queue was too long.
Another problem encountered during peaks of activity: high baskets. During promotional events, consumers spend more on average than during a slow period. On Black Friday alone in 2020, sales in France increased by 127% compared to the average for October. And the average basket even increased by 15%, between 2020 and 2021, from €259 to €298.
However, merchants sometimes face an obstacle at checkout with high baskets: the customer's card limit.
In 2021, 68% of French people said they prefer to pay by card. However, the customer's spending capacity can be impacted when paying for a large purchase or after several purchases.
This can result in lost sales for the merchant and a disappointing shopping experience for the consumer.
To address these issues of speed to checkout and smooth payment for large baskets, Market Pay has designed the PayWish® mobile acceptance solution. PayWish® allows merchants to accept payments on their Android smartphones and tablets. Without the need for an Eftpos terminal, this makes in-store traffic more fluid, and allows the customer to be accompanied from the beginning to the end of the shopping experience, from advice to payment, while reducing queues.
For large baskets, Market Pay has developed a Pay by Bank transfer initiation solution. No need to enter the merchant's banking information or the order reference beforehand. It's simple, fast, fully secure, and improves the customer experience and reconciliation on the merchant side.
That's it, the Instant Payment is over.
Next month, I will talk about click to pay, a new way to improve your conversion rate in e-commerce.
Until then, don't hesitate to share your opinion in comments, and for more information about Market Pay and our products, visit our website and follow us on social networks.
See you soon!
