Square and Afterpay Sellers Hit Record-Breaking Black Friday and Cyber Monday With 70M Transactions
28 Novembre 2023 - 12:25PM
Business Wire
Globally, the peak minute of shopping occurred
on Black Friday at 2:09 pm ET on November 24,
2023
Cities with the largest volume of sales were
New York, Los Angeles, London, Chicago, and Miami
Over the Black Friday and Cyber Monday weekend, millions of
Square and Afterpay sellers across the world set a new record with
70M transactions, up 14% from last year. Consumers
continued to display diverse shopping habits as in-person shopping
increased 15%, while online cart sizes were 3.9X
higher than in-person, reinforcing the need for sellers to optimize
their omnichannel strategy for the remainder of the holiday season.
Similarly, 9% more businesses leveraged the power of
omnichannel by attracting buyers both in-person and online. All
year-over-year data compares the Black Friday through Cyber Monday
weekend of 2022 to 2023, and can also be viewed here.
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Credit to Square and Afterpay
Black Friday and Cyber Monday Global Metrics:
- Black Friday and Cyber Monday weekend proved to be busy for
businesses beyond traditional retail. According to Square data,
restaurants experienced a 15% increase in transactions,
while 23% more restaurants sent Black Friday and/or Cyber
Monday discounts to promote their business.
- Square found 108% more beauty and wellness sellers
leaned into the shopping weekend by sending Black Friday and/or
Cyber Monday discounts. Considering that in 2022, the most popular
time for holiday appointments was December 20 - December 23,
beauty sellers used the weekend to promote their services early in
the holiday season.
- Despite a big weekend, the shopping season is just beginning.
Last year, cart sizes in food, retail, and beauty grew 12%
between the first week of December and the week before Christmas as
consumers increased budgets to spoil friends and family.
Consumers proved they want convenience and options with
activated subscriptions growing 31% and pre-orders for
hot-ticket items leading to transactions being 1.2X higher
than the average Square Online order. Gift cards also reigned
supreme with more than 338K sold, and most notably in
food and beverage, retail, beauty and personal care, and
healthcare and fitness industries.
The average discount offered was 22% across all channels,
with 35% more sellers offering discounts over the weekend.
Square and Afterpay’s Festive Forecast found that 71% of Americans
intended to shop for cheaper alternatives this holiday season as
they look for deals to maximize savings, and sellers clearly
understood this sentiment by leaning into a discounting
strategy.
Buy Now, Pay Later (BNPL) transactions through Afterpay
increased 19%, and Square sellers saw their Afterpay
transactions grow 47%. The largest Afterpay item categories
outside of fashion and beauty were hardware, home and garden,
arts and entertainment, office supplies, and electronics
as consumers used BNPL for more choice and flexibility at checkout
during the holidays. As the popularity of mobile commerce
increases, more consumers turned to the Afterpay app for all their
shopping needs, with app usage up 16%.
“During the Black Friday and Cyber Monday shopping weekend,
consumers turned out in droves to support their favorite
businesses,” said Saumil Mehta, Head of Point of Sale and
Omnichannel at Square. “We found that the holidays aren’t just for
traditional retailers, as businesses across industries like
restaurants and beauty lean into the major weekend. Given consumer
sentiment has been positive around the holidays, and we know this
weekend is often just the beginning, businesses should continue to
expect an influx of shoppers, and be ready to meet them wherever
they prefer to shop.”
Methodology:
All data presented are unaudited and subject to adjustment.
Black Friday and Cyber Monday: Square and Afterpay analyzed
millions of transactions across all seller industries globally in
2023 from November 23, 11:00 UTC to November 27, 23:59 UTC. All
monetary metrics are displayed in USD. Countries include the United
States, Canada, United Kingdom, Australia, Japan, France, Ireland,
Spain, and New Zealand.
About Square
Square makes commerce and financial services easy and accessible
with its integrated ecosystem of solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
For more information, visit www.squareup.com.
About Afterpay
Afterpay is transforming the way we pay by allowing anyone to
buy products immediately and pay over time - enabling simple,
transparent and responsible spending. We are on a mission to power
an economy in which everyone wins. Afterpay is offered by thousands
of the world’s favorite retailers and used by millions of active
global customers. Afterpay is currently available in Australia,
Canada, New Zealand, the United States and the United Kingdom,
where it is known as Clearpay. Afterpay is a wholly owned
subsidiary of Block, Inc. (NYSE: SQ).
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