This year has provided a unique spell between Cyber Monday and Black Friday, with retail and online sales embarking on an elevated period of engagement, especially in the digital space.
Nonetheless, with it coming at a unique time it has also presented a myriad of challenges, as supply chain shortages and removal of lockdown restrictions have shifted the mindset of consumers.
David Maisey, CEO of MultiPay Global Solutions, emphasised that from what he has seen the growth in volume of sales has been exponential.
He stated: “Consumers are clearly listening to the news of supply chain issues. Data from MultiPay’s own system has seen a 249% increase in the volume of sales this year when compared to the same timeframe and retailers from last year.
“The increase in sales is great news for retailers who are still recovering from the pandemic. However, to build in the resilience now needed they must ensure they are offering a first-class customer experience. Any negative experiences this year will make it harder to win back customers, and drive sales.
“Payment is a key part of this, with any delays or restrictions in how they can pay likely to lead to customer dissatisfaction. Having a payment provider who offers 24/7 couture customer support and ensures retailers never miss a beat over the festive period will be crucial to growing revenue and sales during this key retail window.”
It also comes at a time when an increased focus on a sustainable future is at the forefront of discussions, with stark warnings off the back of COP26 leading to many consumers seeking to change their habits to a more environmentally friendly lifestyle.
Providing further insight into the topic, Phill Davies, Co-Founder and Commercial Director at Magway added: “Black Friday and the festive period is a vital time for retailers, many of who are still in need of returning to pre-pandemic levels of growth. This year, consumers are expected to spend £9.42 billion over the Black Friday weekend alone, yet the true cost will be to the environment.
“Research from money.co.uk has found that online shoppers in the UK could emit over 386,243 tonnes of carbon emissions this Black Friday, the equivalent of 215,778 flights between London and Sydney. Although this is an 11% drop on last year, and a step in the right direction, the toll of Black Friday on the environment is still shockingly high.
“If we are to meet the targets set out at COP26 and keep global temperatures rising below 1.5 degrees, much more still needs to be done. Turning Black Friday into Green Friday truly requires a whole step-change in our approach to deliveries and supply chains.
“Supply chain management software can assist in reducing the total number of trips and create more efficient processes, while electric vehicles can reduce emissions from deliveries especially from the last-mile. Systems like Magway, which offer the ability of zero-emissions deliveries and the more effective transport of goods between distribution centres through underground pipes, help retailers reduce their carbon footprint, while also increasing customer satisfaction and sales. Retailers need to act now and start planning for greener, brighter, Black Fridays in the years ahead.”