Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, today announced that it hit a new monthly sales milestone in November 2020 by delivering over $2.1 billion of monthly underlying sales, more than doubling the $1b of underlying sales in November 2019 (up 112%).
The month of November ended with very strong trading across the Black Friday and Cyber Monday sales period. New monthly underlying sales records were set in all regions with the US achieving the highest level of monthly sales ($1.0b) ever across all regions.
Referrals to our global retailers continued to grow strongly with over 35m leads generated during the month of November (147% up on November 2019). This continues to demonstrate the increasing power of the Afterpay model and the value it drives to retailers.
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Regional Performance in November
- Monthly underlying sales in the US (at $1.0b) exceeded ANZ (at $0.9b) for the first time, reflecting the increasing contribution from our fastest growing and largest region, which only commenced operations ~2.5 years ago.
- Retailer take up of instore in the US continued to ramp up with Afterpay now integrated and available across thousands of storefronts nationally. There is a strong pipeline of new merchants preparing to launch soon.
- With a number of significant retailers launching on the platform since September 30, 2020, active customers in the US increased by ~1m. The total number of customers that have signed up to Afterpay in the US now exceeds 13 million.
- ANZ saw continued strong growth in November across both online and instore when compared to the same month last year. Growth from instore accelerated as the restrictions related to COVID progressively reduced. We now have retailers achieving over $1m of underlying sales with Afterpay, in-store, in a single day.
- The UK continued to drive strong underlying sales growth (up 315%) through November with the number of merchants on the platform increasing by 800% compared to November 2019.
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Black Friday / Cyber Monday (BFCM) performance in 2020
- Black Friday (November 27, 2020) to Cyber Monday (November 30, 2020) weekend represented record trading across all regions.
- Black Friday continues to be the largest trading day across all regions.
- Over 1.2m referrals were sent to US merchants from the Afterpay Shop Directory on Black Friday alone.
- In ANZ, the Black Friday/Cyber Monday event spans across a week and, in the four days prior to Black Friday, underlying sales increased by over 60% compared to the same period last year.
- Basket sizes in the US and the UK on Black Friday were up 30% and 25% respectively compared to last year.
- Top items bought across each region on the day included thermal wear (seven of the top ten items) in the US, beauty items and accessories in the UK and kids clothing, toys and beauty products in Australia.
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