Fintech Unicorn PingPong Payments: Black Friday signals e-commerce takeover
Sellers and retailers preparing for the biggest shopping event of the year, are anticipating a mass surge in e-commerce sales in line with the 30 percent online sales growth experienced during the first and second quarter of 2020( PingPong Payments).1
Last year, Black Friday rivaled Amazon Prime Day and Cyber Monday with shoppers choosing to spend $7.4 billion online – the second-largest internet shopping day ever.2 This year, figures released by the U.S. Department of Commerce show that figure has already been eclipsed by $211.5 billion and is set to ramp-up during Amazon Prime Day on October 5, 2020.3
As the holiday season begins, shoppers more familiar with navigating digital spaces as a result of the pandemic are expected to continue reallocating their remaining wallet share on online goods as a substitute to travel, or other activities. To accommodate the digital migration, merchants are having to rethink their business strategy and sourcing early, with hundreds of thousands of sellers anticipating the digital surge to continue over Christmas.
Advancements in the global payment sector over the last decade have been able to support e-commerce growth by offering faster, more convenient, and cost-effective global resourcing. Worldwide it is estimated that 63% of all e-commerce sales are via marketplaces such as Amazon, Alibaba, and Rakuten.4
According to Ning Wang, Co-Founder and Chief Business Officer at global payments unicorn ($1.1bn) PingPong Payments: “Black Friday presents a huge opportunity to capitalize on the e-commerce growth experienced over the last year, with the payments sector being a catalyst to support U.S. sellers expand and accommodate over 300 million Americans venturing online. As we approach the holiday season, the disruptive nature of the pandemic on global supply chains has become a wake-up call for merchants to seek a reliable, and diverse supplier network to meet increasing customer demand.”