Global retail transactions increase 30 percent from Thanksgiving to Cyber Monday 2020 vs. 2019
New benchmark data from ACI Worldwide, a leading global provider of real-time digital payment software and solutions, revealed a 21 percent increase in eCommerce transactions globally in November 2020 compared to November 2019. This was driven by strong consumer demand for household items and services, especially those providing shipment, remote education and training, and insurance for consumer electronics. According to the data, based on hundreds of millions of eCommerce transactions from global merchants, the retail sector saw a significant increase (30%) over the five-day period from Thanksgiving through Cyber Monday in 2020 compared to 2019.
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Global #eCommerce Transactions Jump in November Due to Earlier Start of #HolidayShopping Season, New #Data from @ACI_Worldwide Reveals
The Saturday after Black Friday experienced the biggest increase at 47 percent compared to 2019. However, the average ticket price on these peak days declined by 3 percent compared to 2019, down from $136 to $132, as consumers are attracted to free shipment and sales.
“This year’s holiday season is looking very different from previous years with many merchants starting sales much earlier, as well as continuing promotions beyond the traditional peak days of Black Friday and Cyber Monday. The result is a substantial increase in eCommerce transaction volumes prior to Black Friday,” said Debbie Guerra, executive vice president, ACI Worldwide. “In addition, many merchants expanded their buy-online-pick-up-in-store and free next-day delivery options, which attracted many consumers.”
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Fraud attempt rates by volume increased slightly to 1.7 percent by volume and 3.4 percent by value, similar to prior holiday seasons, as a result of increased genuine consumer spending outpacing fraud. Non-fraud chargebacks increased by 15 percent in October* 2020 compared to 2019, a lower percentage than that of April and May of 2020, mainly due to more people being back at work and call centers being better staffed to deal with consumer calls.
“Although fraud rates have increased only slightly, merchants and consumers do need to be vigilant. Consumers should avoid leaving packages on their doorsteps for long periods of time to avoid porch piracy, as this has been an area of growing concern over the years. As the buy-online-pick-up-in-store channel continues to experience fast growth driven by the pandemic, it is providing greater opportunity for fraudsters,” Guerra concluded.
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