With some time passed since what it is arguably one of the most important dates in business and retail, it is possible to look at what this year”s Black Friday can teach moving forward. And this includes relevant information not only for traditional retail and e-commerce, but to businesses across the board – to which investments like Iban Wallet are no strangers.
At a first glance, it is hard to deny that Black Friday was anything else but a success. E-commerce giant Amazon reported this holiday shopping period to have been the biggest in its history yet.
For one, the pandemic situation pushed a greater number of consumers towards online shopping. According to data from Adobe Analytics, Black Friday online sales saw a 22% increase, generating over $9 billion.
While COVID is expected to not be an influence for future shopping seasons once vaccination is widespread, it is more likely that this digital exodus will have more of an acceleration effect than being an isolated event. As more and more people adopt the convenience of digital solutions, we can only expect the trend to continue for the following years.
However, there are other factors at play that need to be looked at, particularly in Europe.
With countries facing varying levels of restrictions and even lockdowns, there were some important shifts to observe. As reported by consulting firm BDO, while the UK found November to be the strongest sales month in 2020, Black Friday witnessed a -3.81% drop when compared to last year. And sectorial speaking, while homeware experienced a +8.5% increase, fashion fell by -5.7%.
This is congruent with the statement by PriceWaterHouseCoopers regarding this year”s European consumer habits being driven by “need” rather than “want”, with a strong focus on home living. The winners? Work from home (IT and office products), health and well-being, and eating from home.
Moreover, some argue that the previous unavailability of non-essentials made the demand already big enough for discounts to lose a big part of the importance of retailers. Add that to the lack of cultural tradition in the old continent regarding this date (as opposed to the Thanksgiving tie-in in the US), it can even be argued that the interest Black Friday can substantially decrease in Europe in the future.
All this can be seen as a sign that consumer concerns have been geared more towards practicality than sheer consumerism – at least in Europe. This can present itself as an opportunity for other sectors, such as finance and investments. As consumers look for other solutions for their money, spending may lose some of the spotlights. The future still being uncertain, being prepared for what may still come has gained greater importance.
For everyone looking to be prepared, whether for greater security or to enable greater enjoyment, Iban Wallet offers and will continue to provide a practical and convenient set of investment products. From a greatly flexible solution starting at a 2.5% projected interest rate, to others offering more robust potential gains, with multiple terms starting from 0 days to 5 years.
So whichever the future of Black Friday, consumers have another tool to boost their own financial future.
Iban is an online marketplace that offers investment opportunities at a projected interest rate derived from investment in loans from various lenders
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