Redefining Peak Sales Days: lessons from Black Friday 2024 in emerging markets
Keren Ben Zvi, Chief Data Officer at PayU GPO
The Golden Quarter of 2024 has proven to be a monumental period for retailers worldwide. Once again, consumers and their evolving habits have demonstrated their position as the driving force behind the growth and transformation of e-commerce. Among the highlights of this period was Black Friday, which not only reaffirmed its status as a major retail event but also showcased how peak sales days are being redefined in emerging markets – mostly in Central and Eastern Europe (CEE), Latin America, and Africa
This year’s performance tells an intriguing story. It highlights the resilience of industries, the shifting preferences of shoppers, and the increasing importance of reliable, seamless payment infrastructure for retailers. For merchants preparing for future peak sales days, Black Friday 2024 serves as a guide to the trends that will shape the e-commerce landscape in the year ahead.
Black Friday goes from strength to strength
In Central and Eastern Europe, Black Friday 2024 saw strong growth, as total payment volumes increased by 38% year over year. This substantial growth coincided with a rise in average payment volume per transaction, which climbed to $57, marking a notable 17% increase compared to last year. Consumers across the region demonstrated a healthy appetite for deals, driven by both enthusiasm for discounts and a growing confidence in digital shopping. PayU GPO’s approval rates reached 90%, slightly improving by 0.7% (PayU GPO source), a sign of steady technological performance and improved transaction reliability.
Latin America experienced similarly impressive results. Transaction volumes rose by 28% compared to the previous year, with the number of transactions processed increasing by 24%. In Colombia specifically, the country reported an 8% increase in total transaction volume, and a 3% rise in the number of payments completed. These numbers underscore the continued growth of e-commerce in the region, where Black Friday has become a popular time for securing value-driven purchases.
Across the continent of Africa, South Africa led the way with e-commerce purchase activity, which grew by an astounding 130% compared to an average Friday in 2024. Consumers across the country demonstrated clear enthusiasm for Black Friday, capitalising on time-sensitive deals. Compared to 2023, total transaction values increased by 14%, while the average basket size grew by 5%, reaching R1946 ($106 USD). Despite economic pressures, the data reveals that South Africans remain eager to participate in major shopping events, balancing affordability with quality purchases.
New heights in new verticals
2024’s highest performing industries provided additional insight into shifting consumer behaviour. Fashion continued to thrive in Central and Eastern Europe, representing 21% of total sales, an increase of 28% year over year. Interestingly, financial services emerged as one of the fastest-growing sectors in the region, recording a remarkable 184% year on year growth.
In Latin America, digital entertainment, electronic goods, and fashion were dominant players. Digital entertainment grew by an impressive 74%, while e-goods and fashion sales rose by 63% and 53%, respectively. Colombia saw electronics and household appliances account for 27% of Black Friday purchases, with fashion, entertainment, and professional services also showing healthy performance.
Africa’s consumer spending revealed that electronics accounted for 40% of Black Friday sales. This was closely followed by travel and tourism, making up 30% of sales, reflecting the sector’s recovery. The beauty industry also had a standout year, with purchases in this category surging to 125% higher than on an average Friday in 2024.
Evolving consumer payment preferences
A closer look into consumer spending patterns influence on Black Friday, while the number of transactions for electronic goods surged, the average basket value declined by 5%, signaling a preference for affordable or discounted products. Consumers sought to maximise value, favouring deals on lower-cost items instead of splurging on high-ticket products.
Payment preferences also continued to evolve, offering a glimpse into the future of e-commerce transactions. While cards remain dominant in many markets, this is gradually declining in favour of alternative payment methods. In Central and Eastern Europe, card payments accounted for 40% of transactions, but alternative options such as BLIK saw remarkable growth, increasing by 56%. Further, payment solutions like Buy Now, Pay Later (BNPL) also gained traction, growing by nearly 50% year over year. These flexible solutions appeal to cost-conscious consumers, allowing them to spread payments while still taking advantage of Black Friday deals.
Africa showed a similar trend. While card purchases remain dominant in South Africa, accounting for 84% of Black Friday transactions, we’re seeing penetration of newer methods similar to other regions. For example, Open Banking solutions like CapitecPay experienced impressive growth, increasing by 104% year over year. Similarly, BNPL methods such as Payflex rose by 86%, and loyalty payment options like Discovery Miles saw a 39% uptick. These shifts highlight a growing preference among shoppers for payment methods that offer greater convenience, flexibility, and value.
In Latin America, account-to-account (A2A) payments have emerged as the preferred payment method in markets where they are available, driven by their simplicity and efficiency. In Colombia, the PSE (Pagos Seguros en Línea) system experienced substantial growth, accounting for 66% of the transactions. Meanwhile, in Brazil, PIX continued its impressive trajectory, achieving a remarkable 68% year-on-year growth, cementing its position as an important payment solution in the region.
Technological performance emerged as a cornerstone of Black Friday success, enabling retailers to handle massive transaction volumes without disruption. In 2024, PayU GPO, processed a staggering 804 transactions per second, handling 3,678 requests every second during peak hours. In total, 157,000 transactions were completed in a single hour in Central and Eastern Europe. The platform’s uptime of 99.999999% ensured a seamless experience for retailers and customers alike, enabling approval rates of 90%. Furthermore, marketplaces, which depend heavily on technical reliability, achieved approval rates of over 91%, the highest across all segments.
Building on Black Friday’s success
As retailers look ahead to Black Friday 2025 and other peak sales days, the insights from this year’s performance are clear. Shoppers expect seamless, reliable, and fast payment experiences. Downtime or delays during these critical moments can lead to significant revenue losses and customer frustration. Retailers must partner with payment providers that offer proven resilience, scalability, and innovative payment solutions to meet the rising demands of global e-commerce.
Looking to the future, several trends are set to shape Black Friday and other key retail events in 2025. Alternative payment methods will continue to rise, particularly BNPL and Open Banking solutions, as consumers increasingly favor flexible, user-friendly options. The shift towards mobile commerce will only accelerate, requiring retailers to optimise platforms for smartphone shoppers. Artificial intelligence will play an even greater role in personalising the shopping experience, from dynamic pricing to tailored recommendations, helping retailers maximise engagement and conversion rates.
Sustainability will also become a defining theme. As consumer awareness grows, many retailers will look to integrate eco-friendly products and ethical practices into their Black Friday strategies. The “Green Friday” movement will likely gain traction, appealing to environmentally conscious shoppers who seek to balance value with responsibility.
Amid the dynamic trends of Black Friday 2024, one thing is clear: the potential for growth is immense, and businesses that adapt to evolving consumer preferences are poised to achieve significant success.
