Barclaycard Payments, which processes £1 in every £3 spent in the UK, has so far this month seen a 29% jump in the value of the online transactions compared to November 2019. However, overall transactions remain 7% below where they were in November last year, likely due to the drop in in-store sales, with many retail outlets currently unable to open.
Rob Cameron, CEO of Barclaycard Payments, said: “Over the past couple of years, we’ve seen an increase in the volume of transactions on Black Friday. 2020 is unique, and with many stores across the UK currently unable to open, we expect a different picture this year.
“The silver lining is that businesses are seeing sustained year-on-year growth in e-commerce. Already this month Barclaycard has seen a 29% increase in the value of online transactions processed, and this is even higher in key ‘gift’ categories such as electronics, cosmetics and jewellery. This growth signals both a change in consumer behaviour, with people unable to buy gifts in-store, and the fact that many retailers have been spreading out their discounts throughout November, meaning shoppers can take advantage of early bargains.”