With Black Friday 2010 now behind us, the post event analysis has begun with the online electronic payment system PayPal, sharing some of their results. For PayPal, online payments were up by more then 27% when compared to the same event last year implying that online spending was higher then in past years.
Mobile shopping itself saw a growth rate of 310% and with the holiday shopping season now in full swing after having officially started on November 15th, a spike in sales was seen on Black Friday which saw sales activity that was 21% higher then on Thanksgiving day. Compared to any other regular Friday, Black Friday sales were also higher by 21% and PayPal’s data indicates that the most online payments came within a one hour span between 9:00 AM and 10:00 AM PST.
There are a number of reasons that have contributed to the growth of online sales and these include the fact that customers are more price weary and that better deals can be found online rather then in the usual bricks and mortar locations. There is also the customer convenience factor to also take into account as online shoppers don’t need to worry about traffic jams, finding parking spots, and the early morning rush.