Mollie’s Black Friday payment data reveals 51% increase in BNPL usage
London and Amsterdam, 1st December 2021 - Mollie, one of the fastest-growing payment service providers in Europe, has revealed its annual insights into online payment trends for small and medium-sized retailers on Black Friday, Cyber Week and Cyber Monday. The data shows that Buy Now, Pay Later (BNPL) purchases are rocketing in popularity.
The analysis spans tens of thousands of merchants across Europe, primarily from Germany, U.K., France, the Netherlands and Belgium.
Black Friday, Cyber Week and Cyber Monday trends:
Payment methods and merchant performance
– Payment by BNPL methods more than doubled from 2019 to 2020. This year, BNPL usage increased by 51% for online purchases.
– Small and medium-sized merchants across Europe experienced a 102% increase in the overall volume of transactions on Black Friday versus the Friday prior.
– For Cyber Monday, there was an increase of 16% in the overall volume of transactions versus the Monday before.
– The times of the highest transaction volumes on Black Friday differed by country. In Germany, the key shopping period was 11:00 – 12:00, in France 19:00 – 20:00, the Netherlands 13:00 – 14:00 and in Belgium 16:00 – 17:00.
– Black Friday contributed 21% of the transaction volume of Cyber Week, excluding Cyber Monday.
– Average transaction volumes and values increased in clothing, shoes and accessories, home electronics and sporting goods categories.
– Sporting goods was the ‘star’ of this year’s Black Friday, experiencing eight times the average transaction value increase of clothing, shoes and accessories.
– Clothing, shoes and accessories merchants performed well across Cyber Week and Black Friday, but Cyber Monday proved the strongest day within the period. The volume growth increase on Cyber Monday was nearly two times that of Black Friday.
“Last year’s data hinted at the rapid growth of Buy Now, Pay Later methods for small and medium-sized merchants. Our 2021 data shows strong, meaningful growth, driven by the flexibility and choice BNPL offers consumers,” said Ken Serdons, Chief Commercial Officer at Mollie. “The majority of regions analysed last year were under severe pandemic lockdown, yet restrictions have somewhat eased across Europe this year. With that shift, some may have expected shoppers to return to brick-and mortar stores – but this is not the case and consumer confidence in e-commerce has continued to grow. What is interesting is that Black Friday was out-performed by Cyber Monday and Cyber Week as a whole, suggesting it’s become less about a single day, and more about a shopping week.”