Paypal Sees Green on Black Friday, Thanks to Mobile Shopping Tools
Paypal announced shopping results for Black Friday 2010, offering some unique insight to consumer behavior online, during the holiday season. Figures show the increasing popularity of online and mobile sales, with a growth of 27% in total payment volume compared to last year, and a 310% increase in mobile shopping on the same event last year.
“The tough economy has made shoppers more price-conscious, and this year’s Black Friday results show that they’re going online to find the best deals,” said Amanda Pires, senior director at PayPal. “With the convenience of shopping from a laptop or mobile phone, more people are choosing to avoid the long lines, parking chaos and early morning rush in exchange for great online deals available from the comfort of their homes.”
The results also show that the official holiday shopping season began on Monday, November 15, with times most shopped between 9:00 and 10:00 PST. Compared to an ordinary Friday this year, Black Friday 2010 experienced 19% more payment volume and 21% more compared to Thanksgiving this year. As a top eCommerce company, it processes 16.5% of the U.S. eCommerce and 15% globally.
The online, and more so the mobile sectors, have really changed the way consumers shop this time of year, bringing in more convenience and comparison tools for shoppers. It’s brought about an opportunity for retailers to shift their behavior as well, finding better ways to engage consumers at the point of decision-making and purchases.
Another report this morning indicates the importance of the mobile sector for holiday shopping, particularly as Black Friday is extended well before and after the actual day itself. It’s an important look on technology’s influence on consumer and retailer patterns, ultimately affecting marketing campaigns, advertising and other ways in which these two groups communicate with each other in a mutually beneficial manner.
And good thing for Paypal. It’s ramped up its mobile efforts this year a great deal, enhancing shopping expereinces this holiday, and enhancing the tools around consumer shopping. A number of finance-related services are seeking developments in this arena, as mobile becomes the new way of computing.
Since you’re here …
… We’d like to tell you about our mission and how you can help us fulfill it. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content.
If you like the reporting, video interviews and other ad-free content here, please take a moment to check out a sample of the video content supported by our sponsors, tweet your support, and keep coming back to SiliconANGLE.
