MIAMI–(BUSINESS WIRE)–Amazon Prime Days 2022 helped energize the broader retail market and drive double-digit sales growth as merchants around the world took advantage of interest in its annual sales event to help increase their own sales, according to ACI Worldwide.
ACI in the world (NASDAQ: ACIW), is the world leader in mission-critical software and its merchant business serves tens of thousands of enterprises worldwide. Analysis from the payments leader showed that the overall transaction volume of its merchant customers increased by 25%, with the value of transactions increasing by 20% compared to 2021, driven by mobile, electricity and electronics , and despite a slight lag in general retail products.
Sales growth has also held up remarkably well compared to the start of the pandemic in 2020, with a 26% increase in transaction volumes and a 10% increase in value.
ACI’s market insights, derived from transaction data from thousands of its merchant customers worldwide, attributed the buoyant sales to the growing number of easier, more convenient and secure ways to pay, and to consumers cautious emerging from COVID, hedging against rising inflation fears and economic uncertainty.
“It’s clear that omnichannel sales have become an integral part of our lives, and two years of living with COVID has left consumers much more comfortable shopping using a variety of payment methods across a variety of channels. “said Basant Singh, Head of Trader, ACI Worldwide. “Despite this wide range of choices, we are seeing a much more cautious approach from consumers, highlighting growing unease with pessimistic economic indicators and pressure on their wallets.”
Mobile, electrical and electronic lead
According to ACI’s analysis, electrical and electronic items were the most popular purchases, followed by general retail products. Electrics and electronics saw transaction value soar 90% on day one, with average transaction value (ATV) increasing $275 (53%), compared to 2021 and 16% on day two day, with ATV increasing by $238 (37%). Mobile phones and accessories were the most popular, with transaction values nearly doubling to 96% on day one.
The retail sector has had mixed success. General retail saw a 64% increase on day one and a 21% increase in volume on day two, with fashion seeing modest growth of 13% from 2021 on day one. There has been a noticeable shift from “throwaway” fashion to more durable and long-lasting items, confirming consumers’ growing concerns about the economy and their finances.
BNPL on the rise
There was also a change in the way consumers bought. The average value of buy now pay later, (BNPL) transactions rose nearly 50% ($52), underscoring a tendency to split higher value items into more affordable slices, confirming consumer caution in the face of inflation. BNPL purchases also saw a record approval rating of 99%.
Strong mobile shopping; desktop computers dominate the most important items
ACI noted a 25% increase in transaction volumes for mobile devices, compared to a 15% increase for non-mobile devices. Mobile ATVs were flat from 2021, while non-mobile ATVs were up 8% or $9, indicating shoppers are increasingly comfortable with frequent purchases of mobile devices. However, non-mobile devices (i.e. desktop computers) still dominate the top items.
Credit and debit cards increase with e-wallets
Traditional payment methods, credit and debit cards saw a 22% and 25% increase in transaction volume and value, respectively. E-wallet volumes saw a 4% increase, primarily due to card details stored in the app, and e-wallets made it easier for shoppers to make purchases by giving credit cards and credit cards an edge. of debt.
Fraud attempts throughout Prime Days remained stable, increasing a modest 0.1% from 2021 figures, despite the increase in transactions and the increase in the number of payment methods. Notably, fraud attempts on e-wallets decreased by 0.2%.
“The real success of Amazon Prime Days has been consumer safety,” said Erika Dietrich, head of fraud management and payments analytics, ACI Worldwide. “Although shoppers are buying more, paying more, and Prime Days are being tracked for months, fraud attempts are stagnating or failing. It seems merchants’ improved fraud management systems and improved security habits of customers have an impact. Now there is a safer way to shop by taking shape.”
- EU: 21% increase in transaction volumes, with average transaction value (ATV) down 15%, or $17, indicating European buyers growing concern over discretionary spending as EU inflation and energy costs continue to rise
- North America: 22% increase in transaction value, with ATV increasing by 12% ($14) as North American shoppers increase their basket size
- LATAM: Huge swings with booming volumes and plummeting values: Trading volumes nearly tripled, while trade values fell 33% to $56
- Australia: Consumers went all-in with a 52% increase in trade value and ATV almost doubled to 95% or $141
About ACI Worldwide
ACI in the world is the world leader in mission critical, real-time payment software. Our proven, secure and scalable software solutions enable large enterprises, fintechs, financial disruptors and merchants to transact and manage digital paymentsPowerful omni-commerce paymentspresent and process bill paymentsand manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation payments and trade.
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