Consumers spent $74 billion in first three weeks of November (up 10% YoY) and $297 billion internationally, signaling start of the holiday shopping season. Black Friday was the biggest single shopping day of Cyber Week.
Reports say that the value of China’s live-commerce market grew at a compound annual growth rate (CAGR) of more than 280 percent between 2017 and 2020, to reach an estimated $171 billion in 2020.
Pandemic has caused significant behavioral changes, including a shift in purchasing preferences, with most individuals opting for online shopping, leading to a surge in e-commerce. Retailers are eager to capitalize on this trend and opportunities.
It’s important for brands to understand that customers do not only expect brands to offer social customer support through these channels, they also expect quick replies. According to Facebook for Business,76% of people who message a business do so for customer service or support. More than 150 million people message businesses through Instagram Direct every month.
“Driven by customers’ increased need for fully contactless payment options in response to the COVID pandemic, we are proud to launch the first contactless biometric EMV bank card in the region,” says Suhail Salman.