Record-Breaking Black Friday For eBay's PayPal

adeelarshad82 writes "eBay's PayPal division reported that PayPal processed 20 percent more transactions on Black Friday compared to last year. PayPal didn't release the total payment volume, but claimed that its Payflow Gateway system processes nearly a quarter of e-commerce, while its direct sales numbers reflect 12 percent of all e-commerce. In general, reports from a number of e-tailers and retailers indicated that consumers spent more on Black Friday than in 2008, when the United States was in the midst of a recession. However, it's still unclear whether shoppers bought more on Black Friday, when they could expect a discount on what usually is one of the busiest days in the holiday season, or whether the pattern will continue. In 2008, shoppers stopped buying in early December, a shock that the US economy felt well into 2009." How did your Black Friday turn out? Did you wait in endless lines and contribute to the trampling deaths of fellow shoppers, sit at home and help take down your favorite online retailer's servers, or eschew the process altogether?

Comments

Online things, and from non-us point of view

[sopssa]

We don't have "Black Friday" here, but I noticed Steam has also been having five-day-long every-day-new-games discount on games, usually ranging as 33-75% discount. Since they actually have good games there on sale, with a good percentage off, it's been leading me and many of my friends to buy the games that look interesting now. People have been buying those LucasArts and THQ Complete Packs and many single games (I bought Borderlands, City of Heroes and LucasArts pack last night) Since PayPal also processes purchases for Steam, some of the increase probably comes from it too - there are hundred thousands players buying those games now.

I didn't buy more because I didn't even know about the special day. But I bought when I saw the discounts. I'm a lazy guy so I wouldn't go fighting in stores anyway (and I hate all that crowd), but these discounts surely lead to some impulse buying on Steam. And it still continues for a few days, oh man.

Re:Sorry, what?

[Anonymous Coward]

It's actually called African American Friday these days...

OK, for those not in the know.

[gbutler69]

"Black Friday" is the Friday after Thanksgiving in the U.S. Thanksgiving is always the last Thursday in November. It is "Black" because retailers throughout the country count on the Christmas shopping season for the majority of their yearly profits. In other words, it is the day beginning the season when they hope to bring themselves "into the Black" (on an accounting sheet "Red" ink is used to indicate money owed, "Black" ink to indicate money made). If a retailer is "in the Red" they owe their suppliers more than they've taken in. If they are "in the Black" they have made a profit.

As far as why it is important? IT ISN'T. Not anymore. Whether or not retailers have a "good year" is now irrellevant to the U.S. economy. I've been carefully watching what is for sale in stores and almost none of it is manufactured in the U.S. So buying a bunch of stuff made in other countries (especially using further consumer debt) will do absolutely ZERO to improve the U.S. economy. Everyone should refuse to buy anything this year except for necesseties. If you want to give gifts for the spirit of the season, buy only locally made goods and services. Here are some suggestions:

• Hire a Maid/House Cleaning service to give the house a good cleaning for your spouse, mother, or other special person
• Hire someone to paint a room or fix something on the home of your loved one
• Commission the making of a crotcheted Blanket, Sweater, Afghan, from one of the many people in your local neighborhood who does such crafts
• Hire someone to "Detail" your loved ones car
• Hire someone to "Cater" your Holiday Dinner or Family Get together
• Buy your loved one a "subscription" to yard mainenance/landscaping service for one year
• Buy your father, brother, or other loved one a "Gift Card" for automobile maintenance at the local Mechanic and/or Car Dealer
• Buy locally hand-made furniture (from the Amish or other local providers), like a wooden rocking chair or dining room table, for your loved ones
• Hire someone to "prepare a vegetable garden" for your loved one (turn the soil, remove the weeds/roots etc, get it ready for planting in the spring and/or do the initial planting)
• ...You get the idea...

ANY of the above are 100% guaranteed to be better for the U.S. economy. If everyone did one of the above, the economy would be 100% back on its feet in no time flat.

Re:Brick and mortar? nope... online? yep!

[Dachannien]

I was up early and on a whim went to the local Walmart to check out this "Black Friday" phenomenon. It was a ridiculous mess of rude people and massive lines.

But it's like that at Walmart every day.