The Ultimate Black Friday Survival Guide: Tips for Shoppers, Retailers, and Payment Providers
The Madness is About to Begin!
Ah, Black Friday. The day when shoppers line up in the cold at 4 AM, retailers rub their hands together in anticipation of a sales frenzy, and payment providers brace for the massive surge in transactions. It’s a day like no other in the retail world, a chaotic whirlwind of killer deals, last-minute decisions, and lots (and I mean LOTS) of online shopping carts filled to the brim.
But as exciting as Black Friday is, Shoppers, retailers, and payment providers alike face challenges during this hyper-competitive shopping spree, from scam attempts to tech breakdowns.
And you know us! Show us the problem and we are right away thinking about the solutions so this blog is for you all. We might not be a fashion icon but we are definitely iconic company when it comes to security and fast transactions. We’re here to help you navigate the madness, stay safe, and make sure that everyone gets through the day with fabulous deals (and their personal data) and customer base intact.
Part 1: Shoppers – how to avoid black Friday scams? Stay Smart, Stay Safe!
Alright, shoppers, listen up! Those Jimmy Choos you’ve been dreaming about? They’re going to look stunning with that shimmering dress you’ve got lined up for New Year’s Eve. And who knows, maybe you’ll strut into 2025 looking like a million bucks! Or perhaps you’ve got your eye on that 60-inch 4K TV at a ridiculous discount—because let’s be honest, there’s nothing better than watching movies at home in cinema quality, right? Well, we’re not here to stand between you and your epic deals; we’re here to make sure those deals are steals for you, not from you!
According to Forbes Advisor, Black Friday 2023 saw online shoppers spend a whopping $9.8 billion! That’s a 7.5% increase from the previous year. Clearly, Black Friday is a big deal.
But while you're filling up your cart with deals, fraudsters are busy making their own plans. In 2022, Barclays reported a 22% rise in purchase scams during Black Friday and Cyber Monday, with victims losing an average of £970. So, it’s not just a big day for you—it's prime time for scammers hunting for their next target.
So how do you stay safe in the frenzy? Here are six golden rules to live by this Black Friday:
- Research the Retailer
Not every store offering discounts is a legit one. Before making a purchase from an unfamiliar site, take a moment to do some detective work. Look for genuine reviews—Google them and scroll past the first few pages! You can also head to your favorite social media platforms to search for the product and see what people are saying. If you're a millennial or Gen Z, you know TikTok is one of the best places for honest reviews. A few minutes of research could save you hundreds of dollars—or even protect your personal data. - Look for Secure Payment Methods
Skip the shady direct bank transfers and go for secure payment gateways or credit card options that offer fraud protection. If the website’s payment section looks like it was designed in 2003 or doesn’t provide secure payment options, hit that back button! - Check for Contact Information
A legitimate site will have an "About Us" page, phone numbers, customer service contacts, or even a physical address. If you can’t find any way to reach them, it’s a red flag. Keep your wallet in your pocket.
- Avoid Clicking Pop-Up Ads
Black Friday is pop-up paradise, but some of them lead straight to phishing scams or malware-laden websites. Stick to the store’s website and avoid anything too flashy trying to divert your attention. - Watch Out for Phishing Emails
Ah yes, the wonderful world of phishing... Every Black Friday, your inbox is flooded with promotional emails. But not all of them are from legit retailers. Scammers love to pose as big-name brands. If you’re even slightly unsure about an email, don’t click the links—go directly to the retailer’s website instead. - Look for the Magic Words: KYC & Identity Verification
Okay, folks, here’s the deal—if a retailer is using KYC (Know Your Customer) and identity verification, it’s like they’ve installed a virtual bouncer at the door, making sure everything’s legit. That means no shady business, no funny stuff—just good ol' safe shopping. Retailers that use KYC and identity verification are usually more secure and compliant with regulations. This means they’ve implemented strong safeguards to protect your data. You wouldn’t walk into a nightclub with a $100 million diamond collar without security, right? Same logic here, but with your personal data. And here’s the kicker: if you see that the platform is powered by Identomat, you’ve practically found the golden ticket to a scam-free shopping spree. So kick back, relax, and let others gamble with pop-ups while you shop like a pro!
Remember, while snagging deals is exciting, staying vigilant is key to ensuring you don’t become a scammer’s next target. Happy shopping, and may the odds of snagging the best deal be ever in your favor!
Part 2: Retailers – Get Ready to Crush It (and Stay Safe)
Retailers, it’s almost game time! Black Friday is your moment to shine, rake in those sales, and make 2024 your best year yet. But let’s be real—it’s not all about having the best deals or slashing prices. You’ve got to do more than that. Customers expect a smooth, secure shopping experience that they can trust. If you’re not prepared for that, it doesn’t matter how good your 50% off deals are—they’ll walk away faster than you can say “discount.”
Here’s where we come in.
Trust = Sales, and That Starts with KYC & Identity Verification
When a customer is excited to grab that smart TV they've had their eye on, and just when they’re about to hit "buy," something feels off it’s not good. Maybe it’s a suspicious pop-up, or the payment process looks shady. Now they’re second-guessing whether your site is trustworthy, they start doubting their decision and… Boom—abandoned cart. You just lost the sale.
etailers, this is a real problem. With the rise in online shopping, especially during Black Friday, trust becomes the foundation of every transaction. And one of the best ways to build trust? Strong KYC (Know Your Customer) and Identity Verification solutions.
When customers see that you take their security seriously, they feel more confident completing their purchases. By integrating Identomat’s top-notch identity verification tools into your platform, you’re telling your customers, 'Hey, we've got your back!' 'We want to ensure your safety with this email and phone verification.' 'We want to make sure your kids are not using fake IDs to buy 18+ products, but also, we want to make sure they are not using your ID to buy 18+ items, and that’s why we have liveness and biometric checks in place, so your pre-puberty son can’t pass as you.' And that’s not just good for them—it’s fantastic for you.
Faster Checkouts, Happier Customers
Black Friday is all about speed. Customers want to get in, get their deals, and get out. If your checkout process takes too long because of clunky verification methods, or worse—if it’s not secure enough—your customers will bounce. And let’s face it, they’re not coming back.
With Identomat, you can ensure that customer verification and onboarding happens seamlessly and securely, so the only thing your customers have to worry about is which color of those Jimmy Choo shoes they want.
Security That Doesn’t Sacrifice Sales
A secure platform means confident customers—and during Black Friday, confidence converts into sales. While fraudsters are lurking, ready to pounce on high-traffic shopping days, they’re hoping customers, in their rush for deals, won’t notice the bait. But here’s the thing: when your platform signals 'all clear,' customers are not only more likely to complete their purchases, but they’re also more inclined to become brand advocates.
With Identomat’s identity verification and anti-money laundering (AML) solutions, you’re not just protecting your sales; you're safeguarding your brand's reputation.
Remember, fraud detection and a seamless shopping experience can go hand in hand. Identomat ensures your customers sail through checkout quickly and securely, so you never lose a sale to slow processes or security concerns.
Part 3: Payment Providers… Listen Up!
We get it, you're probably thinking, "What does Black Friday have to do with us?"
Well, here’s the look we’re giving you right now:
But... your role in ensuring a smooth and secure shopping experience for both retailers and customers is PARAMOUNT!
According to Statista, e-commerce made up 20.1% of global retail sales in 2024. That’s no small feat! In fact, global e-commerce sales soared to an estimated $5.8 trillion in 2023, and projections suggest that number will hit a staggering $8 trillion by 2027. As the market expands, so does the competition—not just for retailers, but for you, the payment providers.
Here’s the deal: on days like Black Friday, time is money. Shoppers are racing to check out before that must-have deal vanishes. Now, picture the frustration when a payment takes too long to process, causing them to miss out on their favorite items
⚠️ But speed isn’t the only issue. Security is just as crucial—especially during high-traffic shopping events like Black Friday.
Some banks and payment providers still lag in robust KYC (Know Your Customer), IDV (Identity Verification), and AML (Anti-Money Laundering) systems. And in the chaos of Black Friday, that’s a recipe for disaster. Without proper fraud detection, transactions can get delayed, and worse, fraudulent purchases might slip through the cracks.
Why should this matter to you?
Because if a customer can’t complete their purchase due to slow processing or fraud issues, it’s not just the retailer who loses—you lose too. Picture a shopper missing out on those Jimmy Choo shoes at an unbeatable discount because their payment didn’t clear in time. We know you’re tired of hearing this, but we really want to get those Jimmy Choos to every customer who wants them. So, not only are they left without fabulous New Year’s Eve shoes, but now they’re annoyed with both the retailer and the payment provider. And to top it off, if their data gets stolen in the process? That’s a double whammy no one wants.
So, how can you stand out as a payment provider this Black Friday?
- Invest in Fast, Reliable KYC and Identity Verification: The first line of defense against fraud, this ensures transactions are processed quickly and securely, keeping both you and your customers safe.
- Step Up Your Fraud Detection: Black Friday is like Christmas for fraudsters. Don’t let them crash the party! Upgrade your fraud detection algorithms and stay ahead of the latest threats, so your customers can shop with confidence.
- Streamline the Checkout Process: Your payment system should be lightning fast and hassle-free. The quicker your customers can check out, the more likely they'll come back for more—boosting their experience and your bottom line.
With Identomat’s cutting-edge KYC and identity verification solutions, you can stay ahead of the game. Don’t let a sluggish or insecure payment process cost you (and your customers) this Black Friday. Your customers are ready for serious shopping—make sure you’re ready too, and help them grab those deals without a hitch!
Are you ready?
Ready, Set, Shop (and Sell, and Process Payments)!
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