Almost two thirds of Germans want to take advantage of special offer days

German Consumers Embrace Special Offer Days, With Caution

According to a recent survey by the digital association Bitkom, around two-thirds of Germans are eager to seize the opportunities presented by "Black Friday" and "Cyber Monday" special offer days. Half of this group meticulously plans which bargains they'll add to their shopping carts, whereas one-fifth prefer to leave it to spontaneous browsing. Conversely, a fourth opt out of partaking in these offers altogether.

Bernhard Rohleder, CEO of Bitkom, added that consumers today are more mindful due to inflation and economic uncertainties, leading them to postpone major purchases, hoping for price reductions.

The digitization of shopping has become ingrained in the German lifestyle, as evidenced by 94% of survey respondents having engaged in online shopping within the last year. Among these individuals, a sizable 35% indulge in online shopping at least once a week. International sales platforms such as Amazon and eBay have spearheaded this trend, with 82% claiming to often shop on these sites. Furthermore, a fifth of these online shoppers even make purchases while at their place of work. During work hours, 66% take advantage of these opportunities, whereas 31% solely explore deals during breaks.

Though online shopping has become quintessential, both retailers and consumers require vigilance in the face of potential fraud. As digital ID platform Signicat warned, the rise of various payment frauds poses a significant challenge to the safety of financial transactions during peak shopping seasons, such as "Black Friday."

• More than half of German shoppers planning to take advantage of "Black Friday" and "Cyber Monday" special offer days prefer to plan in advance.
• While a majority of Germans (94%) have shopped online in the past year, physical store visits during these sales events are not as popular, with only 8% planning to do so.
• As online shopping surges, concerns regarding fraudulent activities during major sales events, like "Black Friday" and "Cyber Monday," persist.
• Retailers and consumers alike must remain vigilant against payment fraud on popular international platforms like Amazon and eBay, which face escalating trends of such activities during these sales events.

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Enrichment Data:

Online shopping trends during "Black Friday" and "Cyber Monday" in Germany are shaped by various factors, including retail growth, changing consumer behavior, and fraud prevention strategies. Some key trends and concerns include:

Trends:

1. E-commerce Expansion:
2. E-commerce continues to thrive in the German retail sector, surpassing physical retail growth. Governed by rising consumer preferences and digital transformation, online sales are predicted to maintain their upward trend.
3. Stable Retail Sales:
4. Despite political and economic challenges, overall retail sales in Germany have remained consistent. E-commerce has demonstrated resilience and growth, with online sales reaching a 10% increase through September. The 2020 holiday season's sales results have shown promise for maintaining the momentum.
5. Black Friday and Cyber Monday Sales Projections:
6. German Retail Association (HDE) anticipates sales of 5.9 billion euros during Black Friday and Cyber Monday, maintaining the same level as the previous year. This glimmer of optimism lends credence to the retail sector's resilience in the face of adversity.

Concerns:

1. Fraud Prevention Measures:
2. In light of the rise in e-commerce and its connection to an increased fraud potential, companies must strengthen their technical and procedural capabilities. They should scrutinize anomalies in transaction data records and accompanying documents to detect manipulation risks and safeguard their financial operations.
3. Scams and Phishing Attacks:
4. Scammers frequently target online shoppers during peak shopping seasons like "Black Friday" and "Cyber Monday." To protect themselves, consumers should deal exclusively with reputable retailers, verify sources meticulously, and avoid indulging in offers that seem too enticing to be true.
5. E-Invoice Fraud:
6. As Germany implements a mandatory use of e-invoicing as of January 2025, e-invoice fraud becomes a new concern. Companies should prepare for this transition and implement appropriate measures to ward off e-invoice fraud, scrutinizing data records for irregularities and anomalies.
7. E-commerce Fraud Detection:
8. E-commerce fraud can be effectively mitigated by focusing on key stages: signups, logins, and transactions. Utilizing data analytics, implementing rigorous BIN lookups, and analyzing digital and social footprints are all critical strategies. Furthermore, the adoption of robust fraud prevention tools with capabilities such as risk scoring, digital footprint analysis, device intelligence, and AI/ML can help businesses manage fraud risks efficiently.