Riverty-Study: Valentine's Day is a huge opportunity for eCommerce
Riverty-Study: Valentine's Day remains a big sales driver for bricks-and-mortar retailers and is getting a huge opportunity for eCommerce. As part of Riverty's comprehensive 'Buy Now, Pay Later' (BNPL) offering, the FinTech conducts regular online research on consumer behavior to predict shopping volumes as well as shopping trends and provide valuable insights for merchants.
Valentine's Day being a day to celebrate romantic love has become an important day for retailers. "We assume that Germans will once again spend around one billion Euros on Valentine’s Day gifts this year – despite inflation and the high cost of living", says Sebastian Ehrke, Director Ecosystem Growth & Global Campaigns at FinTech Riverty. According to a survey conducted by Riverty, bricks-and-mortar retailers benefit the most from the increase in sales. Although 32% of respondents are aware of Valentine's Day and its significance, only 6% use it for online shopping, for example to take advantage of offers.
Awareness of Black Friday is higher than for Valentine's Day
"Interestingly, when it comes to shopping, Black Friday is even more firmly anchored in the minds of Germans than Valentine's Day," says Sebastian Ehrke. "In a survey we conducted two years ago, 82% of respondents in Germany were aware of Black Friday, while this figure was only 32% for Valentine's Day. Last year, the awareness of Black Friday was at a similarly high level – with an upward trend." The reason why Black Friday is now more popular than Valentine's Day: although the shopping day is not a tradition in Germany, more and more retailers in Germany are doing Black Friday sales events to attract customers and increase sales in the last quarter of the year. Ehrke believes there is untapped potential for eCommerce on Valentine's Day. "As more online merchants strategize around Valentine's Day, the potential for increased awareness and engagement is significant," says Ehrke.
A Statista survey from 2023 reveals that flowers remain the most popular gift on Valentine's Day, accounting for nearly 20% of all purchases. Interestingly, one in ten people opts for a shared experience as a gift. As such, when seeking to attract customers around Valentine’s Day, it is essential for retailers to focus on products and experiences that enable consumers to express their affection for their partner. Rather than solely focusing on discount-driven promotions, merchants could enrich their strategy by curating special offerings that reflect the spirit of Valentine's Day: love and connection.
BNPL is increasingly popular
When targeting shoppers for Valentine's Day, it is critical for eCommerce businesses to take into account shopping and payment preferences. A survey by Riverty confirms the high demand for BNPL payment options. It shows that one in three online purchases is now paid by using BNPL. The most important reason is conscious shopping. 45% of respondents use ‘pay later’ options to wait for the goods to arrive and then check the item without time pressure.
Ehrke concludes, "As online merchants focus on the untapped potential of Valentine's Day, it's important they keep in mind the rising popularity of BNPL options amongst consumers. This shift in payment preferences will significantly influence the future of eCommerce – not just on Black Friday but increasingly on occasions like Valentine's Day as well."
About Riverty
Riverty, the fintech arm of Bertelsmann, supports thousands of merchants and over 28 million consumers by processing more than 80 million transactions monthly. Offering flexible payments, debt collection, and smart accounting solutions, Riverty empowers businesses and consumers with cutting-edge financial services. With a dedicated team of over 4,000 employees across 11 countries in Europe and North America, Riverty is a leader in delivering comprehensive financial solutions.
