economyportugal

Black Friday 2020 will be a disaster for Portuguese traders according to euPago

Fintech euPago today announced a disaster expected for BlackFriday 2020, where, according to an analysis carried out based on previous years, sales in Portugal are estimated at €91m this year.

It is expected that the quantity of purchases will grow 67%, the volume of sales will increase 64% and the average value per purchase 25%”, warns Telmo Santos CEO of the company that ensures the most volume in electronic payments in Portugal.

According to euPago data, the volume of transactions will skyrocket and merchants will experience increased problems with suppliers as they are unable to respond to sales volume.

“If it is impossible to replace the purchased products, they will have to return the money to the customers, which, according to the law, the customer has 14 days to express whether he wants a refund and 30 days to return the product”, explains the person responsible.

EuPago recalls the Invesp study for 2019, in which about 30% of products purchased online are returned and therefore estimates that the volume of refunds this year will amount to €27m.

This study states that 92% of consumers will continue to buy from a store if the return process is easy. Soon the great challenge for traders will be to respond quickly to consumers.

“It was with these measures and changes in mind that we created a personalized refund service for merchants, which will be offered until December 31, 2020”, announces Telmo Santos.

With this service the merchant can automatically process refunds for his customers. By activating this functionality, the funds will be returned to the customer in a quick and efficient way, thus minimizing the bad experience that could have been the purchase.

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