Small and medium-sized online retail businesses achieved revenue of R$ 814 million during Black November 2025, a discount period extended throughout the entire month of November and which includes Black Friday (November 28). This performance represents a growth of 35% compared to 2024, according to data from Nuvemshop, the leading e-commerce platform in Brazil and Latin America, and highlights the maturity of the D2C (Direct-to-Consumer) model, where brands sell directly to consumers through their own channels, such as online stores, without relying exclusively on intermediaries.
The breakdown by categories shows that Fashion was the highest-grossing segment, reaching R$ 370 million, a growth of 35% compared to 2024. Next is Health & Beauty, with R$ 99 million and an increase of 35%; Accessories, which generated R$ 56 million and grew 40%; Home & Garden, with R$ 56 million and an advance of 18%; and Jewelry, with R$ 43 million and an advance of 49%.
The highest average order values were recorded in the Equipment and Machinery segments, with R$ 930; Travel, with R$ 592; and Electronics, with R$ 431.
In the breakdown by states, São Paulo led sales with R$ 374 million, followed by Minas Gerais, which reached R$ 80 million; Rio de Janeiro, with R$ 73 million; Santa Catarina, with R$ 58 million; and Ceará, with R$ 43 million.
Throughout the month, 11.6 million products were sold, a volume 21% higher than the previous year. Among the most traded items are fashion pieces, health & beauty products, and accessories. The average order value was R$ 271, 6% above the 2024 value. Social networks remained one of the most relevant conversion drivers, responsible for 13% of orders, of which 84% came from Instagram, reflecting the strengthening of social commerce in the country and also the expansion of direct channels typical of D2C, connecting discovery, content, and conversion within the brand's ecosystem.
“The month has solidified itself as one of the main commercial windows for digital retail, functioning as a true “golden month” for SMEs. Distributing demand throughout November not only reduces logistical bottlenecks but also increases sales predictability and allows entrepreneurs to plan more aggressive campaigns with a greater variety of benefits. For D2C operations, this predictability translates into better margin management and more efficient acquisition and retention strategies, supported by first-party data captured through direct channels,” explains Alejandro Vázquez, President and Co-founder of Nuvemshop.
Trend Report: Consumer Behavior Across Brazil
In addition to sales results, Nuvemshop prepared a national trend report for Black Friday 2026, available here. The study indicates that commercial incentives remain essential throughout Black November across Brazil: 79% of merchants with monthly revenue above R$ 20 thousand used discount coupons, while 64% offered free shipping, actions that particularly boost conversion at the beginning of the month when consumers are still comparing offers. Flash sales (46%) and product kits (39%) also stood out among larger-scale entrepreneurs, increasing the average order value and repeat purchases.
For Vázquez, in 2025, consumers arrive much more informed and with clear expectations about prolonged discounts. “The D2C model proves even more advantageous in this scenario, allowing brands to control prices, inventory, and communication, offer personalized promotions, and convert with greater predictability. Extending campaigns dilutes the pressure of Black Friday and helps build a solid customer base, focusing on retention and loyalty for 2026,” he states.
The report also reinforces the power of social commerce: among consumers who engaged with Nuvemshop merchants' brands, 81.4% made their purchases via mobile, with Instagram being the main entry point, accounting for 84.6% of social sales. Furthermore, Pix and credit cards remain the most used payment methods, representing 48% and 47% of transactions, respectively. These data also point to important transformations in consumer behavior.
During Black November, Nuvem Envio, Nuvemshop's shipping solution, solidified itself as the main delivery method for merchants, handling 35.4% of orders and ensuring that 82% of domestic shipments reached the consumer within up to 3 business days.
The analysis considers sales made by Nuvemshop's Brazilian stores throughout the entire months of November 2024 and 2025.
