Small and medium-sized online retail companies achieved revenues of R$ 814 million during Black November 2025, a period of extended discounts throughout the month of November that includes Black Friday (November 28). This performance represents a 35% growth compared to 2024, according to data from Nuvemshop, a leading e-commerce platform in Brazil and Latin America, and highlights the maturity of the D2C (Direct-to-Consumer) model, in which 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 segment with the highest revenue, reaching R$ 370 million, a growth of 35% compared to 2024. This was followed by Health & Beauty, with R$ 99 million and a 35% increase; Accessories, which generated R$ 56 million and grew by 40%; Home & Garden, with R$ 56 million and an 18% increase; and Jewelry, with R$ 43 million and a 49% increase.
The highest average ticket prices were recorded in the Equipment and Machinery segment, at R$ 930; Travel, at R$ 592; and Electronics, at R$ 431.
When broken down by state, 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 that recorded in the previous year. Among the most sold items are fashion, health & beauty, and accessories. The average ticket price was R$ 271, 6% higher than in 2024. Social media continued to be one of the most relevant conversion drivers, accounting 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. The distribution of demand throughout November not only reduces logistical bottlenecks but also increases sales predictability and allows entrepreneurs to plan more aggressive campaigns with a greater variation 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 in direct channels,” explains Alejandro Vázquez, president and co-founder of Nuvemshop.
Trends Report: Consumer Behavior Across Brazil
In addition to sales results, Nuvemshop has prepared a report on national trends for Black Friday 2026, available here . The study indicates that commercial incentives remain essential during Black November throughout Brazil: 79% of retailers with monthly revenue exceeding R$20,000 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 gained prominence among larger entrepreneurs, increasing the average order value and repeat purchases.
According to Vázquez, in 2025, consumers will be much more informed and have clear expectations about extended discounts. “The D2C model proves even more advantageous in this scenario, allowing brands to control prices, inventory, and communication, offer personalized deals, 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 interacted with Nuvemshop's merchant brands, 81.4% made their purchases via mobile phone, with Instagram being the main gateway, 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. This data also points to important transformations in consumer behavior.
During Black November, Nuvem Envio, Nuvemshop's shipping solution, established itself as the primary delivery method for merchants, handling 35.4% of orders and ensuring that 82% of domestic orders reached consumers within 3 business days.
The analysis considers sales made by Brazilian Nuvemshop stores throughout the entire month of November in 2024 and 2025.
