This year, more than ever, understanding the evolving Black Friday trends is crucial for eCommerce businesses to not only prepare for the holiday season but to thrive in it. With economic fluctuations and changing consumer behaviors, 2024 presents unique opportunities and challenges that brands must navigate carefully to capitalize on this peak shopping period.
Once primarily associated with brick-and-mortar retailers, it has now become a significant eCommerce holiday. Each year, Black Friday and Cyber Monday (BFCM) bring new trends and challenges, and 2024 promises to be no different.
To better appreciate the significance of Black Friday, let’s take a closer look at some recent statistics:
1. Black Friday 2024: Set for Record-Breaking Sales
Black Friday 2024 is poised for another record year. In 2023, global online sales grew 8% YoY (year-over-year), reaching $70.9 billion, driven largely by increased digital engagement and enhanced marketing strategies. The U.S. market saw online sales surge 9% to $16.4 billion, highlighting the continued dominance of eCommerce during this period.
2. Digital Dominance and Retailer Strategies
Retailers are increasingly leveraging AI for targeted offers and personalized marketing, influencing 17% of all holiday orders in 2023. This trend, coupled with innovative fulfillment options like Buy-Online-Pick-Up-In-Store (BOPIS), which used 18.4% during last year’s online orders.
3. The Rise of Mobile Commerce
Mobile devices continue to dominate shopping channels. In 2023, 79% of Cyber Week eCommerce traffic came from mobile phones, a significant increase from previous years. This shift emphasizes the need for mobile-optimized shopping experiences, which drove more than half of all holiday season sales.
4. Marketing Tactics Fueling Sales Growth
Paid search remains the top digital marketing strategy, accounting for 29.4% of online sales during Cyber Week. Social media, despite contributing a smaller percentage (less than 5%). Retailers are also seeing a surge in engagement through SMS and push notifications, which grew by 37%.
5. Consumer Trends: Europe and U.S. Insights
European shoppers, particularly in the UK, showed a strong preference for electronics during BFCM and British men expected to spend more than British women. Meanwhile, U.S. consumers spent an average of $321.41 during Cyber Five, maintaining spending levels despite economic uncertainties. More than 45% of people shop for items they've been eyeing for some time.
6. The Impact of Promotions and Discounts
Discounts reached new highs in 2023, with categories like electronics and toys seeing the largest cuts. Globally, discount rates rose to average 27% during Cyber Week, reinforcing the importance of competitive pricing to attract deal-hungry shoppers.
7. Black Friday's Global Reach and Economic Significance
As Black Friday retail sales in the US rose 5% year over year, eMarketer predicts that US holiday retail ecommerce sales will surpass previous records this year, reaching $271.58 billion with a 9.5% increase.
8. Personalization Wins Shoppers Over
In the era of data, personalization has become a key driver of consumer loyalty. An overwhelming 80% of consumers enjoy shopping from brands that provide personalized shopping experiences.
9. Buy Now, Pay Later (BNPL) Continues to Surge
BNPL usage hit an all-time high during Cyber Week, contributing $16.6 billion in online spend, up 14% year-over-year. This payment option is becoming increasingly popular among shoppers looking for flexible financing options.
10. The Shift to Online Shopping
Black Friday surpassed 87.2 million shoppers in 2022 to become the most popular day for online shopping, with 90.6 million U.S. shoppers making purchases.
11. Email Marketing’s Role
During Cyber Week, messages delivered via push notifications, SMS, and streaming services increased by 37%, while traditional email had a mere 9% growth in the same period. Personalized emails saw a 15% higher open rate.
12. Early Bird Shoppers: A Growing Trend
Almost 15% of customers do most of their Black Friday shopping on Thanksgiving evening, demonstrating how far in advance the fever starts. Interestingly, 21% of Black Friday shoppers started shopping early, from twelve to six in the morning.
13. Global Spending Reached New Heights
The global spending during the holiday season hit a record $1.14 trillion, highlighting the economic significance of this period for retailers.
14. Top Shopping Destinations
The most popular places to shop were mass merchants with 53% and online-only retailers with 63% at Black Friday 2023.
15. Mobile Shopping Apps Gain Popularity
Installs of “deal discovery” mobile apps during Black Friday were 113% higher than the November average, indicating growing consumer reliance on mobile apps for finding deals.
16. Sources for Driving Traffic
This holiday season, traffic from social media increased by 7% year-over-year and drew five times as much online as traffic from email and digital advertising combined.
17. Chatbot Usage on the Rise
Chatbot messages increased by 79% on Cyber Weekend globally, reflecting a shift towards automated customer support during high-traffic periods.
18. Consumer Behavior: Preferences for Free Shipping
Nearly half of Black Friday shoppers in 2023 were influenced by free shipping offers, emphasizing the importance of clear and attractive shipping policies. Additionally, online customers are prepared to spend an average of $40 to receive free shipping.
19. Top Product Categories for Black Friday
Electronics, apparel, furniture, toys, and groceries were among the top-selling categories during Black Friday 2023. They accounted for more than half (65%) of the $222.1 billion spent online during the 2023 Holiday Season. Understanding these trends can help retailers stock the right inventory.
20. Desktop vs. Mobile Traffic
While mobile traffic dominates, desktop is the next most popular source at 33%, followed by tablets in third place with 1% traffic.
21. Fewer Returns
Return rates in 2023 fell back to 5% after an abnormally high rate in 2022. Retailers listened to previous years' customer feedback and became more transparent about their discounts and return procedures which resulted in fewer returns.
22. Sustainable Shopping Trends
A growing number of consumers are prioritizing sustainable products and packaging, with younger shoppers leading this trend.
23. High-Spending Consumers Drive Majority of Sales
High spenders are similarly split between men and women, aged 27 to 59 (58%), with an annual income of more than $100,000 (61%).
24. Advanced Fulfillment Options Boost Revenue
With about one out of every five online orders using curbside pickup, consumers have demonstrated that this fulfillment option continues to give value, particularly for shoppers who value speed and convenience. This season, buy online, pick up in store style peaked from December 22 to December 23, accounting for 36.8% of online orders as concerned consumers used the service to ensure they received their gifts on time.
25. Gift Card Spending
Gift card spending jumped 38% year-over-year to $300, while buyers reduced their expenditure on food and beverage presents.
26. Influence of AI on Holiday Sales
AI influenced $199 billion of holiday orders globally, emphasizing its growing role in optimizing customer experiences and boosting sales.
27. Payment Preferences: Credit Cards
In 2022, around 4 in 10 of holiday shoppers were willing to take on credit card debt. By 2023, 53% were more cautious about overspending, with concerns even higher among Gen Z and Gen X buyers at 58%.
28. Managing Customer Service During Peak Periods
More than 44% of shoppers believe good customer service is vital during Black Friday.
29. Customers’ Price Expectations
Holiday participation has returned to pre-pandemic levels, reaching 95%, up from 92% in 2022. Meanwhile, 72% of consumers expect higher prices this year, slightly down from 73% in 2022, even with moderating inflation.
30. Popular Shopping Destinations for Cyber Week
Online channels, department stores, and grocery stores emerged as the top destinations, with online shopping taking a leading role.
31. The Importance of Early Access Sales
Early access sales contributed significantly to traffic surges before Cyber Five, with a 41% year-over-year increase in sessions.
32. Marketing Strategies and Their Impact on Sales
Email and SMS campaigns saw substantial growth in 2023, with personalized messages proving more effective in driving sales.
33. Social Media’s Influence on Black Friday Shopping
During the Holiday Season, traffic from social media increased by 7% year-over-year, making up 10% of all global mobile traffic referrals. Additionally, marketing investments significantly boosted sales, with social media contributing to 3.5% of online sales.
34. The Future of Black Friday: AI and Emerging Technologies
As retailers continue to integrate AI and AR technologies, Black Friday shopping experiences are expected to become more immersive and personalized.
35. Consumer Trust and AI in Retail
While AI usage is on the rise, 79% of consumers expressed low trust in retailers' ability to use AI responsibly, indicating a need for transparency.
36. Early Holiday Shopping Trends
24% of consumers planned to start their holiday shopping during October sales events, highlighting a shift towards earlier preparations.
37. The Role of Omnichannel Strategies
Omnichannel strategies, including integrated online and in-store experiences, are becoming more critical as consumers expect seamless shopping journeys.
38. Shoppers’ Preferences for Value and Convenience
Nearly 66% of shoppers chose to shop during Cyber Five to combat rising prices, reflecting a preference for value and convenience.
39. High Spenders Drive Holiday Sales
27% of holiday shoppers are high spenders, contributing to 68% of the total holiday expenditure. These top shoppers intended to spend an average of $2,146 this season, purchasing around 10 gifts, compared to the 8 gifts bought by other shoppers.
40. Resale Trends in Holiday Gifts
17% of holiday gifts would be resale items, reducing waste by 32 billion pounds. In 2023, 85% of U.S. shoppers participated in buying or selling second-hand items. While specific holiday data isn't available, it's likely this trend extended into gift-giving.
41. Social Media’s Impact
Nearly 48% of online shoppers will search for deals on social media. Only about 13% will turn to Google for sales, a significant drop from 25% in 2023.
42. Black Friday and Cyber Monday Shopping Surge
One-third of shoppers begin their holiday shopping on Black Friday, and another third on Cyber Monday. This highlights the significant surge businesses can expect, especially online.
43. Cyber Monday's Dedicated Shoppers
When it comes to Cyber Monday, people love hunting for online deals. Only 11% spend less than an hour shopping online, indicating they are committed to comparing prices, making smart choices, and consulting virtual assistants. About 13% spend over 6 hours shopping, showing a willingness to invest both time and money, making it crucial not to miss out on these engaged customers.
44. Mixed Feelings About Black Friday
Most consumers believe Black Friday is just a ploy to encourage extra spending, with only 10% disagreeing. Around 46% enjoy the discounts but dislike the tradition. Over 80% feel there is excessive consumerism linked to Black Friday and Cyber Monday, and 76% complain about receiving too many ads too soon. However, 23% of U.S. shoppers find early discount notifications useful.
45. Appointment Shopping Gains Interest
About 77% of shoppers are open to booking appointments to shop in-store, aiming to avoid crowds. An interesting perspective from the study suggests this approach could also benefit disabled individuals.
46. Shopper Demographics: Understanding the Audience
With 60% of Gen Z respondents expressing regret, they were the group that regretted their previous Black Friday purchases the most. The Baby Boomer group was the only one who expressed no remorse over their Black Friday purchases.
47. Black Friday and Cyber Monday Go Global
Black Friday and Cyber Monday, once solely American phenomena, have transcended borders. While they originated in the US, their appeal now stretches worldwide.
According to Shopify, Canada and the UK trail closely behind the US in BFCM sales. London joins the ranks of top BFCM shopping destinations globally, sharing the limelight with cities like Los Angeles and New York City.
48. Email Timing Matters: Early Morning Advantage
Constant Contact recommends sending Black Friday emails early in the morning. This strategic timing can increase the chances of these emails being opened and acted upon by eager Black Friday shoppers.
49. Austrians Least Likely to Shop Online on Black Friday
Shopping habits vary across countries. Among 17 countries surveyed, Austrians were the least likely to shop online during Black Friday.
50. Gender Divide: Men Slightly More Optimistic About Black Friday Deals
When it comes to the perception of Black Friday, there's a slight gender gap. A substantial 73% of men view Black Friday as a prime opportunity to grab a great deal, while 67% of women share the same sentiment.
Concluding Thoughts
These Black Friday insights offer a glimpse into where trends are headed in 2024 and beyond. eCommerce brands are in a prime position to capitalize on the ongoing shift towards digital shopping. With more than half of holiday shoppers beginning their buying journey well before Black Friday, it’s vital to kickstart your marketing efforts early. As we approach Black Friday 2024, it's evident that the dynamics of this retail phenomenon are continuously evolving. By analyzing data from past years and staying ahead of emerging trends, you can strategically prepare for the holiday season and refine your eCommerce marketing approach to maximize success.
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