It is important to assess results from important events, to learn to better leverage them. Given the annual importance of Black Friday and Cyber Monday to eSellers, now is a great time to review key data for these two busiest shopping days of the year.
The following is a review of key stats from Black Friday and Cyber Monday, 2017, with takeaways for eSellers planning ahead for next year’s biggest shopping days!
The Marketplace Continues to Grow
The marketplace for Black Friday and Cyber Monday continues to grow. In the U.S., the National Retail Federation reported that 174 million Americans participated in Thanksgiving Thursday through Cyber Monday shopping this year, above the 164 million that was projected.
The size of the marketplace and continued growth only strengthens the importance of this short time period for online sellers. If your audience did not increase this year, plan well in advance to take advantage of the larger marketplace next year.
It is not just the size of the market that is impressive, but the amount of money it spends. On the whole, the average American spent $335 during this time frame. If you target Millennial buyers, your opportunity to drive revenue is even greater; this group averaged $419.52 per person in spending. Even if you target a broader audience, you might want to target Millennials with special promotions during the 2018 holiday season to leverage this aggressive market.
Amazon accounted for nearly one-third of Cyber Monday sales this year, showing its viability to eSellers that offer third-party goods to customers.
Shift Toward Online Shopping
The progression of holiday shoppers toward the online arena remains intact. Half of all holiday shoppers indicated they prefer to buy their products online as opposed to in a brick-and-mortar store. Salesforce reported a growth of 24 percent in digital commerce for Black Friday according to its user data. Growth in mobile traffic was especially large, with an increase of 34 percent in mobile order share for Black Friday relative to 2016.
This shift, which aligns with data gathered throughout the entire year, signals good news for dedicated eSellers looking to compete with multi-channel retailers and large brick-and-mortar operators.
Discounts Drive Sales
Not surprisingly, discounts were used to attract online shoppers this holiday buying period. Forty-eight percent of apparel merchandisers offered steep discounts, as did many luxury brands.
Though it may be difficult for eSellers to turn a profit while competing on price during this important five-day buying period, it is crucial to attract an audience. Getting more traffic to your website allows you to grow your customer base, build a subscriber list, and potentially add new long-term buyers.
Collectively, this data from Black Friday and Cyber Monday show that there are no signs of this holiday period slowing down as the busiest time of the year for retailers. Plus, the shift toward more online buying spells good news for eSellers trying to compete in the broader marketplace!