With Thanksgiving just around the corner, we are quickly approaching the biggest shopping day of the year: Black Friday. In 2020, Black Friday saw$14.13 billion in online sales alone, according to a blog from Gorgias. Business Insider reported that online sales reached $8.9 billion on Black Friday in 2021 and based on a survey from Klaviyo + Qualtrics, 65% of consumers plan to spend either the same amount or more on 2022 holiday gifts compared to last year.
Needless to say, this annual tradition is a significant revenue opportunity for eCommerce
brands and companies, and it’s important to stay
on top of Black Friday trends to ensure maximum
preparedness for this major buying event.
Black Friday falls on November 25th this year, and we’ve listed out a few trends to expect as you gear up for the holiday.
Early Holiday Shopping
Salesforce conducted research finding that 42% more shoppers worldwide plan to start buying gifts earlier this year. Mastercard’s Spending Pulse also reported that “some of the season’s retail growth is expected to be pulled forward in October as consumers hunt for early deals.” That being said, it’s important for businesses to plan their Black Friday strategy early, and could even ideate around early Black Friday sales targeting VIP segments, or incorporating SMS-only early Black Friday campaigns.
Increase in Online Shopping
According to Mastercard’s Spending Pulse, U.S. retail sales are expected to increase 7.1% year over year this holiday season. Further, as inflation impacts consumer spending, it is anticipated for consumers’ focus on price comparison to reach new heights during Q4 this year. Therefore, online shopping is expected to increase because it is a convenient way for consumers to price match in real time. Notably, eCommerce also underwent significant growth in 2021, with a 4.2% year over year increase.
Importance of a seamless eCommerce experience
Earlier this year, an Attentive survey of 5,000 U.S. shoppers found that fast shipping (83%) and ease of payments (76%) were the most important factors for consumers in online shopping. Additionally, a Shopify survey from last year found that businesses who reported a successful Black Friday planned earlier and more extensively than other businesses, highlighting the importance of site optimization and online sale and outreach ahead of Black Friday.
SMS Marketing
SMS has an incredibly high open rate of 99% (with email landing at just 33%), with most consumers opening the text message within 90 seconds of receiving it. Therefore, during Black Friday, strong SMS strategies, such as limited-time offers and targeted VIP / loyalty promotions, are a foolproof tactic for reaching new and existing customers alike.
Demographic Shopping Trends
Check out this comprehensive article from Klaviyo outlining “How US consumers plan to shop this holiday season: inflation, budgets, and demographic differences.” By honing in on these different user groups’ online shopping behaviors, you’re able to segment, schedule, and optimize accordingly to increase targeted revenue and minimize churn.
Ready to upgrade your digital Black Friday strategy?
We have vast experience in assisting eCommerce companies of all shapes and sizes optimize their Black Friday and overall Q4 strategy. Further, our work produces measurable results and a lasting impact that goes far beyond the holiday season. If you’re an eCommerce company interested in revamping your Black Friday strategy to maximize revenue while increasing customer loyalty and acquisition, please don’t hesitate to reach out!
Sources:
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https://www.goodmorningamerica.com/shop/story/black-friday-cyber-monday-91166219
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https://studioforty9.com/black-friday-2022-what-ecommerce-marketing-trends-should-you-expect/
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https://litextension.com/blog/black-friday-marketing/#4-Black-Friday-Marketing-Trends-2022
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https://www.readycloud.com/info/ecommerce-sms-marketing-statistics-2021
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https://www.salecycle.com/blog/featured-en-us/black-friday-ultimate-ecommerce-guide/
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https://www.businessinsider.com/black-friday-2021-sales-stats-performance-online-in-store-2021-11