Maximize Your Sales Potential: Insights and Trends for Black Friday & Cyber Monday

Hey, readers! Black Friday is here, and so is Cyber Monday. And we're here to help you with the insights for 2023. This is Startup Stoic, a newsletter that assists you to learn better and strategize your startup ideas. Feel free to share it with others.

It's the season of discounts and offers. It's Black Friday!

When is Black Friday? November 24th.

Hold your horses. There's Cyber Monday as well!

When is Cyber Monday, you ask? It's on November 27.

Everyone knows about Black Friday. It is the time of the year when people are ready to lighten their pockets.

It's also the perfect time for DTC brands to devise sturdy strategies to stand in the competitive market. On this day, it's not only about sales; it's also about creating a foundation of brand loyalty. 

Do you know about Cyber Monday?

Cyber Monday- Your 2nd Chance At Scaling Your Sales

Cyber Monday is an after-party for Black Friday sales. It is a time to continue your sales without compromising your strategies. 

Since the marketing strategies in both cases run parallel, here is a list of questions you can use to establish your basics. 

• Who is our target audience for Black Friday and Cyber Monday promotions?

• What are their preferences and purchasing behaviours?

• How can we differentiate ourselves from the competition?

• How can we engage customers before, during, and after the Black Friday and Cyber Monday sale?

• Are there any loyalty programs or special perks we can offer?

• What key performance indicators (KPIs) will we track to measure the success of our Black Friday and Cyber Monday promotions?

As per reports, on average people spend $325 during Thanksgiving. These numbers keep increasing every year. 

In the US alone, a study revealed that over 140 million individuals planned to participate in Black Friday shopping in 2022. Moreover, our Black Friday statistics indicate that nearly 39% of shoppers purposefully set aside funds for this event. Among these shoppers, some aim to tackle their Christmas shopping, others intend to purchase long-desired products, and some simply look forward to seizing new items they fancy on that day.

The most appropriate strategy to excel in your Black Friday and Cyber Monday sales would be analyzing the previous years' statistics. 

A Look Into 2022 Insights

Black Friday online expenditure surged in 2022, marking a 2.3% growth from the prior year, exceeding predictions as it soared to a staggering $9.12 billion. 

Even after COVID-19, the sales of 2022 Black Friday saw a positive trend. 

In 2022, Black Friday trends showcased:

- Businesses offering diverse payment options to cater to consumer preferences.

- A rise in hybrid shopping experiences, blending online and in-store purchases.

- Increased participation of younger demographics in Black Friday & Cyber Monday sales.

- Early access privileges granted by businesses to VIPs and loyal members.

Finder.com projects that US adults will collectively spend a staggering $148.5 billion on Black Friday and Cyber Monday.

Tidio's analysis of Black Friday statistics highlights that the previous holiday season raked in nearly $1.27 trillion in total revenue.

Forbes noted a 2.3% surge in online sales from 2021 to 2022, culminating in an estimated $9.12 billion spent online during Black Friday.

Moosend corroborated this data, stating a 2.3% increase from 2021, reaching $9.12 billion in Black Friday spending in 2022.

Tidio's Black Friday report revealed that over 140 million people in the US alone participated in Black Friday shopping in 2022.

The National Retail Federation and Prosper Insights & Analytics reported a record-breaking 196.7 million consumers who shopped both online and in stores between Thanksgiving Day and Cyber Monday, as highlighted by Forbes.

Moosend indicated a 2.9% rise in Black Friday weekend traffic compared to the previous year, with a 12% year-over-year increase in retail sales on Black Friday in the US.

Tidio's data demonstrated a decrease in online shoppers from 64% to around 55% during the previous year's holiday season, indicating a shift of more online holiday shoppers toward physical stores in 2022.

Forbes cited Shopify's report of record-breaking sales from Thanksgiving through Cyber Monday, with 52 million global consumers spending $7.5 billion on Shopify merchants, marking a 19% increase from the previous year.

Moosend's findings showcased Thailand's comparatively lower Black Friday shopping rate at 74% compared to the global average, while sales in athletics surged by 153% in the US.

Furthermore, Moosend reported doubling sales in books, music, and clothing accessories, along with notable spikes in duvet covers and mattress sales in the US.

Tidio's Black Friday report revealed that over 60% of Black Friday shoppers feel crowded in stores, with a majority (77%) showing interest in alternative shopping experiences to avoid the crowds.

Shopping Preferences and Trends (Adobe 2023)

Comparative Study of Black Friday & Cyber Monday Online Sales- A 2022 Study

Predictions for Black Friday & Cyber Monday 2023

Black Friday 2023 is anticipated to break records, with online spending in the US reaching an unprecedented $9.12 billion, underscoring e-commerce's enduring dominance in driving sales during this event. 

Here are some ways that you can use as a DTC leader to lure in a positive trajectory:-

• Introduce unbeatable deals that surpass competitors, ensuring your website handles surges in traffic and maintains updated inventory to prevent out-of-stock items.

• E-commerce sales are set to surpass in-store ones, requiring retailers to brace for increased online traffic. Shoppers are seeking bargains, leveraging the freedom of online shopping.

• While offering Buy Now, Pay Later (BNPL) options at checkout, don't overlook traditional payment methods like credit cards.

• Craft a seamless shopping experience bridging in-store and online, assuring consumers of accessing the best deals across both channels.

• Launch early-season promotions, but be wary of overwhelming shoppers with excessive deals, leading to deal fatigue.

• During Cyber Week, curate genuinely compelling offers that genuinely help consumers save money.

• Enhance the mobile shopping journey through a responsive, user-friendly website design. Optimize loading times, streamline navigation, and incorporate mobile payment functionalities.

Economic Uncertainities? Black Friday & Cyber Monday Will Stay

As the season of discounts approaches, it's imperative to delve into the wealth of insights from previous Black Friday and Cyber Monday statistics. The forthcoming shopping extravaganza presents a ripe opportunity for businesses to capitalize on evolving consumer behaviours. By dissecting the trends, analyzing past successes, and incorporating strategic planning, brands can chart a course toward maximizing sales and fostering enduring customer loyalty.

Remember, the key lies not just in sales but in creating memorable shopping experiences that resonate with your audience. Get ready to harness the power of these pivotal shopping days and pave the way for your business's success in the bustling world of retail!

Today, I want to recommend few newsletter which are focused on DTC marketing & business,

• Cody Plofker Newsletter - Become A Better, More Well Rounded Marketer

• DTC Daily - Newsletter to stay up to date on the latest news, tips, and tools impacting your D2C business.

• Swipe Files - Cutting edge, occasionally crazy marketing ideas to grow your business.

Recommended Reads:

• DTC 2024 Marketing Guide with Examples

• Black Friday Consumer Behaviour

• Brand Building: The Foundation of DTC Success