Black Friday & Cyber Monday: Insights for Retail Marketers
Optimove Insights analyzed millions of transactions to reveal which segments truly drive performance during Black Friday and Cyber Monday. So where should marketers focus their efforts?
This blog matters to marketers because it uncovers actionable insights on customer behavior during the year’s biggest shopping peaks—Black Friday and Cyber Monday (BFCM). By understanding how new, existing, and VIP customers behave differently, marketers can fine-tune their holiday and retention strategies to drive higher engagement and revenue. Reading it helps them identify where the strongest short-term and long-term growth opportunities are, especially the untapped potential within their existing customer base.
Key takeaways:
Optimove Insights analyzed data from leading e-commerce companies, tracking 2,457,670 customers between January and September 2024, as well as during Black Friday and Cyber Monday 2024.
The findings reveal how customer behavior changes during the holiday season and how different segments – new, existing, and VIP – contribute to overall performance.
Here are the findings.
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#1. Black Friday & Cyber Monday 2024 – The Biggest Peaks of the Year
According to Optimove Insights, these massive November shopping events proved their dominance by delivering record-breaking performance across every key metric measured.
Compared to an average day during the non-holiday season, both Black Friday and Cyber Monday delivered remarkable results – though Black Friday continued to lead.
On Black Friday, performance reached extraordinary heights: the number of new customers grew by 496%, the total number of daily shoppers increased by 402%, and total spending across the platform surged by 444% compared to the non-holiday average.
Cyber Monday followed with equally impressive results, though slightly more moderate, marked by a 417% rise in new customers, a 321% increase in daily orders, and a 343% boost in overall spending.
Together, BFCM highlights the full power of the holiday shopping season. Driving sharp increases in traffic, attracting waves of new customers, and inspiring existing shoppers to spend more. However, Black Friday stands out as the defining shopping day of the year, setting the pace for an exceptional holiday season ahead.
See chart below for more details:
#2. Who Spends More During the Holiday Peaks?
To understand how different types of customers respond to the biggest sales of the year, Optimove Insights analyzed three segments, including: New, Existing, and VIP customers – comparing their average daily order amounts during Black Friday and Cyber Monday with their regular season performance.
While all groups showed an increase in spending, existing customers stood out as the main drivers of holiday growth. Their average order amounts surged by 173% on Black Friday and 114% on Cyber Monday, proving that returning shoppers are the most responsive to promotional activity and hold the strongest potential for short-term revenue impact.
New customers, while also showing an uplift, experienced a much softer momentum. Their average order amounts grew by 11% on Black Friday and only 2% on Cyber Monday, suggesting that while they actively participate in the season, their engagement and spending intensity remain far below that of returning customers.
Finally, VIP customers maintained the highest order values overall, but their growth was more moderate: Up 27% on Black Friday and slightly down 6% on Cyber Monday. Their consistent spending pattern highlights stability rather than acceleration, emphasizing once again that the most significant opportunity for growth lies with the broader base of existing customers.
See chart below for more details:
* VIP customers are defined as the top 5% of customers based on their total order amount over the six months leading up to November 2024.
#3. Narrowing the Gap Between VIPs and Existing Customers
Although VIP customers continue to lead in overall order value, BFCM 2024 results reveal a clear shift in spending dynamics during the holiday period. On a regular day, VIP order amounts are typically 168% higher than those of non-VIP existing customers. During Black Friday and Cyber Monday, however, this gap narrows to 127% and 119%, respectively.
This change does not stem from a decline in VIP activity but rather from a stronger uplift among existing customers, whose spending increased more sharply during the peak events.
Optimove Insights’ data indicates that, while VIPs maintain consistently higher order values, existing customers show the most pronounced relative growth, reducing the gap between the two groups during the holiday season.
The data from Optimove Insights highlights that while Black Friday and Cyber Monday continue to deliver record-breaking results; the real growth opportunity lies with existing customers. Their responsiveness to promotions and significant spending uplift prove they hold the true value behind holiday marketing performance.
By focusing on nurturing and reactivating this segment during the BFCM shopping season, brands can drive stronger revenue outcomes—not just during peak season, but throughout the entire customer lifecycle.
For more insights on retail marketing during holiday shopping seasons, contact us to request a demo.
Roni is a Marketing Research Analyst on Optimove’s Professional Services team. As part of her role, she analyzes customer data to extract actionable marketing insights for retail and gaming clients. Roni is currently pursuing a degree in Industrial Engineering and Management at Tel Aviv University.
