Inflation? Economic Downturn? Data Shows Black Friday Shopping Reaches New Heights
Black Friday in numbers, making sense of it, and how to prepare your marketing plan for the next few months with all this data
Welcome to December!
Now that the world-famous shopping day has passed, let’s look at this year’s buying habits which should help prepare your marketing plan for the upcoming months.
This year, shopping trends and sales figures reached new heights despite concerns about inflation and the economic downturn.
According to estimates, Black Friday sales this year raked in a record $9.12 billion from online shoppers. Mastercard “SendingPulse” said Black Friday overall online sales rose 14% YoY.
Let’s look at the data and make sense of it all.
Optimove marketing data analysts conducted research on six leading retail brands from different sectors and industries including clothing, sports, fashion, health & wellness, and more.
The analysis aimed to show Black Friday shopping trends – how much money was spent, how many items were purchased, how many new customers registered, and so on.
Average increase 2022 VS 2021
In the first part of the analysis, we compared this year’s data against lasts. On average, the brands we analyzed this year reached new heights:
- Number of customers increased by 18%
- Number of orders increased by 20%
- Total order amount increased by 34%
- Average order amount increased by 13%
- Number of items increased by 18%
So, it’s safe to say that customers purchased more items than they usually do, and they ultimately spent more money this Black Friday.
One leading fashion retailer saw a huge spike in customers who registered around Black Friday. The new signups began about a week before as customers prepared for the “big day.”
In 2022, the average number of daily registered customers was 1065 for the brand. On November 25th, on Black Friday, a whopping 6842 new clients created an account to snap up some incredible deals and discounts. That’s an increase of a massive 542% when compared to an ordinary day.
The daily number of customers who registered with this particular brand on Black Friday was 4.5X higher than the average in September and October.
So, what does it mean for marketers? Customers are prepared and want to shop on Black Friday. They do their research and plan which brand they want to buy at weeks before the “big day.” Therefore, marketers want to prepare their campaigns weeks in advance to get customers excited and geared toward their brand.
- Get ready for product returns
Your brand is bound to experience many product returns. But this is not necessarily a bad thing.
Be sure to create a positive post-purchase experience, whether that be customer service, the delivery, the accuracy of the delivery, and more.
A simple and convenient return policy that’s quick and easy may be all customers need to continue shopping with your brand long after Black Friday.
- Create a marketing plan for newly acquired customers
Black Friday brings many new customers to your business, but they tend to have lower retention rates.
The challenge for retailers is to get first-time holiday customers, most acquired in the month of Black Friday, to develop into repeat customers. To create long-lasting relationships and convert new customers into loyal ones – put them first, and give them special attention.
For instance, group your newly acquired customers into micro-segments with similar characteristics and create a strategic marketing plan that is specifically directed at them.
A new-user drip campaign that acquaints them with your brand, the value you offer, and how it can be used in the most optimal way is a good start. Remember that they came in for a deal, so offer them another discount after a couple of weeks to encourage a second purchase.
Finally, urge customers to explore different platforms post-holiday, so incentivize them to download your app if they purchased on web. There are multiple touch points your newly acquired customers are yet to be acquainted with – you want to show them that there’s something for everyone.
More interesting reads and resources for additional ideas and inspo: