But with the changing retail landscape where omnichannel and online shopping have seemingly taken over you may be wondering how to approach the Black Friday/Cyber Monday shopping events.
Read on to learn about the latest trends and developments in the world of Black Friday and Cyber Monday retailing!Social Media Drives Sales
A newly developing trend in Black Friday and Cyber Monday sales is the ability of social media to act as a channel through which shoppers make their purchasing decisions. In 2014 $74.6 million in Black Friday and Thanksgiving day purchases came directly from social media sites with different sites producing different average order values. In 2014 Facebook brought in the highest average order value of $114.45, Pinterest came in second with $93.20 and Twitter drove sales with an average order value of $90.74. Consider placing attractive photos of your product on Pinterest this year as the social media site saw the largest year-over-year increase in average order value, rising up by 16%.
Social media has also been proven to have the ability to drive sales via effective advertising. In 2014 Facebook ad click-through rates were up 36% on Black Friday and 66% up on Thanksgiving. Consumers are more receptive to social media advertising during this period and your brand can capitalize on this with carefully targeted and planned ads. Also don’t discount email marketing. It drove 23.9% of sales for Cyber Monday.
Online Shopping Popularity Grows
Consumers are increasingly seeing the benefits of shopping online as opposed to in-person for Black Friday. Rather than wait in line and battle crowds they would rather visit a retailers’ website and get the same deals from the comfort of their home.
For specific days, Thanksgiving Day set online sales records with $1.33 billion spent and Black Friday set new sales records $2.4 billion spent via online shopping. Online sales grew for Cyber Monday as well, by 15% compared to 2013.
In fact between November 1 and November 28, $32 billion was spent online, 14 % more than in 2013. The top 25 biggest retailers (those who generated $30 million or more) saw online sales increase by 25% on Cyber Monday, while smaller retailers (those generating $2 million or less) saw online sales increase by 5%.
Get your website ready for online shopping, with home delivery and a smooth checkout process so that customers don’t abandon their purchase in favor of a competitor with a website built for online shopping.
Deal-Seekers Go Mobile
In regards to online sales, many shoppers used their mobile devices to make their purchases. In 2014 smartphones doubled their share of total online sales for on Black Friday and Cyber Monday.
More specifically mobile devices drove 27% of sales on Black Friday, 3% more than in 2013. The share of this for smartphones grew to 13%, almost doubling compared to 2013’s 7%. The share of this for tablets increased to 16% in 2014 from 14% in 2013. 79% of mobile sales revenue came from iOS users and 21% from Android users. Mobile devices counted for 21.9% of online shopping on Cyber Monday, up 15.9%. On Cyber Monday 78% of mobile shopping occurred through iOS and 21.6% was via Android.
As such expect consumers to want your website to be mobile ready and your check-out process to be optimized for smartphone and tablet.
A New Shopping Event
You may be well aware of Black Friday and Cyber Monday but you now also should know about Singles’ Day – especially if you do business in Asia. Happening on November 11th it is expected to grow faster than Cyber Monday. In 2014 online sales alone for this day set a new record at $1.29 billion. Singles’ Day originated in Nanjing University in 1993 and has grown in popularity with fashionable youth in Asia via the Internet and can be seen as the opposite of Valentine’s Day.
American brands are now beginning to pay attention to this Asian shopping event with Amazon and PayPal both catering to Asian shoppers with promotions and even special websites. Remember you can reach an estimated 270 million shoppers via Singles’ Day promotions so watch out for this growing shopping event.
Be ready for Cyber Monday and Black Friday gift shoppers with our gift card and e-gift card programs! Contact us!