Black Friday is not just another day for eCommerce store owners and marketers; it's a game-changer that marks the beginning of the holiday shopping season.
Once primarily associated with brick-and-mortar retailers, it has now become a significant eCommerce holiday. Each year, Black Friday and Cyber Monday (BFCM) bring new trends and challenges, and 2023 promises to be no different.
This year, more than ever, understanding the evolving Black Friday trends is crucial for eCommerce businesses to prepare for the holiday season and capitalize on it.
To better appreciate the significance of Black Friday, let’s take a closer look at some recent statistics:
1. Black Friday 2023: Bigger and Better than Ever
The data indicates that Black Friday 2023 is poised to be larger than ever.
In 2020, owing to the pandemic as many chose to stay home and shop online, US eCommerce sales reached $9.03 billion. However, in 2021, as people were more willing to venture out, sales dipped slightly to $8.92 billion, according to Adobe Analytics.
But the rebound in 2022 was remarkable, with a record-setting $9.12 billion spent online in the US. With shopping habits stabilizing, we can anticipate another record-setting year for online retailers in 2023.
2. Black Friday and Cyber Monday Go Global
Black Friday and Cyber Monday, once solely American phenomena, have transcended borders. While they originated in the US, their appeal now stretches worldwide.
According to Shopify, Canada and the UK trail closely behind the US in BFCM sales. London joins the ranks of top BFCM shopping destinations globally, sharing the limelight with cities like Los Angeles and New York City.
3.Mobile Takes Center Stage on Black Friday
Mobile commerce has taken center stage during BFCM. According to Shopify, in 2022 a staggering 73% of sales for merchants on the platform occurred via mobile, up from 71% in the previous year
This trend highlights the growing significance of mobile devices in the shopping journey, a trend expected to continue in 2023.
4. Buy Now Pay Later (BNPL): Your Secret to Higher Conversions
Buy Now Pay Later (BNPL) services have proliferated, with consumers embracing them enthusiastically. According to Adobe, BNPL use saw an 85% surge during BFCM in 2022 compared to the week before, accompanied by an impressive 88% increase in BNPL revenue.
Notably, according to RBC Capital Markets, BNPL has proven to be a powerful conversion tool, boosting conversions by 20% to 30%.
5. Toy Sales Skyrocket with a 285% Surge
2022 proved to be a challenging year for toy companies, grappling with increased inflation and lingering pandemic concerns. However, Black Friday acted as a lifeline, delivering a remarkable 285% increase in sales compared to average daily sales throughout October. While it may not completely transform their fortunes, it certainly provided a significant boost.
But it wasn't just toys that thrived; electronics saw a resurgence too. The industry as a whole experienced a 19% increase in sales, with home electronics leading the way with a staggering 200% increase compared to the average October day.
6. Shipping Costs Shape Shoppers’ Choices (49%)
Shipping costs wield substantial influence over shoppers' decisions.
A survey from Financesonline found that nearly half of all shoppers (49%) in the 2022 Black Friday sales were primarily influenced by shipping costs. They were swayed by the prospect of free shipping, underlining the importance of transparent shipping policies.
7. Average Order Total Went Up from $100.70 to $102.10
According to Shopify, the average order total for BFCM in 2022 reached $102.10, a slight uptick from $100.70 in 2021. As concerns about inflation have eased in the latter half of 2023, it's reasonable to predict that the average order total will continue its upward trajectory in 2023.
8. Cross-Border Commerce Persists
Shopify reported that 15% of BFCM sales in 2022 were cross-border transactions. This figure remains consistent with 2021, with most of this activity occurring between the US, Canada, and the UK.
This makes sense as these are also the countries where BFCM sales are most significant.
9. Discounts Hit Record High in 2022
Adobe reported that discounts reached unprecedented heights in 2022, with an average of 25% off the listed price on Cyber Monday, and certain categories offered even deeper discounts.
Some categories saw relatively better discounts, like 34% on toys, 20% on computers, and 18% on apparels.
10. Paid Search Rules as the Top Digital Marketing Strategy
According to Adobe, paid search emerged as the top digital marketing strategy accounting for 28% of online sales during Cyber Week.
Additionally, owned channels, such as email and SMS played a crucial role, with brands sending 68% more SMS on Black Friday, resulting in a remarkable 57% increase in orders.
11. 58% of Generation Z Count on Black Friday Sales for Shopping
Generation Z, the cohort born between 1997 and 2012, relies heavily on Black Friday for their holiday shopping, especially in the face of economic challenges such as inflation, unstable employment, and rising housing costs.
Recent survey shows that 58% of Generation Z shoppers depend on Black Friday to secure their Christmas gifts at reasonable prices.
12. Personalization Wins Shoppers Over
In the era of data, personalization has become a key driver of consumer loyalty. An overwhelming 80% of consumers enjoy shopping from brands that provide personalized shopping experiences.
13. SMS Marketing’s 2000% Percent ROI During Black Friday
With the global SMS market hitting $78 billion in 2022, it's a trend on the rise.
What makes SMS marketing a standout strategy is its astonishing 98% open rate. More and more eCommerce brands are hopping on the SMS bandwagon, and for good reason.
A recent study by Omnisend shows that some SMS campaigns have delivered an incredible 2000% return on investment during the Black Friday shopping frenzy. It's a smart strategy that can supercharge your Black Friday marketing efforts.
14. Customer Expectations: 79% Want a Reply within 24 Hours
Prompt and helpful customer service responses are paramount. A recent survey by Sprout Social revealed that 79% of customers expect a reply to any query within 24 hours. What’s more, 40% expect a response within just one hour.
This heightened expectation is especially crucial on Black Friday when every minute counts in securing sales and customer satisfaction.
15. Early Birds: 31% of Shoppers Begin Their Black Friday Hunt Early
It's interesting to note that a significant portion of Black Friday shoppers, around 31%, start their purchases early in the morning, between 5 AM and 10 AM.
This early rush sets the tone for the entire day, with shoppers eager to grab the best deals as soon as they become available.
16. Email Frenzy: A Whopping 141 Million Emails Were Sent on Black Friday 2022
Black Friday also witnesses an email frenzy. According to Omnisend, in 2022, the number of emails sent during Black Friday reached a staggering 141 million.
This email barrage reflects the aggressive marketing efforts by businesses to reach out to their customers during this shopping bonanza.
17. Cart Abandonment Campaigns Are More Successful During BFCM
Cart abandonment campaigns play a crucial role during the holiday season.
These campaigns, which boast a 34% open rate and a 9% click-through rate, are a powerful tool for recapturing the interest of potential buyers who left items in their online shopping carts.
18. Personalization Pays Off When It Comes to Email
Personalization is the key to grabbing shoppers' attention. Black Friday emails that are personalized receive a 15% higher open rate compared to generic, non-personalized emails. Shoppers appreciate the customized approach in their inboxes.
19. Mobile Dominance: 40% of Holiday Revenue Comes from Smartphones
Mobile devices are reigning supreme during the holiday season. According to Adobe, in 2022, a significant 40% of revenue during the holiday season came from smartphones.
This underlines the growing importance of optimizing online shopping experiences for mobile users.
20. Desktop Has a Higher Conversion Rate than Mobile (5.6% vs. 3.3%)
While mobile devices are driving revenue, statistics by Statista show that desktop still maintains a higher conversion rate of 5.6% compared to mobile devices, which have a 3.3% conversion rate.
This suggests that people have a greater buying intent when they are using a desktop.
21. What Shoppers Loved: Top Products of 2022
Knowing what products were hot commodities during Black Friday is invaluable for retailers. According to Adobe Analytics, some of the most sought-after products in 2022 were the XBox Series X, Bluey, Call of Duty, Drones, and MacBooks.
Understanding these trends can help businesses prepare for the demand for these items in the coming years.
22. Global Spending Reached a Whopping $1.14 Trillion
The global impact of the holiday season on online spending is immense.
In total, consumers spent a whopping $1.14 trillion online across the holiday season. This figure highlights the economic significance of the holiday shopping period.
23. Top Shopping Destinations of Cyber Week 2022
The 2022 Cyber Week saw diverse shopping destinations for U.S. consumers.
Online shopping topped the list at 42%, followed closely by department stores (42%), grocery stores and supermarkets (40%), clothing and accessories stores (36%), and discount stores (32%).
24. The Spirit of Gift-Giving is Truly Alive: 70% of Holiday Spending Was Spent on Buying Gifts
The spirit of giving is evident during Cyber Week. According to the National Retail Federation, an impressive 70% of the average Cyber Week spend in the U.S. in 2022 was directed specifically toward purchasing gifts.
25. Gender Divide: Men Slightly More Optimistic About Black Friday Deals
When it comes to the perception of Black Friday, there's a slight gender gap. A substantial 73% of men view Black Friday as a prime opportunity to grab a great deal, while 67% of women share the same sentiment.
26. Consumers Spent 23% of their Holiday Budget by October 2022
According to a Deloitte report, by the end of October 2022, U.S. consumers had already spent 23% of their holiday budgets, on average.
This early spending trend suggests that consumers are eager to get a head start on their holiday shopping.
27. Black Friday Traffic Surge: 3X Higher Than Normal Day
The surge in Black Friday traffic is evident. In 2022, Black Friday witnessed 3X more traffic than a normal October day, indicating the intense interest and enthusiasm for this shopping event.
28. 60% of Shoppers Experience Buyer's Remorse
Sale purchases can lead to post-purchase regrets. In 2022, a significant 60% of consumers reported that they had bought a sale item on Black Friday, only to regret it later.
29. Price of Regret: $233 on Average
Regrettable purchases come with a financial cost. The average price of items that consumers regret buying is $233.
30. 13% of Holiday Orders Returned in 2022
Returns are a significant aspect of the holiday season.
In 2022, 13% of all orders purchased during the holiday season were returned, according to Salesforce.
31. Credit Card Preference Rises by 48%
According to Deloitte, credit cards gained popularity among the U.S. Cyber Week shoppers in 2022, with 48% planning to use them for purchases, up from 35% in 2021.
This shift in payment preference indicates the importance of diverse payment options for eCommerce businesses.
32. 23% of Women Suspect Price Inflation Ahead of Black Friday
Nearly a quarter, or 23%, of women express suspicion that retailers inflate their prices ahead of Black Friday, only to offer discounts on the day. This perception highlights the need for transparency in pricing strategies.
33. Online Shopping Enthusiasm in Germany: 60% Preferred Online Shopping During BFCM 2022
In 2022, a significant 60% of German consumers intended to do most of their Black Friday shopping online. This aligns with the global trend of increased online shopping during the Black Friday period.
34. Austrians Least Likely to Shop Online on Black Friday
Shopping habits vary across countries. Among 17 countries surveyed, Austrians were the least likely to shop online during Black Friday
35. Sweden and Italy Take the Lead as Online Shopping Enthusiasts
When it comes to embracing the digital shopping revolution on Black Friday, Sweden and Italy stand out as the frontrunners.
These two countries were the most likely to do the majority of their Black Friday shopping online, showcasing the growing trend of eCommerce dominance during this retail extravaganza.
36. UK Black Friday Spending in 2022: £871 Billion
The United Kingdom represents a significant Black Friday market, with consumers expected to spend £8.71 billion in 2022.
37. Buy-Online-Pick-up-In-Store (BOPIS) Grows: 9% Increase Across Cyber Five 2022
According to Salesforce, Buy-online-pick-up-in-store (BOPIS) is on the rise, experiencing a 9% growth globally across Cyber Five 2022 compared to the first three weeks of November.
This fulfillment option provides convenience to shoppers.
38. Buy-Online-Pick-up-In-Store (BOPIS) Boosts Revenue Growth of Up to 38% for eCommerce Businesses
Retailers in the U.S. that embraced the Buy-Online-Pick-Up-In-Store (BOPIS) option experienced a remarkable 38% increase in online revenue compared to their counterparts who did not offer this creative fulfillment choice throughout Cyber Week.
39. The Appeal of Buy Now Pay Later: Cash Freedom, Premium Buys, and Big-Ticket Purchases
According to Adobe Analytics, the top three reasons consumers say they use Buy Now Pay Later (BNPL) for holiday season purchases are: freeing up more cash, purchasing items they couldn't normally afford, and acquiring large-ticket items.
Understanding these motivations can help eCommerce businesses better cater to consumer needs.
40. Inventory Challenges: 15% More "Out of Stock" Messages in 2022
In 2022, consumers were 15% more likely to encounter "out of stock" messages compared to 2021. This reflects the challenges retailers faced in managing inventory during the Black Friday rush.
41. Social Media Mastery: Driving Traffic with Social Media Marketing
Social media's influence on online shopping is on the rise.
In 2022, social media referred nearly 12% of all mobile Holiday Season traffic, representing a 23% year-over-year increase.
42. Chatbot Growth: 57% Increase in Chatbot Messages on Black Friday
Chatbot messages globally increased by 57% on Black Friday year over year.
This growth reflects the adoption of AI-driven customer support solutions during high-traffic periods.
43. Sales through Social Media: A Catalyst for Revenue Growth
According to Adobe Analytics, while only 3% of sales were attributable to social media, this represents a significant 24% year-over-year growth.
Social media continues to play a role in driving online sales, even if it represents a relatively small portion of total sales.
44. Marketing Tactics: Paid Search, Affiliates, Email and Their Impact
Research by Adobe Analytics shows that marketing tactics played a crucial role in driving traffic during Cyber Week in 2022.
Paid Search accounted for 28% of the traffic (a 2% year-over-year increase), Affiliates/Partners contributed 18% (a 6% year-over-year increase), and Email played a role with 17% (a 10% year-over-year increase).
45. Marketing Tactics That Deliver: Fueling Sales and Growth
These marketing tactics not only drew traffic in 2022 but also contributed to revenue.
Paid Search was responsible for 29% of online sales, direct web visits accounted for 19%, organic search for 17%, affiliates/partners for 16%, email for 15%, and social media for 3%.
46. Global Growth: Black Friday Online Sales Up 3.5% to $65.3 Billion
Black Friday online sales experienced a 3.5% growth in 2022, reaching $65.3 billion globally.
This data illustrates the continued expansion of the online retail market during the Black Friday season.
47. Top Retailers for 2023: Walmart, Amazon, Best Buy, and Target
Walmart, Amazon, Best Buy, and Target are among the top retailers for Black Friday in 2023, as reported by Black Friday Deals. These retail giants are expected to offer competitive deals and attract a large share of shoppers.
48. Email Timing Matters: Early Morning Advantage
Constant Contact recommends sending Black Friday emails early in the morning.
This strategic timing can increase the chances of these emails being opened and acted upon by eager Black Friday shoppers.
49. Discount Enthusiasm: 58% Motivated by 50% Off Deals
Nearly 58% of shoppers are highly motivated by significant discounts, aiming to secure at least 50% off during Black Friday, according to Adobe Analytics.
This emphasizes the importance of offering attractive price cuts to attract shoppers during this event.
50. Consumer Perceptions: 2022 Deals vs. Previous Years
An interesting trend emerged in 2022, with almost half of U.S. consumers believing that the Black Friday and Cyber Monday (BFCM) deals were better than those in the previous year, according to NielsenIQ.
This perception can influence consumer behavior and expectations for future BFCM events.
Concluding Thoughts
These Black Friday Statistics give a good idea of where things are headed in 2023 and beyond.
eCommerce brands, in particular, find themselves in an enviable position, possessing a significant edge over their brick-and-mortar counterparts. The fact that over half of holiday shoppers will begin their buying journey well before Black Friday underscores the importance of initiating your marketing efforts well in advance.
As we approach Black Friday 2023, it's clear that the dynamics of this retail phenomenon are evolving rapidly. By looking at data from past years and predictions about the upcoming year, you can better prepare for the holiday shopping season and even tap into shopping trends that could shape your whole eCommerce marketing strategy.
