eCommerce business owners, you can breathe! Black Friday and Cyber Monday 2022 have been and gone, marking the end of the November shopping frenzy. This year’s Black Friday long weekend was highly successful, with eCommerce merchants recording unprecedented sales even amidst the global inflationary conditions tightening consumers’ purse strings.
With Christmas just around the corner, the peak buying season is far from over. Here are the global results and trends from Black Friday Cyber Monday 2022 and the lessons eCommerce businesses can learn from them!
Online spending is up from 2021
Black Friday and Cyber Monday 2022 recorded the highest spending yet! According to Salesforce insights, $65.6 billion in online revenue was generated from global Black Friday sales this year- up 3% from 2021. Cyber Monday saw similar trends, generating $46.2 in online revenue, an increase of 4% from last year.
This is great news for eCommerce businesses. Online shopping is growing in popularity and shows no sign of slowing down. However, this also means that there will be more competition and a greater demand to be met. You need to develop your business strategy to remain relevant and resilient. Head over to our blog, where you will find plenty of advice on this!
Mobiles were the most popular devices to purchase from
Mobiles were the most popular devices to shop online this Black Friday and Cyber Monday, followed by computers and tablets.
This trend shows just how important it is to make your eCommerce website mobile-friendly. Here are our top tips:Mobiles were the most popular devices to purchase from
Mobiles were by far the most popular devices to shop online from this Black Friday and Cyber Monday, followed by computers and then tablets.
This trend shows just how important it is to make your eCommerce website mobile-friendly. Here are our top tips:
- Optimise your page loading speed. Research shows that users will click off of your site if a page takes longer than three seconds to load! With internet connections and data signals worsening for those shopping via mobile on the go, you need to make sure your site loads as quickly as possible. Check your website’s page loading speed using Google’s mobile-friendly testing tool.
- Improve your mobile payment options. If your website’s mobile payment options aren’t up to scratch, there’s a chance that your customers will abandon their carts. Ensure that customers have access to mobile payment options like Apple Pay- this payment method saw a 63% increase in adoption from 2021!
- Add calls to action to keep your customers’ attention. Mobile shopping customers will have more distractions: notifications, apps, and phone calls. Maintaining their attention should be a priority. Add calls to action to your mobile website, like bold ‘Add to Cart and ‘Buy Now’ buttons.
Electronics, toys and exercise equipment were the most popular purchases
This year consumers took advantage of deals on a wide range of products, but clothing, electronics, including smart home technology, toys and exercise equipment proved the most popular purchases.
Increase in shoppers choosing the ‘Buy Now, Pay Later’ option
Buy Now Pay Later (BNPL) plans that allow consumers to pay in instalments or at a later date were very popular this Black Friday and Cyber Monday. 10.2% of Black Friday online shoppers used BNPL plans, compared to 8.2% in 2021.
Integrate BNPL options into your sales strategy to give your customers what they want- flexibility and convenience! Benefits to your business of offering BNPL at checkout include:
- Higher average order value
- Greater customer loyalty
- Lower return rates
The number of returned orders has increased
Sales have increased, and so have returns! The number of orders that have ended in return is up from last year.
This is one of the most significant stresses eCommerce businesses
- Package more effectively to reduce the risk of damage to items (items arriving broken is one of the top reasons for customers returning orders)
- Incentivise exchanges over returns
- Optimise your returns policy
Check out our blog post for more advice on reducing costs during peak returns season. Electronics, toys and exercise equipment were the most popular purchases
This year consumers took advantage of deals on a wide range of products, but clothing, electronics including smart home technology, toys and exercise equipment proved the most popular purchases.
All in all, this year’s Black Friday and Cyber Monday were great successes and show that the future is bright for eCommerce businesses. Learn from the trends and adapt your business strategy accordingly to ensure that you can keep up with demand and grow.
For eCommerce businesses wanting to unlock their full potential, look at Flinke’s financing portal or speak to our Gurus for more information.