As predicted, the 2016 Black Friday Weekend set a new bar for online success industry-wide. The most important takeaway was that more money was spent in total! That said, it’s equally interesting to note that a smaller amount of money was spent per customer transaction. This, in turn, translates to an increase in customer shopping and also sharper discounts given by retailers across the board. So, congratulations on driving more traffic to your eCommerce site this year!
Cyber Monday naturally saw big increases from last year as well as throughout all eCommerce platforms!
Here are some great Black Friday Weekend takeaways. These will also be important to note as we move into the last few weeks of December!
- 154 million consumers shopped online and in stores on Black Friday alone.
- Shoppers spent $3.3 billion online on Black Friday compared to $2.74 billion in 2015.
- 36% of shoppers said that the items they bought were on sale.
- Consumers spent $10 less on average; however, more money was spent in total.
- Shopify saw a GMV increase of 151% on Cyber Monday while Magento saw a 101% increase.
- The average order value was down to $108 per basket on Cyber Monday compared to $123.43
- Cyber Monday saw a revenue growth of 21.6% overall.
- Apparel companies saw revenue gains as high as 8.5x above the Cyber Monday average, but also a rise in CPC.
- 99 million people reportedly shopped in stores over the weekend, down 3 million people (or almost a 3% decrease), signaling a shift to online buying.
- NRV reports that only 9% of consumers are done shopping. Needless to say, it’s time to gear up for another busy few weeks!
The takeaway: Black Friday Weekend 2016 was a very successful one for online retailers. The best news for online retailers is that only 9% of consumers completed their shopping on the Black Friday weekend, so it’s time to ramp up your holiday sales efforts again and finish December strong!
And, since we’re certain these numbers will only increase next year, keep this article in your back pocket to reference Q4 2017.
Any other Black Friday Weekend insights? Feel free to comment below.