Black Friday and Cyber Monday are some of the biggest online shopping events of the year. Industry studies show this holiday season will see a smaller sales increase than in 2021.
Breaking down Black Friday Statistics:
By analysing statistics, you can map out the most effective strategy. For instance, an email campaign that understands cart abandonment rates could be more effective at certain times and days. Additionally, by understanding when users add items to their cart, when they are most likely to purchase and when online traffic is high, you can make better decisions.
THE ONLINE TRAFFIC ON BLACK FRIDAY
Black Friday is a popular shopping day for online consumers who use their mobile devices. Over 400 million online sessions were tracked during Black Friday 2020, and 74.17% were mobile sessions.
Based on this information, it's evident that online retailers must focus on their mobile user experience and test their mobile user journey.
There is huge value to being able to gain new customers, return customers, and fill your pipeline with potential customers on Black Friday. With a better understanding of the peak times and best days for online sales, retailers can build marketing plans that increase sales volumes at record levels.
CART ABANDONMENT RATES ON BLACK FRIDAY
Retailers must learn how to deal with shopping cart abandonment. It is possible, however, to recover online sales using solutions and tools. In order to implement a solution, it's important to identify when cart abandonment is most likely to occur, and in some cases, why that occurs.
In the week leading up to Black Friday, cart abandonment dropped dramatically from 81.66% to 77.74 %, resulting in a lot of missed opportunities. Choosing the right time to send abandoned cart emails can mean the difference between high and low conversion rates when implementing a cart abandonment strategy.
BLACK FRIDAY ADD-TO-CART RATES
When a user adds an item to the cart, they clearly show the buying intention. Some buyers go ahead and make the purchase whereas some may abandon. For retailers it is important to gain visibility on the peak time of Black Friday for add-to-cart rates.
We have found out that 12:00 noon was the peak for buying intent & add-to-cart rates.
TOTAL BLACK FRIDAY ONLINE SALES VALUE
For retailers the most interesting is the online sales statistics in Black Friday. Here we can see that mobile conversion rate is high with online sales resulting in an average of 60.2% whereas desktop online sales accounted for just under 40%, at 39.97%.
POPULAR BLACK FRIDAY PRODUCTS
The product and/ or category with the lowest cart abandonment rate on Black Friday was Fashion with Airline a close second.
However, the highest abandoned product category was found to be Gardening and Electronics.
The total amount of sessions dramatically increased from the days before Black Friday to the actual event. For example, if we compare the Monday before Black Friday compared to the event, there was a 89.43% increase in online traffic. If we take the growth in online traffic from Thursday (day before Black Friday) we see a 30.33% increase overnight.
This is a significant growth in potential customers within the fashion sector. And we have already established, buyers around this time are prepared to complete their purchase as abandonment drops.
It’s important for fashion retailers to understand this is a prime opportunity for their business. Using Black Friday or Cyber Monday promo codes, for example, could be a good tactic to use.
Online traffic insights by product category shows us that Sports & Outdoor saw the highest traffic volume on Black Friday, while Gardening & DIY saw the least.
Online traffic in the retail segment saw a 70.39% increase in online sessions on Black Friday compared to the previous week.
KEY CYBER MONDAY STATS (YOU DON'T WANNA MISS THIS):
- On Cyber Monday 21:00 was the lowest cart abandonment rate of the day at 76.49%
- The peak time for online traffic on Cyber Monday was 21:00
- 56.2% of online products were sold via a mobile device on Cyber Monday
Online sales stats from 2021:
Shoppers spent $10.7 billion on Cyber Monday 2021, which is about $100 million shy of the record set in 2020 when sales reached $10.8bn, up from 2019 sales volume of $9.2bn.
Learnings from Cyber Monday 2021
TOTAL CART ABANDONMENT FOR CYBER MONDAY
On Cyber Monday the 21:00 saw the lowest cart abandonment rates of the day at 76.49%, which is a slightly higher total abandonment rate than Black Friday, which stood at 78.75%.
The peak time for online traffic on Cyber Monday was 21:00. If we look at sessions by device, we can see that mobile traffic also peaked at 21:00, whereas desktop traffic peaked at 11:00.
56.20% of online products were sold via a mobile device on Cyber Monday, which is slightly less than Black Friday mobile sales at 40.57%.
Absolutelabs dedicatedly work to help fashion & retail brands stay competitive & relevant to the changing needs of the customers. We have helped a number of brands to create customer-friendly shopping experiences by integrating right technology. Our services have helped our clients to reduce the bounce backs & have a substantial growth in the sales