Black Friday is one of the most important days of the year for retailers to make sales and connect with their customers. Even though COVID-19 shutdowns hurt the economy, Black Friday sales in the United States went up by 22% in 2022, reaching about $9 billion.
Things will be different by 2023, but if you know some key Black Friday statistics, you can plan your marketing strategy based on the right information. With the rise of online shopping, Black Friday has become a worldwide event, even though Thanksgiving in November is only a U.S. tradition.
Black Friday has turned into a whole season of sales and discounts. With this shopping rush in the weeks before Christmas, stores can make up for losses from the whole year, and the name “Black Friday” comes from this. We’ve put together everything you need to know to get ready for another year of shopping frenzy.
What does Black Friday mean?
In the US, Black Friday is the day after Thanksgiving. On this shopping day, there are lots of deals in stores and online.
When stores have sales and discounts, it’s thought to be the start of a new shopping season. Cyber Monday, which is the first Monday after Black Friday, is also an important day to remember because it is the first day back to work for many people.
In 2023, smartphones brought in about $3.7 billion in online sales on Black Friday. This was 2% more than last year and a new record.
In the US and UK, Black Friday is the busiest online shopping day of the year. Even though it was already well known in North America, over the next five years it sold more in the UK than it did before Christmas.
On both sides of the Atlantic, people and sales are expected to break records on Black Friday and Cyber Monday. November is likely to be a very busy month for shopping. Even retailers who don’t like Black Friday eCommerce can’t avoid it because of how popular it is.
Statistics About Black Friday and Cyber Monday
Cyber Monday has become just as popular as Black Friday as online shopping has grown. On the Monday after Black Friday, retailers offer timed deals and big discounts to get people to shop on their websites. The following numbers show that Cyber Monday is quickly catching up to Black Friday in terms of sales.
- Due to shipping delays and supply problems during this year’s Black Friday sale, stores like Amazon, Best Buy, and Walmart started early sales. This meant that we saw more early deals than ever before.
- Adobe Analytics says that this is why spending on Black Friday was 1.3% less than it was last year. In November as a whole, people spent $109.8 billion, which is 11.9% more than they did during the same time in 2022.
- The average order size on Cyber Monday was $164.
- In Australia, the average customer spent more than $286 on Cyber Monday in 2023, which was more than they did in 2021.
- On Black Friday weekend, about one in five Canadians buy something online, and they spend an average of $365. During Black Friday weekend, Canadians like to shop at stores like The Source and Staples.
- Fear of missing out is a perceived motivator that tends to boost Cyber Monday sales in the last few hours of the day.
- About 10% less money was made than expected on Cyber Monday in 2023.
- The number of sales on Amazon Marketplace went up 60% from the year before.
- On Black Friday, the rate of desktop conversions went up from 3% in 2022 to 6.4% in 2023.
- This year, computer prices were 13.6% less than they were on Black Friday 2022.
- The items with the biggest discount were electronics.
How People Shop on Black Friday and Cyber Monday in 2023
During the Thanksgiving weekend of 2023, more than 186,4 million people shopped in stores and online, and each spent an average of $312. Even though the numbers are lower than in 2022, they are still higher than in 2021. Every year, it affects a lot of people.
Because of this, even small changes in how people act can have a big effect on how much they spend. By noticing these changes, businesses can learn more about what their customers want from them in 2023.
What will people buy on Black Friday and Cyber Monday in 2023?
- Last year, because of the pandemic lockdowns, 75% of customers said that they saved money on Black Friday because they didn’t go to stores.
- Only 17% said they spent the same amount as they did the year before. They didn’t hold back in 2013.
- 59% of people who cut back on spending last year will pay more for Black Friday deals in 2023.
- 61% of those who spent the same or more in previous years will do the same or more this year.
- About 65% of customers will shop online in 2023, while 32% will want to shop in person.
- The number of people shopping in stores has dropped by 30% since last year. This is in line with the rise of online shopping. To follow rules about the pandemic, people stayed at home and only went to stores when they had to.
- Even though fewer people plan to shop in stores this holiday season, they are likely to spend more than those who plan to shop online. About 66% of shoppers say they will spend more than they did last year. Only 46% of people who buy things online will spend more money this year than they did last year.
What BFCM Trends will stick around and what Trends are coming?
The big question for BFCM 2023 will be whether the shopping trends of 2022 will stay the same or change as retailers get back to business as usual. Even though things change and reopen, people still shop in new ways.
Small-scale shopping is still a big deal
Small businesses were hurt the most by COVID-19 closures because they were not essential. There has also been a movement to support local businesses and shop at independent stores. As soon as stores were able to reopen in 2023, customers went back to shopping in the area.
People again chose to shop at small businesses for the holidays. During BFCM, more than 47 million customers chose independent and direct-to-consumer brands from Shopify.
The need for different ways to fulfill orders keeps growing.
Last year, there was a lot of demand for both curbside pick-up and local delivery. This year, the trend has kept going. In the US, the price of a curbside pickup cart was $96.60, compared to $79.84 in 2022. In Canada, the price was $115.14, compared to $94.93.
Some categories were more popular for curbside pickup than others, with clothing and accessories, home and garden, and health and beauty at the top of the list. Local delivery is also doing well. For BFCM 2023, the average price of a cart in the US is $97.40. On average, local delivery in Canada cost $120.75.
Cross-border shopping is still a big part of international business.
The last two years have taught us that relying on only one market or channel can make your business vulnerable. Your business can grow if you ship to other countries. This has been done by a lot of Shopify businesses so far this year.
There are some countries where people are used to ordering from other countries. The United States and Canada, Canada and the United States, and the United Kingdom and the United States did most of the business across borders.
Products for health and beauty, home and garden, and clothing and accessories are some of the most popular items for these international sales. In a world that is becoming more connected, it is becoming more important to be able to help clients from other countries. Shopify makes it easy for small businesses to do this by making it global by default.
Mobile is king (still)
There’s no reason to be surprised that more people than ever are buying things on Black Friday and Cyber Monday from their phones. In 2014, it was the first time that mobile sales were more than desktop sales. In 2023, 71% of BFCM sales will be made on mobile devices, while only 29% will be made on desktops.
Social media is important to customers
Shoppers want to be able to buy from social media without having to leave the app they are using. This is why you should use social media marketing as part of your plan.
Because of these integrations, customers can look at products right from apps like Instagram, add them to their carts, and check out all in one place.
After Black Friday, look for momentum in sales.
Black Friday doesn’t just happen by itself. Black Friday (and Cyber Monday) sales are often the start of the holiday shopping season. In the past, about 37% of holiday retail sales in the U.S. have happened on Black Friday Cyber Monday (BFCM), but only about 18% of shoppers have finished all of their shopping by then.
Have you heard of Cyber Week II? The second big shopping time is after Christmas, when people have gift cards to spend. It is the best time for sales everywhere in the world.
People are more likely to keep buying holiday gifts if they get personalized offers. This could be shown on the website as a shopper looks around, or an email could be sent to remind them of items they looked at but didn’t buy. During peak season, it gives you a lot more chances to sell more.
When is the next Black Friday?
Black Friday will be on November 25, 2022, and Cyber Monday will be on November 28, 2022. Black Friday 2022 will be on Friday, November 11. Sales should start about two weeks before that date.
Bottom Line
As a result of the pandemic, merchants have had to deal with some of the biggest problems they’ve ever had, but this year’s BFCM data shows that they’re stronger than ever and looking forward to the future.
Small businesses have shown how strong they are in the last two years. Entrepreneurs have broken sales records yet again, showing that any problem can be solved. Let me end by saying thanks to all businesses that aren’t part of a chain. Even though you’ve had problems, you’ve been able to adapt, change, and do well.
A campaign that is fun and easy for customers to use can help you catch and impress Black Friday customers and increase the chance that they will buy from you again. If you don’t know where to start when it comes to Black Friday shopping, our team can help.