2014 Black Friday and Cyber Monday Results

November - the month of friends, family, food, Thanksgiving, and, of course, Black Friday and Cyber Monday. In the weeks leading up to Black Friday projections estimated that there would be around 140.1 million unique shoppers, similar to last years prediction of 140.3 million.1 So how did retailers fair and what can we take away from this year's biggest shopping week?

Black Friday In Decline

This year, retailers saw a decline in the number of shoppers online and in-stores on Black Friday and over the entire weekend, down 11% from last year. Consumers who did shop online an in-stores spent an average of $38-.95 over the four days (Thursday-Sunday), 6.4% less than 2013.2Aberage-Spent=By-Customers-Over-Thanksgiving-Weekend

While overall sales were down for Black Friday weekend, online and eCommerce sales set new records on Thanksgiving Day and Black Friday with $1.33 Billion and $2.4 Billion respectively. Mobile traffic made up about 50% of the sales on Black Friday.3

Cyber Monday Sales Up

According to IBM Digital Analytics Benchmark, total sales for Cyber Monday were up 8.7% from 2014. While the average transaction price remained relatively flat year over year, $133.07, mobile sales increased a staggering 29.3% accounting for one in five transactions.4

black-friday-weekend-cyber-monday-sales

Cyber Monday has been climbing the ranks to displace Black Friday as top dog since it was created in 2005, and it looks like it succeeded this year. With retailers seeing a less than stellar Black Friday and Cyber Monday, there are a few key takeaways to remember for next year.

Takeaways

  1. Forget the hype, create urgency: One obvious issue this year was that no sense of urgency was created. Retailers started offering sweeping promotions and heavy discounts up to two weeks before Black Friday, leaving customers free to shop when it was convenient. Creating urgency is key to getting customers out and buying your product, the psychology behind this is discussed in greater detail here.
  2. Make room for mobile: As seen in the numbers, mobile is rapidly taking the place of in-person and even shopping from a desktop computer. What does this mean for retailers? If you don't have a plan to make your shopping cart mobile friendly, you could be in trouble. According to Pew Research5, as of January 2014, 58% of American adults have a smartphone and 42% of American adults own a tablet computer, meaning the play for responsive design is huge.
  3. Share the Love: Retailers are discounting products earlier and earlier in the season. When customers are receiving emails throughout the month containing heavy discounts, saving email for Cyber Monday isn't enough. Make sure you've set up a sequence of emails to engage with your customers throughout the holiday season. Leverage high value products and segment your list using customer, product, and purchase data to make sure your customers are receiving relevant offers and emails. Think about creating a lifecycle map to help visualize your plan to engage with customers through the holiday season and beyond.

 

1Grannis, Kathy, and Treacy Reynolds. “140 Million Holiday Shoppers Likely to Take Advantage of Thanksgiving Weekend Deals in Stores and Online, According to NRF.” NRF.com, 20 Nov. 2014. Web. 02. Dec. 2014

2Tabuchi, Hiroko. “Black Friday Fatigue? Thanksgiving Weekend Sales Slide 11 Percent.” The New York Times. 30 Nov. 2014. Web. 02. Dec. 2014

3Sterling, Greg. “2014 Black Friday - Cyber Monday Weekend Sales Statistics.” Marketing Land, 01 Dec. 2014. Web. 02 Dec. 2014

4Lutz, Ashley. “Cyber Monday Sales Shatter Records.” Business Insider, Inc. 01 Dec. 2014. Web. 02 Dec. 2014

5“Mobile Technology Fact Sheet.” Pew Research Centers Internet American Life Project RSS. Web. 02.Dec. 2014.


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