7 retail takeaways from Black Friday and Cyber Monday
Friday, December 01, 2017
Americans are ready to s-h-o-p this holiday season! Maybe it's the low unemployment rate or the strong economy — or simply the stellar deals.
Either way, this is shaping up to be a season for the books. From Nov. 1 to Nov. 27, people spent $50 billion online, a 16.8 increase from 2016, according to Adobe 2017 data. Plus, 174 million Americans shopped during the Thanksgiving weekend, surpassing the National Retail Federation's estimates by 6 percent.
Read on to learn even more facts about the successful Thanksgiving shopping weekend — and how to use these insights to maintain momentum for your business.
1. Conversion rates on Cyber Monday peaked from 11 p.m. to midnight. (Adobe 2017 data)
- Takeaway: Shoppers want to snag deals but are hesitant to click buy. Send emails to recover abandoned purchases and show targeted social ads to stay top-of-mind.
2. Mobile purchases set a new record, representing 47 percent of visits and 33 percent of revenue. From 2016 to 2017, smartphone traffic grew 22 percent, while revenue coming from smartphones saw 39 percent growth, a new all-time high. (Adobe 2017 data)
- Takeaway: Walk through your purchase process — from start to finish — and remove any friction. Keep it simple to boost that conversion rate. If you're a small business, focus your energy here. Small retailers (under $10 million in annual revenue) saw 30 percent higher conversion rates on smartphones compared to large retailers.
3. At 41 percent, search was the biggest driver of online sales on Cyber Monday. (Adobe 2017 data)
- Takeaway: The best way to discover and find leads is by attracting those already interested in what you have. Pinpoint your top 10 products, and spend time finding the organic words people type in to discover them. Advertise with those keywords and optimize your website.
4. Average spending per person over the five-day Thanksgiving shopping weekend was $335.47. In fact, 75 percent of that ($250.78) specifically went towards gifts. (NRF 2017 data)
- Takeaway: People are namely shopping for gifts this time of year, but they also want to treat themselves for all their hard work. Promote small, impulse products to those just about to check out.
5. The most popular day for in-store shopping was Black Friday, which attracted 77 million consumers, followed by Small Business Saturday with 55 million consumers. (NRF 2017 data) From 2016 to 2017, shopper visits to brick-and-mortar stores declined 1.6 percent on Thanksgiving Day and Black Friday. (ShopperTrak 2017 data)
- Takeaway: Develop enticing in-store events, stay open during community gatherings and work with nearby stores to maximize the shop local momentum.
6. Among those who shopped, 60 percent said most of their purchases were driven primarily by sales, and 48 percent said deals were better than earlier this season. (NRF 2017 data)
- Takeaway: Deals, deals, deals! No one can resist a deep discount. If you need to move the needle at any point during the holiday season, offer a surprise sale — with free shipping, of course!
7. The biggest spenders were older millennials, aged 25 to 34, who spent $419.52. (NRF 2017 data)
- Takeaway: If you're planning on running targeted online ads, focus on who is spending the most. For your business, it may not be this demographic. Do some digging, and find out who you should be talking to.
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