Did you know Black Friday this year witnessed a change in online traffic, experiencing a 12% decline compared to last year? Despite this, several retailers showcased remarkable performance. Among the top performers were:
Temu: Achieved an extraordinary 74,150% year-on-year growth, primarily due to its recent launch.
Sephora and Moonpig: Emerged as high-flyers with growth rates of 132% and 48% respectively.
Debenhams.com: Witnessed a significant rise of 46%, now under the ownership of Boohoo.
Additionally, some brands faced challenges, such as PrettyLittleThing with a substantial decline of 45%, while Asos experienced a 43% traffic plunge. See our chart below for a closer look 📊
🔎 Dive Deeper
The Black Friday shopping extravaganza unveiled intricate trends that reflect the evolving landscape of consumer behaviors and retail strategies. If you’re curious to know about notable insights for your Black Friday campaign next year - we’ve got you covered:
Winners in Mobile and Online Shopping 📱💻
For the first time, mobile purchases surpassed desktop buying during this holiday season, constituting more than 51.2% of online spending. This transition signifies a significant shift in consumer preferences, showcasing the growing prominence of mobile devices in driving retail sales. Adobe Analytics reported smartphones contributed a substantial $5.3 billion to the overall online sales figure, marking a notable 10.4% increase year-over-year.
Following a brief downturn in mobile shopping during the pandemic, this year marked a remarkable resurgence. Salesforce data revealed a record high for mobile shopping, with an impressive 79% of digital traffic generated from smartphones, affirming a thriving mobile commerce era.
Rob Garf, Vice President and General Manager of Retail at Salesforce, noted, "We see the mobile phone as the bridge that connects online and in-store shopping," highlighting the pivotal role of mobile devices in shaping the shopping journey.
Impact of Calendar Events 📆🛍️
The anticipated Super Saturday, backed by an extended weekend shopping day due to the festive calendar, stands poised to create unprecedented sales records for retailers. The convergence of a weekend untethered by work commitments and a Monday Christmas heralds a potential surge in consumer spending.
Analysts predict a monumental impact on sales, asserting the likelihood of consumers leveraging this extended shopping window to make those last-minute purchases. Vivek Pandya, lead analyst at Adobe Digital Insights, anticipates this period's influence on consumer behavior and shipping preferences, emphasizing the impact on retailers' bottom lines.
Shifting Dynamics in Discount Strategies and Consumer Patterns 🛒💸
Consumer spending patterns indicated a discernible shift, with shoppers displaying a cautious approach toward maximizing value. While indulging in online shopping, consumers exhibited a preference for economical fulfillment options, with approximately 80% opting for standard shipping on Black Friday.
The evolving discount strategies in retail, termed by industry experts as "discount chicken," showcased a negotiation game between retailers and consumers, where the latter awaits the most attractive deals before making a purchase.
Rob Garf elucidated this trend, asserting that consumers have become more astute in seeking optimal value, leading to a strategic waiting game. He highlighted how retailers, after initially holding back on attractive deals, eventually prompted consumers to seize the most advantageous offers.
👀 Future Perspectives
While Black Friday experienced shifts in traditional shopping behaviors, we see this as a sign of evolution within the industry. Moving forward into 2024, we believe the changing landscape of online shopping and consumer preferences indicates a promising year ahead for brands - don’t you agree?
Join in the conversation with us on our socials 💬