WooCommerce released its first-ever Black Friday Cyber Monday Trends Report, which includes results from surveys across its ecosystem of partners and stores. The surveys aimed to understand how store owners and employees prepared for last year's holiday season and what they'll be doing this year. Here are some highlights from the report:
- 72% of merchants attribute more than 20% of their annual revenue to BFCM and the holiday season.
- Of stores that generate more than $1M per year in revenue, 56% plan at least a month ahead of BFCM, and another 28% plan in the month leading up to the event.
- 43% of Woo Partner Agencies prepare their clients’ stores for the holiday season one to three months in advance. (Can confirm.)
- 26% of surveyed stores plan to increase inventory.
- Survey respondents recommended sending out your first BFCM communications at least 20 days in advance.
- Only 11% of stores offered BNPL and only 22% offered express checkout for Black Friday Cyber Monday in 2023. WooCommerce recommends accepting both types of payments if you don't already for higher conversion rates.
- Mailchimp customers saw 45% higher click-through rates from November 21 to December 1, 2022, when they segmented their campaigns. (Mailchimp actually delivered their e-mails? That's a surprise! LOL)
- Stores that offer BNPL through Affirm report over 60% higher average order values, and Cyber Monday in 2023 saw a 42.5% YOY spike in BNPL usage. Some say they're still paying for those orders…
In 2023, BFCM generated $9.8 billion in sales, and this year is expected to be even bigger.