Black Friday Cyber Monday (BFCM) is just around the corner, and businesses are gearing up for what is expected to be a record-breaking season. The second edition of the annual Black Friday Cyber Monday Trends Report provides insights into the strategies, challenges, and expectations of merchants and agencies as they prepare for the peak shopping season.
One of the key findings of the report is the significant increase in focus on site performance and optimization. This year, 33.4% of survey respondents identified website optimization as their top priority, compared to just 13% in the previous year. This shift underscores the importance of providing a seamless and frictionless online shopping experience for customers.
In terms of promotional strategies, there has been a noticeable shift towards subscriptions and product bundles. Many merchants are now offering tiered discounts and new subscription models to make gifting more accessible for customers. Additionally, 42% of businesses are exploring new strategies for BFCM, such as introducing or updating subscription services, trying new promotional tactics, and updating their infrastructure.
When it comes to planning for the holiday season, larger businesses tend to start their preparations earlier. Over a third of merchants making over a million in annual revenue begin planning one to three months ahead of BFCM. This early planning allows them to fine-tune their strategies and ensure a successful peak season.
The report also highlights the growing trend of businesses diversifying their promotional efforts throughout the year to reduce reliance on BFCM. While the holiday season remains a significant revenue driver for many merchants, there has been a slight decrease in the percentage of stores experiencing a sales spike during the peak season.
Despite this shift, BFCM and the holiday season continue to account for a substantial portion of annual revenue for most merchants. Over 73% of businesses report that this period contributes to more than 20% of their yearly revenue, with some attributing over 50% of their revenue to the peak season.
As merchants prepare for BFCM, they are focusing on website performance optimization, inventory management, and streamlining the customer experience with features like express checkout and buy now, pay later options. Marketing channels like email and organic social media remain effective for driving sales during the holiday season.
In conclusion, the insights from the Black Friday Cyber Monday Trends Report highlight the proactive approach that businesses are taking to capitalize on the upcoming peak season. By refining their strategies, investing in key areas, and leveraging effective marketing channels, merchants are poised to make the most of this year’s BFCM.