Maximizing your ROI: How to win the BFCM Rush
Oct 11, 2023
5 min Read
The pandemic significantly influenced Black Friday Cyber Monday eCommerce sales, with record highs in such a small time period. Despite returning to a normal increase, 2022 still saw remarkable gains.
Black Friday and Cyber Monday represented a golden revenue opportunity for retailers, with a record-setting $9.12 billion spent online on Black Friday and a staggering $11.3 billion sales recorded on Cyber Monday in 2022, per Adobe's report. However, it requires a synchronized dance between customer support, sales, and marketing to nudge a shopper towards "checkout." As shopping behaviors return to pre-pandemic norms, we anticipate 2023 to set new records for online retailers.
Not to mention, Amazon’s October Prime Day event presents another lucrative opportunity for DTC brands to increase sales and engage with a massive online audience. To prepare effectively, brands should focus on optimizing their Amazon presence, ensuring product listings are well-optimized with compelling visuals and detailed descriptions.
The absence of a robust eCommerce strategy could lead to missed opportunities during these holiday shopping frenzies. Fear not — whether you're refining your current strategy or building a new one, this guide provides a solid plan to optimize your BFCM eCommerce strategy.
What is Black Friday Cyber Monday
The day after Thanksgiving, Black Friday kickstarts the Christmas shopping season with generous discounts on a wide range of items. Footage of frenzied shoppers and chaotic retail stores often define the Black Friday experience, characterized by irresistible deals, massive crowds, and substantial revenue. Together with Cyber Monday, known as BFCM, these two days significantly help amplify revenue for all retailers, marking a key period for online stores to attract and retain new customers.
In fact, Cyber Monday represents the biggest ecommerce day of the year! CNBC reports that while average daily online sales in the US hover around $3 billion , Cyber Monday dramatically outpaces, hitting staggering $11.3B in eCommerce sales.
2022 Key BFCM Stats and Consumer Trends
Mobile devices accounted for 48% of all Black Friday online sales, marking a 4% increase from 2021. This surge in m-commerce corresponds with the global rise in smartphone usage, which saw 83.32% of the global population, or 6.64 billion people, owning a smartphone in 2022.
Brick and Mortar Shopping
67% of all Black Friday shoppers opted for in-store purchases underscores a critical aspect of retail strategy. It highlights the enduring appeal of physical shopping experiences and the importance of a seamless integration between online and offline channels. This statistic emphasizes the need for retailers to invest in and develop robust omnichannel marketing strategies.
As trends suggest, while Black Friday will generate significant business, Cyber Monday is set to outperform it. This implies a surge in order volumes and customer support inquiries. Hence, strategically planning your top-tier discounts for Cyber Monday could be beneficial.
Average Order Amounts are Increasing
Shopify reports that the average order value during BFCM 2022 showed a slight increase, rising to $100.70 2021 to $102. This upward trend indicates that consumers are willing to spend more during this key shopping period, presenting a great opportunity for 2023.
Rising Return Rates
ZigZag Global reported a whopping 60% increase in return rates after Black Friday weekend last year, while Loop Returns saw an increase of 31%. In addition to shipping delays and damaged items, product descriptions and visuals that don’t match what customers actually receive play a significant role in eCommerce product returns.
Flexible payment Options
Buy now pay later (BNPL) payments increased by 78% during the 2022 holiday shopping frenzy compared to the week before. According to RBC Capital Markets, offering customers BNPL options can increase conversions by 20% to 30%. Payment alternatives that offer shoppers financial flexibility will allow online retailers to drive higher conversion rates, increase average order values, and ultimately stand out in the competitive Black Friday Cyber Monday market.
Five ways to maximize your revenue during BFCM
Optimize Your PDPs
Make sure to audit your website ahead of time—a well-structured product detail page that provides all the information shoppers need will help them make purchase decisions with confidence. Your PDPs should include high-quality visuals assets, well-written product descriptions, product reviews, and ideally, user-generated content.
Refine Your Product Descriptions
An art that combines creativity with effective communication, product descriptions can influence purchase decisions and help increase conversion rates. A well-crafted product description highlights the key benefits and features of the product, and focuses on how these attributes solve a problem or enhance the customer’s life. Use vivid language that evokes a mental picture of the product’s value, but make sure to keep it concise.
Enhance Your Product Visuals
High-quality, eye-catching visuals that bring your products to life will increase conversion rates, build consumer trust and loyalty, and strengthen buyer confidence. Be sure to provide comprehensive product imagery that presents your item from every angle, and consider showcasing your products with 360 or interactive videos to give your customers an even better understanding of your products.
Optimize Your Mobile Experience
According to Tapcart, only 1 in 10 shoppers is willing to stick around if your mobile web experience is slow or poorly designed. Considering 48% of BFCM online purchases were made on mobile last year, making sure your PDPs are mobile friendly is key to converting multitasking mobile shoppers. While you may need to change the way information is presented to make it easy to navigate on a smaller screen, don’t remove any important product details.
Start Your Campaigns Early
Start warming up your audience before the holiday shopping rush begins—consider offering sneak previews of your BFCM and Cyber Week deals as early as October, and even launching your sales before Black Friday. Early campaigns allow you to build anticipation and excitement, creating a buzz around your upcoming sale that can boost engagement and customer loyalty. Capturing early shoppers and standing out amidst the noise of BFCM promotions will give you a competitive edge.
Black Friday Cyber Monday remains a pivotal moment for online retailers to capture consumer attention, increase sales, and stand out in a crowded market. Don't miss the opportunity to make the most of this annual retail extravaganza—implement these strategies to maximize your revenue during the BFCM rush.