Probably the most thrilling — and what could be essentially the most tense — buying season of the yr is simply across the nook. WooCommerce retailers are rolling up their sleeves to arrange for Black Friday Cyber Monday (BFCM) and the whirlwind of the vacation promoting season.
In July 2024, we performed a complete survey to grasp methods, challenges, and expectations for the upcoming peak gross sales interval throughout retailers, builders, and businesses. The findings take a look at how companies are planning to capitalize on the season and what new ways they intend to implement.
This put up is a recap of our report findings* and you’ll check out our guide to making ready in your finest BFCM.
As we all know from our vacation season financial institution statements, Black Friday Cyber Monday is a big income driver for ecommerce companies. In 2023 alone, BFCM generated $9.8 billion, and this yr might be even greater.
It’s no secret that the vacation season is a make-or-break interval. A putting 66% of respondents stated they noticed a spike in gross sales from October to December.
Practically half (46%) of retailers stated that as much as 30% of their annual gross sales quantity comes from BFCM and the vacation season. For 18% of shops, that quantity is between 30% and 50%, and eight% of shops stated BFCM contributes greater than half of their yearly income.
These stats make it clear: Black Friday Cyber Monday is a high-stakes occasion for WooCommerce shops. Thorough preparation and strategic planning ought to be prime of thoughts within the coming months.
This yr, 34% of retailers are shaking up their method to BFCM. They’re pondering exterior the field, and plan to:
- Add new merchandise (26%)
- Ramp up advertising and marketing efforts (24.6%)
- Improve web site efficiency (16.4%)
These methods sign a broader effort to supply higher buying experiences, entice new clients, and anticipate that vacation gross sales surge.
Within the survey feedback, one different pattern was abundantly clear: Shops are starting their BFCM prep earlier.
Timing is every thing; with regards to BFCM prep, WooCommerce shops are cut up. Shops with increased gross sales volumes are likely to plan earlier, whereas others take much less time to arrange.
About 26% of respondents start prepping one to 4 weeks forward, whereas 27% begin one to 3 months prematurely. After which there are the super-planners — 13% of shops begin prepping three to 6 months forward, with one other 4% beginning over six months prematurely.
Simply over half of the shops are planning to bulk up their stock earlier than the vacation insanity begins. They’re not taking any probabilities, ensuring they’ve obtained loads of inventory readily available and all of the delivery supplies they want.
As one person put it, “An important factor for us is replenishing the out-of-stock merchandise. That’s our greatest problem.” One other echoed this sentiment, saying, “We start to bulk up stock over the summer time. We order delivery provides within the third quarter.”
Apart from topping up stock, different product initiatives included:
- Increasing product strains to introduce new SKUs or classes.
- Introducing present playing cards.
- Testing particular gives and reductions.
- Providing product bundles, like bundled vacation bins.
Past stock, website performance is one other massive focus. Practically 37% of shops are working to enhance their website efficiency, with 9.5% of shops planning a internet hosting improve. Load testing, pace testing, and database optimization are all on the checklist to verify their websites can deal with the vacation rush.
Different sensible methods? Hiring further assist, updating refund insurance policies, and including extra cost choices to maintain issues clean for patrons.
In relation to operating a 2024 BFCM sale, 44% of shops are all in.
However curiously, 30% of shops have been nonetheless undecided about their BFCM plans midway via the yr. Some shops might be making fast selections because the season approaches, and suppleness in method will think about.
Nearly half (48%) of shops plan to offer delivery reductions, however solely 11% will provide a particular refund or return window for the vacations.
On the advertising and marketing entrance, e-mail advertising and marketing remains to be the MVP for reaching clients throughout BFCM, with 29% of retailers score it as their simplest software. Organic social media follows carefully at 25%, and different channels like paid social, search ads, and influencer advertising and marketing are additionally within the combine.
Many shops plan to develop their advertising and marketing efforts from final yr, specializing in paid adverts, retargeting, and updating their abandoned cart flows. Influencer, affiliate, and user-generated content material are additionally getting extra love this yr.
Multichannel strategies are on the rise this yr too, with 67% of retailers working throughout a number of channels, together with bodily shops and on-line marketplaces like Amazon, Etsy, and eBay. This method helps them attain a broader viewers and profit from the vacation season.
As we gear up for the busiest buying season of the yr, the message from our survey is obvious: WooCommerce retailers are able to rock BFCM by refining their methods, investing in stock and web site efficiency, and leveraging key advertising and marketing channels.
We’ve put collectively a whole report that can assist you navigate the vacation buying season like a professional: Black Friday Statistics and Trends for 2024.
And don’t neglect to deal with your self this vacation season, too. What are you shopping for this BFCM? I’m out there for brand new golf golf equipment, and I’m nice at making sauna suggestions.
*Report data relies on survey responses obtained via WooCommerce e-mail and in-product outreach in addition to social and group channels, accomplished in July 2024.
Tamara Niesen is the Chief Advertising and marketing Officer at Woo. With over 20 years of expertise in high-growth B2B SaaS, system, and platform firms, Tamara has led groups centered on model, go-to-market, demand era, product advertising and marketing, associate advertising and marketing, built-in lifecycle advertising and marketing, and efficiency advertising and marketing.
She beforehand led International Demand Era and Go-to-Market at Shopify, driving income development and market growth for Shopify Plus. She has additionally held advertising and marketing management roles at Housecall Professional, D2L, and BlackBerry. Tamara resides in Waterloo, Ontario.
