Double Your 2024 Sales With Our Key Takeaways From BFCM 2023

Cyber Week hosts some of the year's major holiday shopping events, spanning from Black Friday to Small Business Saturday and concluding with Cyber Monday. During this period, numerous stores entice thousands of customers with significant discounts throughout Thanksgiving weekend.

In an Adobe Analytics report, online spending on Black Friday surged by 7.5% compared to the previous year, reaching a record $9.8 billion in the U.S. Shopify merchants also set a sales record of $9.3 billion during the Black Friday-Cyber Monday (BFCM) weekend, marking a significant 24% increase from the prior year.

Top BFCM 2023 Deals

Black Friday is now one of the busiest shopping days as shoppers seek deals and gifts for the upcoming holidays. We've gathered a diverse range of deals with various options and discounts.

1. Percentage Discount

• Nectar: Save up to 40% on mattresses.
• Madewell: Code CYBER for 60% off select items.
• Wayfair: Save up to 70% on furniture.

2. Flat Dollar Discount

• Samsung: Get up to $3,000 off on TVs.
• Our Place: Save $116 (37%) on the Home Cook Duo.
• Hydro Flask: All designs are 25% off.

3. Bundle or Package Deal

• Human Hair Bundles with Closure (22 24 26+20, Free Part) Body Wave Bundles with Lace Closure Brazilian Human Hair Weave Bundles.
• GoPro HERO12 Black + Accessories Bundle, Includes Handler + Head Strap 2.0 + Enduro Battery + Carrying Case.
• Divilife: Purchase our All Access Pass membership and receive the Black Friday—bundle for free, along with the Cyber Monday Bundle.

4. Buy One Get One (BOGO) Deal

• Po Health: BOGO 50% OFF SALE. Save now on your favorite longevity supplements. Excludes bulk and packs. Limit 1 order per customer and 4 BOGO discounts per order.
• Madewell: Buy one, get one free with code CYBER.
• Smack: Buy a large pet food bag, get a small one FREE.
• Master Class: Two memberships for the price of one.

5. Free Gift with Purchase

• COSRX: Receive a complimentary gift on orders of $70 or more. The product will be automatically added if the total amount in your cart exceeds $70.
• Amanda Ramsay: Explore three "Spend and Get" gift-with-purchase offers starting from 12.01 am AEST on November 15. All complimentary gifts are available only while stocks last and are very limited.
• Black Bird Boutique: Enjoy a 40% discount sitewide, plus receive a free gift with every purchase made today! Support small businesses this Saturday! Use code BLACKFRIDAY at checkout to avail the savings.

6. Limited-Time Offers

• Hukgear: Ends Tonight: 25 percent OFF SITEWIDE * Use Code: HOLIDAY25.
• HigherDOSE: 20% off sitewide with code HDBFCM for a limited time.
• Casper: Get up to 30% off everything for a limited time.

7. Membership/Subscription Discounts

• Coupler: New users can enjoy a 30% discount on all pricing plans. Simply use the promo code "BFCM23" during checkout. This one-time discount applies to new users and those on the free trial.
• Real Simple: Access 75 exclusive Black Friday deals tailored for Amazon Prime Members, with discounts up to 69% off.
• Social Champ: Special Black Friday offers with a 40% discount on monthly subscriptions and a 50% discount on annual subscriptions, allowing maximum savings of up to $600! Use the coupon code "BFCM23" at checkout.

BFCM 2023 Stats & Tech Highlights

Black Friday starts the critical holiday shopping season, a time that goes beyond just numbers. Here are the BFCM 2023 highlights from Shopify-powered sellers amid the excitement and Stripe Stats.

• The U.S., U.K., Australia, Canada, and Germany were top-selling countries.
• Hottest product categories included apparel, health, beauty, and home and garden.
• Cross-border orders accounted for 15% of all global orders.
• Shopify funded over 56,000 tonnes of carbon removal to offset shipping emissions.
• Sales made via Shop Pay saw a remarkable 60% year-over-year increase.
• 17,500+ entrepreneurs achieved their first sale on Shopify, while over 55,000 merchants experienced their highest-selling day ever on the Shopify platform.
• A global audience of 61 million consumers made purchases from Shopify-powered brands.
• The average cart price stood at $108.12 ($107.53 on a constant currency basis).
• Los Angeles, New York, and London were leading cities in sales.
• Peak sales per minute reached $4.2 million at 12:01 PM EST on Nov. 24.

News from Shopify indicates that shopping peaked, with total sales hitting $4.2 million per minute at 12:01 p.m. EST on Black Friday.

"Observing entrepreneurs achieve their inaugural sale and witnessing established brands attain new milestones on Black Friday-Cyber Monday was truly remarkable," said Harley Finkelstein, Shopify President.

Stripe, on the other hand, has shared the following statistics for Black Friday-Cyber Monday 2023:

• Total Transaction Volume: $18,601,711,381
• Total Transactions: 303,615,900
• Peak Transactions Per Minute: 93,304
• Businesses Having Their Best Day Ever on Stripe: 31,323
• Stripe API Uptime: >99.999%
• Peak Requests Per Second: 27,395

Why is Black Friday Such a Big Thing?

Black Friday starts the holiday shopping season in November and is famous for significant discounts, crowded stores, and online bargains.

On a typical day in the U.S., online sales are about $2 to $3 billion. But on Black Friday, online businesses like Amazon saw a massive 128% jump in sales compared to their usual numbers. The only other time sales go up so much is on Prime Day.

Retailers dedicate a year to planning their Black Friday sales to clear excess inventory and offer discounts on seasonal items such as holiday decorations and popular gifts.

The anticipation for Black Friday is palpable, leading retailers to take measures to prevent leaks of their advertisements. However, the intense competition for limited supplies of popular items has sometimes resulted in historical incidents.

Notable examples include the 1983 scuffles over Cabbage Patch Kids dolls and the tragic trampling of a worker in 2008, highlighting the extreme consumer enthusiasm and associated risks.

How Do Discounts & Trends Boost BFCM?

The success of Black Friday Cyber Monday (BFCM) is evident, with significant discounts driving Black Friday online sales to a record $9.8 billion in the United States.

Adobe noted that mobile phone sales are expected to lead, constituting over 51% of all sales this holiday season.

The growing use of 'Buy Now, Pay Later' (BNPL) options is crucial, as evidenced by a 72% increase in orders using BNPL compared to last year.

As 'Black Friday' and 'Black Week' gain popularity in the EU and the UK, shoppers actively seek the best deals among numerous offers. However, retailers must provide transparent discounts to comply with EU and UK rules.

The EU Omnibus Directive is in place to address the issue of fake discounts, where prices are raised to manipulate online and offline discounts, deceiving consumers with false offers. The directive outlines these rules, covering crucial areas such as pricing, seller information, reviews, and algorithm disclosure.

The directive exists to prevent such misleading practices, fostering trust in the marketplace. Magebit can assist in implementation, ensuring compliance and a seamless business environment.

Also, take proactive steps by setting up secure payments for increased demand. Additionally, ensure your website has a one-step checkout process or a guest checkout option to simplify and expedite the customer process.

Marketing Strategies During BFCM 2023

Creating a BFCM calendar and engaging with your audience is the best way to generate early excitement. Many businesses aim to captivate their audience at least one week before the event, fostering anticipation and interest.

Klaviyo emphasizes that November is critical for last-minute preparations for Black Friday and Cyber Monday (BFCM). During this month, businesses focus on daily tasks to prepare for the BFCM event, including fine-tuning campaigns, ensuring sufficient inventory, and sending out holiday-themed emails and SMS.

• In August, businesses concentrate on getting their accounts ready. This involves integrating Klaviyo or any other CRM/CDP with Google Ads and Facebook and setting up core automation.
• Moving into September, the focus shifts to creating excitement and expanding customer lists. Businesses run Labor Day campaigns, check the health of their emails and plan giveaways.
• October becomes the strategic planning phase, where businesses set BFCM goals and decide on special offers. They determine SMS strategies, initiate SMS conversational campaigns, and lay the groundwork for BFCM with early access offers.

Generally, brands should kick off their Black Friday advertising a few weeks before the event. To build excitement, share teasers and promotions in the weeks leading up to Black Friday.

According to Dealnews, Black Friday ads are usually released in October, with a rush to be the first of the season. While most major retailers don't release ads in October, a few notable ones, like JCPenney, Macy's, Belk, and Lenovo, typically release their ads in the latter half of October.

As for Amazon during BFCM 2023, their Black Friday deals, starting Friday, November 17, extended until Cyber Monday, November 27. featuring offers like saving up to $400 on De'Longhi machines, up to 56% off Shark robots, up to 44% off Ninja appliances, and more.

Key Marketing Strategies

• Flash Deals: Many businesses surprise customers with hourly deals, encouraging frequent visits and creating a sense of urgency.
• Social Media Collaboration: Others used social media, teaming up with influencers to reach more people and build excitement.
• BFCM Landing Page: Before the big event, businesses prepare by creating a particular landing page with precise information, attractive deals, and an easy-to-use design.
• Smart Email Campaigns: They also improved email marketing by organizing the email list and tailoring campaigns for better relevance.
• Exclusive BFCM Products Shine: Exclusive BFCM products were launched, adding excitement and boosting sales during the event.
• Went Big on Ads: Businesses increased their advertising efforts on platforms like Google Ads and social media to get more visibility.
• Offered Bundle Discounts: Many offered bundle discounts to attract customers with savings and encourage more significant purchases.
• Upsold & Cross-Sold: Businesses suggested additional or higher-tier products during the customer's shopping journey using upselling and cross-selling.
• Post-BFCM Sales: After BFCM, businesses connected with customers through post-purchase emails, extended promotions, and ongoing social media presence to drive more sales and build lasting relationships.
• Q4 Approach: Before BFCM, businesses prepared by researching their audience, analyzing inventory, and planning offers. During BFCM, they created urgency, boosted impulsive purchases, and extended offerings for last-minute sales.

BFCM 2022 vs 2023 Overview

This analysis examines the significant numbers and trends of Black Friday and Cyber Monday (BFCM) for 2022 and 2023. It covers spending, online shopping preferences, Shopify and Stripe statistics, and global observations.

Observations

• BFCM 2023 shows growth, particularly in online spending on Black Friday, reaching a record $9.8 billion.
• Shopify and Stripe are crucial in facilitating online sales during the BFCM period.
• Significant global impact is evident, with diverse countries contributing to the top-selling list and cross-border orders accounting for 15% of global orders.
• Trends such as the rise in mobile sales, the influence of "Buy Now, Pay Later" (BNPL) options, and the importance of transparent discounting are noteworthy.
• Black Friday remains a significant and evolving event in the retail landscape, with consumers actively seeking the best deals and contributing to substantial online spending during Black Friday and Cyber Week. Businesses must adapt strategies to align with changing consumer behaviors and regulatory considerations for sustained growth.

Final Thoughts

The BFCM events in 2023 sparked a significant shift to online spending, with Black Friday hitting a record $9.8 billion in the U.S. This success was driven by various appealing deals like discounts, bundles, and memberships, reflecting the changing preferences of savvy shoppers.

Boost your BFCM sales in 2024 by putting this advice into action. Take decisive steps and follow these key points:

Learn and Apply: Get inspired by the success of BFCM 2023, where $9.8 billion was spent online on Black Friday. Create attractive deals—discounts, bundles, and perks—catering to customers' wants.

Leverage E-commerce Giants: Use Shopify and Stripe for online success. Shopify saw a strong 24% sales increase, with over 55,000 sellers having their best day. Stripe processed a massive $18.6 billion transactions, highlighting their crucial role in global sales.

Think Global: Adopt a global mindset. Consider trends like more people buying on their phones and using "Buy Now, Pay Later" options. Focus efforts on top-selling countries like the U.S., U.K., Australia, Canada, and Germany.

Stay Agile: Be flexible. Adjust your strategies to match customers' desires and adhere to different regional regulations. Stay nimble to navigate the ever-changing world of successful selling.

Incorporate these strategies into your BFCM approach, and you'll be poised for success in 2024.