The most exciting, and perhaps most stressful, shopping season of the year is just around the corner, as WooCommerce merchants prepare for the whirlwind of Black Friday Cyber Monday (BFCM) and holiday sales season.
In July 2024, we conducted a comprehensive survey of retailers, developers and agents to understand their strategies, challenges and expectations for the upcoming peak selling period. The survey findings highlight how businesses plan to capitalize on this season and what new tactics they are looking to implement.
This post summarizes the findings from our report.* Check out our guide to preparing for the best BFCM yet. here.
As you can see from holiday bank statements, Black Friday and Cyber Monday are huge revenue generators for e-commerce businesses. In 2023 alone, BFCM grossed $9.8 billionand this year it’s going to be even bigger.
It’s no secret that the holiday season is a make-or-break time: A staggering 66% of respondents said their sales spiked from October through December.
Nearly half of retailers (46%) say up to 30% of their annual sales come from BFCM and the holiday season, while for 18% of stores, that figure is between 30% and 50%, and for 8% of stores, BFCM accounts for more than half of their annual revenue.
These statistics show that Black Friday and Cyber Monday are very important events for WooCommerce stores. Strategic Planning This needs to be a top priority for consideration over the coming months.
This year, 34% of retailers are reimagining their approach to BFCM. They’re thinking outside the box and planning to:
- Adding new products (26%)
- Strengthening marketing activities (24.6%)
- Upgrading website performance (16.4%)
These strategies represent a broader effort to provide a better shopping experience, attract new customers and anticipate a surge in holiday sales.
Another trend emerged clearly in the survey comments. Start Preparing for BFCM Early.
Timing is everything. When it comes to preparing for BFCM, WooCommerce stores are divided: those with high sales tend to plan early, while others don’t have as much time to prepare.
About 26% of respondents start planning one to four weeks in advance, 27% start planning one to three months in advance, and then there are the super planners: 13% of stores start planning three to six months in advance, and an additional 4% start planning more than six months in advance.
More than half of stores plan to build up inventory before the holiday season begins to get chaotic, and they’re not taking any chances, making sure they have enough stock and all the shipping materials they need.
“The most important thing for us is replenishing out-of-stock items. That’s our biggest challenge,” said one user. Another agreed, “We’ll start stocking up over the summer. We’ll order shipping supplies in Q3.”
In addition to replenishing inventory, other product initiatives included:
- Expand your product line to introduce new SKUs or categories.
- Introducing gift cards.
- Test specific offers and discounts.
- Offer product bundles, such as holiday box bundles.
Beyond inventory, Website Performance is also a big focus. Around 37% of stores are working on improving their site’s performance, and 9.5% are planning to upgrade their hosting. Load testing, speed testing, and database optimization are all on the list to ensure sites can handle the holiday rush.
Other smart strategies include hiring additional staff, updating your refund policy, and adding more payment options to make things smoother for your customers.
When it comes to running BFCM 2024 sales, 44% of stores are going all in.
Interestingly, however, 30% of stores have yet to decide on their BFCM plans even as we approach the middle of the year, and while some stores will likely make quick decisions as the season approaches, they will likely allow for flexibility in their approach.
Nearly half (48%) of stores plan to offer shipping discounts, but only 11% plan to offer special refunds or discounts. Return Period For vacation.
On the marketing side, email marketing remains the MVP for reaching customers during BFCM, with 29% of retailers rating it as the most effective tool. Organic Social Media This was followed by other channels such as paid social at 25%. Search Adsand influencer marketing is also being adopted.
Many stores will be expanding their marketing efforts from last year, focusing on paid advertising, retargeting and in-store updates. Abandoned Cart FlowInfluencers, affiliates and user-generated content are also becoming more popular this year.
Multi-Channel Strategy This year, the trend continues to grow, with 67% of merchants operating across multiple channels, including brick-and-mortar stores and online marketplaces like Amazon, Etsy, and eBay. This approach allows merchants to reach a wider audience and make the most of the holiday season.
As we gear up for the busiest shopping season of the year, the message from the survey is clear: WooCommerce merchants are ready to spice up BFCM by refining their strategies, investing in inventory and website performance, and leveraging key marketing channels.
We’ve put together a complete report to help you navigate the holiday shopping season like a pro. Black Friday 2024 statistics and trends.
And don’t forget to treat yourself this holiday season. What will you be buying at BFCM this year? I’m looking to buy some new golf clubs, and I’m also a big fan of sauna recommendations.
*Report information is based on survey responses received through WooCommerce email, in-product outreach, social channels, and community channels, and was completed in July 2024.
Tamara Niesen is the Chief Marketing Officer at Woo. With over 20 years of experience in fast-growth B2B SaaS, device and platform companies, Tamara has led teams focused on brand, go-to-market, demand generation, product marketing, partner marketing, integrated lifecycle marketing and performance marketing. Previously, Tamara led global demand generation and go-to-market at Shopify, driving revenue growth and market expansion for Shopify Plus. She has also held marketing leadership roles at Housecall Pro, D2L and BlackBerry. Tamara lives in Waterloo, Ontario.
