Black Friday 2024 holiday weekend sales reached $41.1 billion, and from Nov 1st to Dec 2nd, total spending was $131.5 billion dollars in this season, which is a new record.
Some online stores have been predicting a muted online holiday shopping season this year due to a weaker economy and inflation worldwide. Henceforth, online stores have been tasked with offering the best deals for consumers, especially on Black Friday.
While some reported record-breaking sales, others experienced more muted results when we look at statistics. Today, we will share what happened on Black Friday and highlight examples of retailers' tactics that worked well, as well as the plan going into the crunch period before the holidays.
Let's dive in!
New Record In Online Sales
Shopify announced the record-setting Black Friday Cyber Monday weekend, with sales of $11.5 billion from independent businesses worldwide. That's a 24% increase in sales from 2023, and in total, 76+ million customers around the world bought from brands powered by Shopify.
These statistics show that online shopping is offering great value in terms of high profits.
The majority of consumers planned to compare prices for the best discounts before purchasing during Black Friday Weekend, and retailers provided significant seasonal discounts across major retail categories to encourage higher spending among increasingly price-conscious online shoppers.
It's fair to say that consumers are highly price-sensitive to Black Friday deals. To have a higher number of sales online merchants should adopt competitive pricing strategies.
Now, we will explain how to do it.
Offer Smart Prices with Price Tracking Tool Anytime, Anywhere
To hit the records on Black Friday, online stores have to be ready for price wars. All customers are hunting for the best deal on Black Friday, and you should be ready to compete with your competitors.
You can track your competitors' prices without losing time and effort and offer the best deals. There are hundreds of price changes made in one day on Black Friday certainly, it would be an impossible task to track prices manually. Let us show you how our engine helped merchants to offer the best prices!
On 29 November, Black Friday day, Prisync tracked and detected price changes in ecommerce. Let's take a look.
- How many prices did we track in this period?
We tracked a total price of 59.424.097 during Black Friday and Cyber Monday.
- What is the number of websites that we have tracked?
155.216 unique websites.
- What is the number of competitors tracked per retailer on average?
~41.730.
We also analyzed the price index changes during Black Friday 2024 in the UK market for 4 product categories: Toys & games, Baby products, Cosmetics, and Pet supplies. Click below to download the full report for free!
Winners of Black Friday
Black Friday is all about price wars, both online and offline. This is because customers are shopping to get the best deal, right? For that reason, you should adopt pricing strategies, especially for holiday shopping seasons such as Black Friday.
There are various pricing strategies, but you can adopt competitive pricing for Black Friday. This is because you can price your products based on your competitors' prices.
But, automated pricing can track your competitors' prices and notify you when they change prices. This is especially important on Black Friday, you can win price wars and increase your number of sales!
Quick Tip: Use a competitive pricing strategy to win price wars on Black Friday.
- Offer Flexible Payment Plans: Buy Now Pay Later
As ecommerce is evolving day by day online stores that are adopting new technologies can be the leaders to compete with their rivals.
With the growth of AI, many stores have started doing their daily jobs effectively thanks to automation. And this helped many online stores on Black Friday 2024! This is because consumers are looking for flexible options for online shopping.
Statistics show that many consumers embraced flexible payment plans during the holiday seasons. Adobe forecasted a buy now pay later spending peak on Cyber Monday with a new single-day-record of $993 million.
Quick Tip: Consider offering flexible payment options to your consumers. As a result, they can fill their baskets with more products and are willing to pay later.
- Adopt Your Store for Mobile Shopping
Mobile commerce has become very popular in online shopping and it was a big hit for online shoppers this time around as well.
Adobe forecasted mobile revenue share will hit a record 53.2% of online shopping in 2024. If you haven't optimized your online store for mobile shopping, you definitely should. You cannot miss the opportunity to hit record sales since Black Friday can be the day when you get the most traffic.
Quick Tip: With the growth of mobile shopping, consider optimizing your store for mobile.
Takeaways
Black Friday 2024 sales reached a new record. Shopify announced record-setting sales with billions of dollars from independent online businesses worldwide.
The majority of online shoppers have compared online prices to get the best deal. To offer the best price, online businesses need to track their competitors' prices constantly. Price tracking engines can help online merchants offer smart prices and smart matches to compete with their competitors in ecommerce.
Above all, to hit sales records on Black Friday and all the other retail days, online businesses can adopt some strategies. They can be listed as offering flexible payment options, adopting stores for mobile, and tracking competitors' prices constantly.
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