Black Friday has always been one of the most relevant ecommerce opportunities during the year, as it marks the beginning of the holiday shopping season.
In this article, we’ll walk you through the following topics:
Last Updated on December 5, 2023 by Zeljko Drazovic
This year, Black Friday will take place on November 24. Each year, the date varies, as it falls on the day after American Thanksgiving.
Another relevant ecommerce opportunity happening at the same time is Cyber Monday – on November 27. The term was coined and popularized by ecommerce retailers to differentiate between Friday in-store sales and Monday online sales.
Many ecommerce businesses continue offering deals during the following days or weeks to maximize profit. This period is often referred to as Cyber Week or Black November. You should consider it, too, when planning your international marketing campaigns and SEO strategy.
Online shoppers consider Black Friday and Cyber Monday one of the most important shopping holidays. After all, Cyber Week features some of the biggest online bargains of all time.
But is it as profitable for ecommerce businesses?
In terms of revenue generation, Singles’ Day in China (on November 11) has dethroned Black Friday and Cyber Monday. As reported, during 2022 Singles’ Day, Alibaba’s total GMV reached ca. $84.5 billion. It’s six times more than Amazon’s Prime Day GMV and almost ten times more than all online sales during Black Friday 2022 in the US.
It’s important to note that Alibaba’s sales are generally slowing down drastically. In 2022, Alibaba Group Holding Ltd decided not to disclose the final results of their Singles’ Day online sales. We know, however, that their online sales in 2021 only grew by 8.5%. Compared to their 26% growth in 2020, it is the slowest rate they have ever experienced and is most likely going further down.
When it comes to sparking an online bargain shopping frenzy in the West, Black Friday and Cyber Monday are still key ecommerce events. According to a report from Adobe Analytics, Black Friday online sales in 2022 reached a record of $9.12 billion in the US.
It proves that Cyber Week is definitely worth prioritizing in your online sales strategy.
Ever since the COVID-19 pandemic hit, distinctions between Black Friday and Cyber Monday are no longer as relevant. Retailers moved away from typical “doorbuster” bargains when authorities worldwide banned large crowds from public spaces. Those were the massively discounted items that would entice crowds to the brick-and-mortar stores and have them queue up in front of their doors before they even opened.
Nowadays, shoppers can find Black Friday doorbuster deals online and browse special offers on their computer or mobile devices.
As Forbes confirms, 2022 Black Friday sales increased by 2.3% compared to 2021. Considering how the 2022 holiday sales season was weakened globally by inflation, those are solid results.
Online smart home electronics and audio equipment sales rose by 200%. Adobe reports Apple Watches and Airpods, along with smart speakers and televisions, gaming consoles, and espresso machines, as the top sellers in this category.
It’s also worth noting that according to Adobe, Black Friday online toy sales rose by 285% compared to an average sales day.
While Black Friday typically signifies the beginning of the holiday shopping season and an opportunity for substantial revenue, it’s not without its hurdles. This year, we also need to consider the economic landscape, with the shadow of recession looming over consumer spending habits.
What challenges should online sellers consider when preparing for Black Friday in 2023?
According to stats, 46% of Black Friday 2022 purchases were impulse buys.
Black Friday sales are already driven by a sense of urgency. Think strategically about your Black Friday product offers to reel as many impulse buyers in:
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How do you ensure your prices are correct for Black Friday? No bargain calculator could assess the best discount rates for your business. But simple rules will help you determine the right pricing strategy for the upcoming Cyber Week.
You should always be aware of your competitors’ prices. Do your research! If you don’t habitually check them, Black Friday is the perfect moment to start doing so. Monitor current price ranges of identical and similar products. After all, shoppers compare deals and look for the best ones. If your items are too expensive compared to other sellers’, clients will simply buy them elsewhere.
Take a look at average Black Friday discount rates across popular categories based on data from 2022 quoted by Forbes and Adobe:
Research shows that as much as 26% of Black Friday shoppers end up going online to find better deals than the ones they got at the stores they visited in person.
It is crucial to monitor both your online and offline competitors closely. Use that knowledge to your advantage and be ready to offer a discount that’s competitive enough. After all, an ecommerce store is cheaper to operate than a brick-and-mortar store, so you should have some advantage when setting up discounts.
One trick we don’t recommend: inflating prices right before Black Friday to create a fake price drop later. Such tricks are easy to spot and might ruin your reputation. Remember – online comments and reviews can be merciless! And your client’s trust is worth everything.
Cross-border trade is growing twice as fast as domestic, underscoring the immense potential for global sales. However, tapping into global markets during the Black November shopping frenzy can present unique challenges for online sellers.
In addition to managing high-demand sales and supply chain logistics, international sellers must consider factors like currency fluctuations, customs regulations, and regional shopping preferences.
What challenges should online businesses consider to succeed on a global scale on Black Friday 2023?
Are you open to trying those ideas for Black Friday but worry you lack experience selling goods outside your local market?
To maximize your international sales potential with ease, consider leveraging trusted management solutions designed for online sellers looking to expand their marketplace business on a global scale effortlessly.
Cutting-edge tools can navigate you through the challenges of international selling and let you embrace Black Friday and other ecommerce opportunities with confidence.
Whatever challenges Black Friday and Cyber Monday 2023 bring – strategize ahead and be prepared for them.
Black Friday is a relevant ecommerce opportunity that kicks off the holiday shopping season and can generate significant profits, so make it your priority. With the help of all the tips from this article, you should be able to get your store ready for selling.
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