Ultimate Learnings from 2023 Black Friday and Cyber Monday

Black Friday and Cyber ​​Monday (BFCM) is the most anticipated eCommerce event of the year. At EmberTribe, we completely understand the importance of BFCM. From a consumer and seller perspective, we -as a growth marketing agency- must enhance both dates' potential. These days of massive sales, promoted by discounts and other commercial tactics, usually fall between November 26 and December 2.

Every year is different. 2023 was a year of trend changes, where the future consumer behavior began to consolidate. In that sense, it was essential for us to ask the following question:

What Were the Key Learnings and Insights from the Last BFCM Season?

We extracted 4 vital points from last year's session:

1. Consumers are preferring to shop online for Black Friday and Cyber Monday (BFCM) deals rather than in-store.

2. Consumers expect BFCM sales to start weeks before, with bigger discounts or bundles on the actual weekend.

3. To stand out, businesses need to establish top-funnel strategies in advance, such as relevant promotions, better discounts, and quality items.

4. Consumers are more focused on the quality of items rather than quantity.

(Adobe Experience Cloud, 2024).

BFCM 2023 was a record year. From November 1st to December 31st, revenue reached 222 billion dollars. Cyber ​​Monday sold around 12 billion, while Black Friday recorded 9 billion. A key element of this massive spending was the Power of Repeat Purchases, which represented approximately half of the total sales of BFCM 2023. A large number of the Repeated Purchases were recent first-time buyers. 

(Laure Gree, DRIP, 2024).

In this regard, a key focus for 2024 will be the division of the audience into 2 or 3 sections. Segmentation has never been so important because consumers want a tailored experience. Something unique. Marketing that knows them and that reaches them through quality email, ads, SMS, and discounts. That's a core learning of BFCM 2023, which is related to the next lesson: email marketing. 

Due to its ability to be personal and close, email marketing continues to have undeniable relevance in 2024. In 2023, during the holiday season, the DRIP agency reported a 48% increase in emails sent compared to 2022. All of which contributed to generate unprecedented growth in global eCommerce:

(Adobe Experience Cloud, 2024).

Another great insight was summited by the CRM platform Klaviyo. They observed that higher discounts didn't equate to higher conversions. This may be counter-intuitive, but it makes sense if we consider consumer behavior as a whole, in which each trend influences the other. Thus, brand loyalty prevents customers from going to another brand for a higher discount. In 2023, we could suggest that consumers preferred to stick with their preferred brand despite better deals from other companies.

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