BFCM – Black Friday Cyber Monday – is, without a doubt, the busiest time of year for online sellers. For many merchants, it can be a make-or-break moment that determines their entire year’s performance.
In a tryptophan-induced stupor, they wake up at the crack of dawn (or don’t sleep at all) to find massive deals, shelling out huge amounts of money in the process.
It’s a day that’s known simply as Black Friday — the biggest ecommerce holiday that exists.
The numbers for Black Friday Cyber Monday 2023 are in, and they don’t lie.
This year’s record-breaking weekend shows that in a tough macro environment, where consumers are tightening their belts and it costs more than ever for brands to acquire customers, loyalty and retention strategies remained key to driving profitable growth.
2023 Was Another Record-Breaking Year – But There’s More to The Story
In the face of challenging economic circumstances, a record 200.4 million people shopped over the five-day period according to the National Retail Federation.
By the numbers, more consumers than ever shopped online –134.2 million, according to the National Retail Federation. And consumers spent $38 billion online over the five-day period, a 7.8 percent increase over last year.
Still, according to Reuters, 2023’s Black Friday was quieter than in previous years – both in store and online.
This can be attributed to the fact that many retailers and merchants are beginning their holiday promotions as early as October, so Black Friday tends to be a tentpole day in an already extended and busy holiday shopping season. With so many customers taking advantage of those early-bird deals, there was simply less buying to be done during Black Friday.
Cyber Monday was the biggest shopping day, with shoppers spending $12.4 billion, a 9.6% YoY increase. This begs the question: was it that consumers were saving their purchases for Cyber Monday, or was it that retailers were saving their best…
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