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We all know that Black Friday is one of the most important events for eCommerce. For this reason, it is essential to analyze the results, as they will provide useful information about the customer behavior, such as the percentage of sales and traffic achieved.
Understanding these metrics is undoubtedly a great chance for online stores to discover new business opportunities and new areas of improvement to create more profitable marketing strategies to enhance customer loyalty and increase conversion.
After the pandemic, eCommerce reached a peak, however, now that physical stores are open without restrictions, the data may have changed. Moreover, as a general rule and as a result of the crisis and price inflation, users are trying to spend less and save more. So, if we had to bet, we are sure that the vast majority would think that online sales have been lower this year than the previous one.
With that said, the question is: Has this year's Black Friday campaign been as successful as expected?
From LogiCommerce, we have analyzed the Black Friday results of the online stores that are using LogiCommerce to manage their eCommerce and we have compared the data with the results from 2021.
It is very important to mention that, for this brief study, we have analyzed the results of the first four weeks of November. This is due to the fact that retailers are increasingly extending their campaigns to a whole month full of offers and discounts for consumers.
The first point we have detected, and as previous years have shown, the main sectors in these dates are fashion, complements and electronics.
After analyzing the results of the weeks 44, 45, 46 and 47, we clearly see that this year started with more sales than the previous one. This means that, during the first week, sales have increased by 30%.
Thus, we can intuit that the overall sales results for the month of November have been higher than the year before, reaching an overall growth of 15.5%.
This trend continued during the next two weeks of November, and to date, we can confirm that the second week of November is the one with the highest increase in sales of 40% compared to 2021.
From the above results, we can establish that the vast majority of customers advanced their purchases this year 2022 before the actual Black Friday “day”. Probably because of the incredible discounts they already had access to in the previous weeks before Black Friday. Although, in many occasions these purchases were probably made to avoid problems with stock.
Therefore, if we analyze the data during the full week of Black Friday, we notice that the percentage of sales has decreased in relation to the previous year. In 2021, the week of Black Friday was 61% above the monthly average of sales, while, in this year 2022, the monthly average stands at 47%.
These results do not indicate that Black Friday is losing influence, but support the trend that Black Week and, above all, Black Month have become fully consolidated in Spain. Black Friday as we all knew, has disappeared. Now we are talking about a full month where online stores offer their best discounts and promotions to reach a wider audience over an extended period of time.
"Black Friday has evolved enormously. While retailers used to launch their Black Friday offers on the last Friday of November, they are now taking advantage of the opportunity to give out a whole month full of fantastic discounts. Online stores are anticipating Black Friday campaigns and consumers are starting to feel the pressure to also anticipate their purchases.
By 2023, eCommerce is expected to focus its marketing strategies on personalizing the customer experience to create stable, long-lasting and loyal communities," said Màrius Rossell, CEO and founder of LogiCommerce.
From LogiCommerce, we can conclude that:
As indicated in the chart above, sales during weeks 44 to 46 of November increase by 30.63%, 40.67% and 33.65%, respectively, compared to 2021. Conversely, sales during the week of Black Friday (47), fall by 8.89%.
Last but not least, we can say that overall LogiCommerce stores have increased their turnover by 15.5% compared to the previous year during the month of Black Friday.
