Introduction
The start of Black Friday and Cyber Monday (BFCM) isn’t just the beginning of the holiday shopping season—it’s the most crucial moment in the retail calendar. These back-to-back events, born in the United States but now a global phenomenon, are more than just a flurry of discounts; they’re a pivotal opportunity for retailers to drive significant revenue and connect with customers on an unprecedented scale. With last year’s BFCM weekend smashing records at $9.12 billion in online sales, the stakes are higher than ever.
BFCM isn’t just about boosting sales for a few days; it’s a strategic battleground where businesses can clear out old inventory, attract new customers, and set the tone for the entire holiday season. The marketing strategies you deploy during this time can make or break your performance for the rest of the year, making it crucial to plan meticulously and execute flawlessly.
In this guide, we’ll dive deep into the strategies, trends, and technologies that will help you dominate BFCM 2024. Whether you’re a seasoned pro or a newcomer to the BFCM frenzy, this guide will arm you with the insights and tactics you need to make this holiday shopping season your most successful yet.
The Evolution of BFCM and BFCM Marketing
Black Friday has its roots in the United States, dating back to the 1950s when the day after Thanksgiving marked the unofficial start of the holiday shopping season. The term “Black Friday” gained popularity in the 1960s as it referred to the point when retailers turned profitable, moving from “in the red” to “in the black.” Retailers began offering substantial discounts to attract shoppers, leading to a surge in sales and a shopping frenzy that has only grown over the decades.
The influx of customers in a normal retail store in Philadelphia 1950
Cyber Monday emerged in 2005 as a marketing term coined by the National Retail Federation (NRF) to encourage online shopping. It was designed to follow Black Friday, capitalizing on the growing trend of ecommerce. Cyber Monday quickly became one of the biggest online shopping days of the year, with retailers offering exclusive online deals and promotions.
A typical Cyber Monday deals showcase by a big box American retailer – Target.com
Changes in Consumer Behavior Over the Years
Consumer behavior during BFCM has evolved significantly. Initially, Black Friday was characterized by early morning doorbusters and long lines outside brick-and-mortar stores. However, with the rise of ecommerce, more shoppers began to take advantage of online deals, leading to the inception of Cyber Monday.
In recent years, the distinction between Black Friday and Cyber Monday has blurred, with many retailers extending their deals throughout the weekend or even the month of November. Consumers now expect convenience and prefer shopping online or using mobile devices. This shift has prompted retailers to enhance their online presence, optimize mobile experiences, and offer seamless omnichannel shopping options.
The Impact of the COVID-19 Pandemic on BFCM Shopping Trends
The COVID-19 pandemic profoundly impacted BFCM shopping trends, accelerating the shift towards online shopping. With health and safety concerns, many consumers avoided crowded stores, opting for the safety and convenience of online shopping. This led to a record surge in ecommerce sales during BFCM 2020 and 2021.
COVID-19’s potential impact on Black Friday 2020 was huge. That’s because a large proportion of retailers already saw Black Friday-like results after COVID-19 hit. In the US, eCommerce shopping levels during COVID-19 (April to May) were 7% higher than what retailers saw during the 2019 holiday season (November to December). As further shown below, online sales took a new upward trajectory in mid-March.
Predictions for BFCM and BFCM Marketing 2024 Based on Recent Data and Trends
As we look ahead to Black Friday and Cyber Monday (BFCM) 2024, several key trends and data points from recent reports provide valuable insights into what retailers can expect:
1. Increased Mobile Shopping: Mobile shopping continues to dominate the ecommerce landscape. Predictions indicate that 75% of consumers will engage in mobile shopping during BFCM 2024, with 45% purchasing via mobile devices. This trend underscores retailers’ importance in optimizing their mobile platforms to ensure a seamless shopping experience.
2. Demand for Personalized Experiences: Shoppers increasingly seek personalized and frictionless shopping experiences. Data shows that 85% of shoppers will likely abandon retailers due to poor experiences, and 75% of consumers feel bombarded by excessive marketing messages. Retailers should focus on personalized, timely, relevant communications to enhance customer satisfaction and retention.
3. Significance of High-Quality Offers: Approximately 70% of shoppers are more inclined to make repeat purchases when presented with high-quality offers and discounts. Retailers should prioritize crafting attractive promotions and deals to drive customer loyalty and repeat business during BFCM marketing initiatives.
4. Streamlined Shopping Journeys: Consumers prefer simplified and efficient shopping processes, with 75% expressing a preference for a more streamlined route to purchase. Retailers should focus on minimizing friction in the buying journey, ensuring quick and easy access to products, and providing clear, straightforward navigation.
5. Rise of Omnichannel Shopping: There is a growing trend towards omnichannel shopping experiences, where consumers engage with online and offline channels. Retailers should integrate online and physical store strategies to provide a cohesive and unified shopping experience.
6. Adapting to Economic Challenges: Nearly 70% of brands foresee budget limitations due to economic challenges as a significant obstacle in 2024. Retailers must strategically allocate their marketing budgets, focusing on high-impact, cost-effective channels such as email marketing, which will contribute significantly to total marketing revenue.
These insights highlight the critical areas where retailers must focus their efforts to maximize success during BFCM 2024. By leveraging mobile platforms, personalizing customer experiences, offering high-quality promotions, simplifying shopping journeys, and adopting omnichannel strategies, retailers can effectively meet consumer expectations and drive substantial sales growth during this peak shopping period.
For more detailed insights and data, you can refer to the full Netcore’s 2024 North American Consumer Benchmark Report
For a more in-depth look at the best BFCM marketing strategies, insights and best practices we recommend you download our ebook –
Setting the Stage: Key Statistics and Insights for BFCM Marketing 2024
1. Gen Zs: Tech-Savvy Spenders in All Markets
By 2030, 75% of consumers will be Gen Z and Millennials. These young, tech-savvy individuals are driving a potential spending surge during the holiday marketing and Black Friday Cyber Monday season. A significant 38% of US consumers aged 18-24 are optimistic about an economic rebound in the coming months, making them eager to spend on experiences and brands that resonate with their values.
Source: McKinsey and Co, State of the Consumer 2024: What’s now and what’s next
How to Win Them Over? To capture the attention and loyalty of Gen Z this holiday season, brands should:
- Leverage the Digital Landscape: Engage them where they spend most of their time—online.
- Craft Authentic Brand Stories: Create narratives that align with their values and aspirations.
- Offer Innovative Products and Services: Cater to their unique needs and preferences with cutting-edge offerings.
2. Shifting Consumer Behavior
According to research, holiday season website traffic, especially on Black Friday Cyber Monday, dipped 1.5% in 2023 compared to BFCM 2022. This trend is attributed to two key factors:
- Earlier Holiday Shopping: Retailers initiated holiday campaigns as early as August. McKinsey’s survey reveals that half of shoppers began their purchases before Halloween, allowing for more planned and budgeted spending.
- Changing Trends: The early shopping trend is particularly notable for electronics, traditionally a Black Friday staple.
Exception to the Trend: Health and Beauty While overall traffic saw a decline, the health and beauty sector experienced significant growth, particularly among established brands with strong customer loyalty. This reflects a broader pattern observed in Black Friday data, where loyal customers drive traffic and sales.
Source: Bluecore’s 2023 Black Fridcusay Benchmarks
Distribution of Buyer Interaction with Holiday Offers
Holiday traffic trends show a diverse interaction across various BFCM marketing channels, moving beyond just the homepage:
- Black Friday Dominance in NA Online Sales: Black Friday continues to lead in online sales, closely followed by Cyber Monday.
- Weekend Shopping Patterns: Typical weekends saw nearly as many or more in-store purchases compared to online stores during holidays, yet online stores maintained an edge during the BFCM marketing season.
Hottest Product Categories Identifying the most popular product categories can help retailers tailor their marketing strategies and inventory. During the BFCM marketing season, electronics, health and beauty, and fashion consistently emerge as top choices among consumers.
The following graph shows the preferred checkout devices leveraged by most shoppers and the number of items they bought per device –
Smartphones surprisingly ranked second for the number of items purchased per order, despite desktops taking the top spot. This could be because:
Spontaneous Shopping: Mobile phones are with us constantly, making impulse purchases on them more convenient.
Smaller Orders: Smartphones might be better suited for smaller, quicker purchases, while desktops facilitate larger, bulkier orders where users feel more comfortable comparing options and finalizing purchases.
By understanding these key statistics and insights, retailers can strategically plan their BFCM campaigns to maximize engagement and sales, ensuring they meet today’s consumers’ evolving needs and preferences. For more detailed insights and data, refer to the full blog here.
Crafting a Winning BFCM Marketing Strategy
Now that we have analyzed the key trends to expect this BFCM marketing season, it is time to take a look at a step-by-step guide to crafting a winning BFCM marketing strategy for ecommerce and retail brands.
1. Pre-BFCM Marketing Preparations: Managing your inventory and planning stock levels are crucial to meeting the surge in demand during BFCM. Conduct a thorough analysis of your past sales data to forecast demand accurately, and work closely with your suppliers to avoid stockouts or overstocking. For example, a popular electronics retailer analyzed previous BFCM sales and identified their top-selling products, allowing them to focus their inventory on these items and avoid last-minute restocking issues.
Take charge of your product catalog with seamless, automated workflows for transparency and faster launches with Netcore Unbxd’s PIM.
2. Website Optimization and Mobile Readiness: A seamless and fast website experience is vital for converting visitors into customers. Optimize your site speed, ensure mobile responsiveness, and conduct thorough testing to handle increased traffic. Pay special attention to your site’s checkout process to reduce cart abandonment rates. Moreover, improve and taper the UI and UX of your website and app for the BFCM marketing season. The following are two beautiful examples of the same:
Burberry’s 2022 campaign showcases the brand and its seasonal collections in a way that perfectly captures the holiday spirit using stunning and classy website banners on the home page.
Herschel themed their entire app with dark undertones to resonate with a young, tech-savvy crowd shopping for tech bags on Black Cyber Monday.
3. Customer Segmentation and Targeting: Understanding your customers’ preferences and behaviors allows you to create personalized marketing campaigns. Segment your audience based on their past purchase history, demographics, and engagement levels to deliver targeted messages that resonate with each group. A home decor brand, for example, can use customer segmentation to send personalized emails featuring products that match their previous purchases, significantly boosting their email open rates and conversions.
Did you know you can leverage recency, monetary, and frequency metrics to develop a more holistic view of the shopper using advanced segmentation capabilities?
A typical RFM matrix
4. Creating Compelling Offers and Promotions: Resonate with shoppers and identify the types of discounts and deals that appeal most to your target audience. These could include percentage-based discounts, buy-one-get-one-free offers, free shipping, or special holiday bundles. Tailor your promotions to meet your customers’ expectations and desires.
Did you know there are certain experiences your shoppers will forgo discounts from external brands for here are some of them –
For a more in-depth look at the best BFCM strategies, insights, and best practices, we recommend you download our ebook –
5. Bundling Products and Creating Exclusive Offers: Encourage higher cart values by bundling complementary products at a discounted price. Create exclusive offers or limited-time deals only available during BFCM to drive urgency and excitement among shoppers.
6. Leveraging Scarcity and Urgency Tactics: Use scarcity and urgency tactics to motivate immediate purchases. Limited stock messages, countdown timers, and highlighting the number of items left can create a sense of urgency and encourage customers to act quickly.
7. Embracing Email Marketing Strategies for BFCM: Develop targeted email campaigns leading up to and during BFCM. Personalize your emails with dynamic content, such as personalized product recommendations and exclusive discounts, to engage your audience and drive conversions.
Puma’s holiday marketing campaigns comprised an email sent the morning before Christmas Day; this was a masterclass in last-minute holiday marketing. The subject line “Order before 2 pm EST for FREE overnight shipping” highlighted urgency. The flash-sale email was straightforward yet effective, featuring banners, and secondary offers.
Did you know? You can also include interactive App and Web components inside emails with Netcore’s Inbox Commerce, here is how Casper incorporated the features into their emails –
Casper’s holiday marketing campaigns stand out for their unique design that resembles a clock app using toggles inside an email. This creative approach breaks the monotony of typical holiday emails.
8. Content Marketing and SEO Tactics: Enhance your content marketing efforts by creating BFCM-related blog posts, gift guides, and product reviews. Optimize your content for search engines to attract organic traffic. Use relevant keywords, meta tags, and internal linking to improve your SEO rankings and visibility.
9. Streamlining the Checkout Process: A smooth and efficient checkout process is essential for reducing cart abandonment rates. Simplify the steps required to complete a purchase, offer guest checkout options, and ensure your site is secure and trustworthy.
You can also streamline the entire checkout process by shortening the shopper journey using Inbox Commerce emails, add cart manipulation functionality directly within your shopper’s inbox so that they can add or subtract their favorite items from cart.
8. Content Marketing and SEO Tactics: Enhance your content marketing efforts by creating BFCM-related blog posts, gift guides, and product reviews. Optimize your content for search engines to attract organic traffic. Use relevant keywords, meta tags, and internal linking to improve your SEO rankings and visibility.
10. Post-Purchase Engagement and Loyalty Programs: Maintain engagement with your customers even after their purchase. Send thank-you emails, request feedback, and offer incentives for future purchases. Implement loyalty programs to reward repeat customers and encourage long-term brand loyalty.
Conclusion
As we approach the holiday season, Black Friday and Cyber Monday (BFCM) present a pivotal opportunity to maximize your retail success. Understanding the evolution of these events, leveraging current consumer trends, and implementing strategic marketing practices are crucial for standing out in the competitive landscape. From optimizing your website and mobile platforms to crafting compelling offers and leveraging personalized email marketing, each step you take can significantly influence your BFCM marketing performance.
Please take a look at our blog for a deeper understanding of holiday marketing – Netcore’s BFCM Sales and Holiday Marketing Insights, 2024 Edition
This holiday season, go beyond mere visibility and focus on being unforgettable. Apply these effective strategies to ensure your brand becomes the top choice for holiday shoppers. For a comprehensive guide on creating an exceptional holiday marketing campaign, download our Holiday Marketing Guide now, and get ready to make this BFCM marketing season your most successful yet!
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