It’s that time of year again when everyone is on the lookout for Black Friday and Cyber Monday deals – the two biggest shopping events! Black Friday and Cyber Monday have gained increasing relevance as shopping events, making them worth developing a seasonal marketing strategy for. In the past, Black Friday was predominantly associated with brick-and-mortar sales, while Cyber Monday was the day for businesses to promote their e-commerce offers. However, post-COVID, there have been shifts in consumer trends and behavior, necessitating business owners to keep up with the latest trends and data to maintain an up-to-date marketing strategy.
P.S. In case you missed our write-up on how to generate profitable sales this Black Friday, you can find it here!
Now, let’s examine some consumer trends and data from the 2022 shopping season that will guide you during this weekend! According to NIQ survey data, despite the pressure of rising inflation, people still participated in Black Friday and Cyber Monday in a big way in 2022. This has helped to give a predicted consumer mindset of what the Black Friday to Cyber Monday weekend in 2023 will look like.
Consumer Trend #1
During the 2022 Black Friday and Cyber Monday shopping period, there were expectations that record inflation and concerns regarding an impending recession would significantly impact sales. Surprisingly, consumers defied these concerns. They not only continued shopping but also contributed to record-breaking spending both in brick-and-mortar stores and online. Consumers are poised to spend this season, but it’s crucial to ensure that your marketing strategy is tailored to your audience so it reaches your target customers. If individuals find what they desire, they’re more likely to make a purchase.
Consumer Trend #2
Consumers in 2022 had two primary reasons for participating in Black Friday and Cyber Monday shopping. The majority sought to “find gifts for others” and to “secure great deals.” What does this mean for you? Offer your customers great deals and bundles they will not find elsewhere—deals that can also be utilized as Christmas or New Year gifts.
Consumer Trend #3
In 2022, a notable convergence occurred between Black Friday and Cyber Monday shopping activities. Approximately two-thirds of Cyber Monday shoppers also participated in Black Friday sales. Moreover, the key three purchase categories remained consistent on both occasions: Electronics, apparel including clothing, shoes, accessories, and toys.
Consumer Trend #4
In 2022, consumers in the US predominantly seized the best Black Friday deals on conventional gifting categories, surpassing the allure of early holiday bargain days. Groceries and daily essentials maintained a significant presence on most shopping lists. Cyber Monday saw a prevalence of traditional gifting items filling up virtual shopping carts. Consumers are already gearing up for the Christmas season. If you’re offering deals, market them as potential presents for friends and family. It’s never too early to begin promoting for the year-end holidays.
Consumer Trend #5
Mobile shopping is experiencing a significant surge, rendering the traditional annual email campaign insufficient. Statistics reveal that last year, more than 61% of online shoppers completed their purchases using a smartphone, marking a notable 27% year-over-year increase. To adapt effectively, consider integrating your promotional email strategy with outreach to your SMS subscriber list, engaging chat messages via platforms like Facebook or WhatsApp, and complementing these efforts with targeted social media advertisements.
Consumer Trend #6
Here’s why great customer service is important:
- 86% of shoppers are inclined to shell out more for an exceptional customer experience.
- 49% of shoppers have made spur-of-the-moment purchases after encountering a more tailored and personalized experience
- Two-thirds of companies primarily vie with each other based on the quality of customer experience they provide
Online shopping received a significant boost during the pandemic, leading to a surge in options and heightened competition in the market. Consequently, consumers have become more discerning about the businesses they choose to engage with.
To prepare for the big shopping days like Black Friday and Cyber Monday, it’s important to know what customers have been doing during last year’s shopping season. These behaviors can help guide the strategies that will work best for this year’s sales. Even though there were worries about prices going up and the economy slowing down, people kept spending money, which led to really high sales both in stores and online. As we get ready for this year’s Black Friday and Cyber Monday, using these consumer trends in your marketing plans will help you make more sales, connect better with customers, and make shopping a great experience for everyone.