Survey Reveals Merchant Preparations for Black Friday & Cyber Monday
WooCommerce, the leading open-source ecommerce plugin for WordPress, recently published findings from a July survey conducted with store owners and employees. The goal was to understand how they prepared for last year’s holiday season and gather insights into their plans for this year. WooCommerce also gathered input from partner agencies and businesses to provide a broader perspective.
The survey results offer valuable insights for online retailers ahead of what is often the busiest shopping period of the year, when many generate a significant portion of their annual revenue.
Adobe reported record figures for US consumers in 2023 during Cyber Week (the five days from Thanksgiving to Cyber Monday), with a total spend of $38 billion, up 7.8% year on year.
Here are the main findings of the survey:
72% of online merchants attribute over 20% of their annual revenue to Black Friday – Cyber Monday (BFCM) and the holiday season.
66% of stores surveyed experience a lift in sales volume over the holiday shopping season.
34% of merchants plan to do something differently in their BFCM preparation this year including: adding new products; ramping up marketing efforts, and improving website performance.
Prepare early. 81% of stores plan ahead for BFCM, with 17% starting three months or more in advance. Here’s the breakdown:
>>> 26%: 1 to 4 weeks ahead
>>> 27%: 1 to 3 months ahead
>>> 13%: 3 to 6 months ahead
>>> 4%: 6+ months ahead
Marketing also starts early. Survey respondents recommended sending out your first BFCM communications at least 20 days in advance
26% of stores plan to increase inventory leading up to the holiday season. Respondents identified replenishing out-of-stock products, and keeping the most popular ones in stock, along with supplies for shipping, as a challenge.
Other product initiatives include:
>>> Expanding product lines to introduce new SKUs or categories.
>>> Introducing gift cards.
>>> Testing specific offers and discounts.
>>> Offering product bundles, like bundled holiday boxes
Is your site ready for the surge?
Nearly 37% of merchants are focusing on improving their site performance, and 9.5% plan to upgrade their hosting to handle increased traffic. Critical areas for optimization include load capacity, site speed, and ensuring a seamless checkout experience. Last year, only 22% of stores offered express checkout options for Black Friday and Cyber Monday.
Among WooCommerce’s Partner Agencies, 86% are preparing their clients’ stores by optimizing site speed, followed by adding payment methods and customizing checkout processes.
Stay Ahead of the Competition
As the holiday shopping season approaches, it’s crucial for retailers to ensure their stores are fully prepared to meet increased consumer demand. By adopting best practices and learning from the strategies outlined in the survey, online retailers can remain competitive, meet customer expectations, and maximize their success during this critical period. Don’t get left behind, so start optimising now!