More profits for e-commerce on Cyber Monday?
In 2022, online sales during Cyber Monday were as much as about 250 percent higher compared to in-store shopping. During Black FriAccording to the ,,2024 Holiday Shopping Trends’ report prepared by Adobe, this year the predicted spending during Cyber Monday will significantly exceed the purchases made by consumers during Black Friday. The trend of greater interest in Monday shopping was already noticeable in the market last year and seems to be gaining momentum. Does Cyber Monday bring more online conversions than Black Friday? How do you use Cyber Monday to increase e-commerce sales?
From this article you will learn:
- what is Cyber Monday and when does it fall?
- Black Friday and Cyber Monday - predictions for 2024
- Why is Cyber Monday growing in popularity?
- how to use Cyber Monday effectively in e-commerce
Cyber Monday - when does it fall?
AcIn 2024, Cyber Monday falls on 2 December. It is the virtual equivalent of Black Friday - a day of great sales and promotions offered by online shops. Cyber Monday focuses on encouraging consumers to shop online, offering attractive discounts, rebates and special offers only available online.
Cyber Monday has become a celebration of shopping and huge sales for sure!. If your stationary store also has a website, don't forget to include promotions on Cyber Monday as well.As the numbers show, The idea of Cyber Monday is relatively recent - in 2005. The term was first used by the US trade organisation National Retail Federation (NRF). Initially, Cyber Monday was intended to attract customers who, for various reasons, could not participate in Black Friday. In 2005, online shopping was still a novelty and access to the internet in homes was still limited - not everyone could afford it, so some people only used the internet at work. Cyber Monday therefore became a chance to shop conveniently without having to leave the house. It is now one of the biggest shopping events of the year, alongside Black Friday, and shops are investing heavily in advertising and preparing systems to meet the growing demand.
Black Week and Cyber Monday in numbers
Black Week and Cyber Monday, although initially focused mainly on English-speaking markets, are now hugely significant worldwide, including in Poland. Both events attract hundreds of millions of customers to online and stationary shops, generating billions in revenue. What trends will be at the forefront of the big sales festivities in 2024? Here is an overview of some key figures:
Cyber Monday better than Black Friday
According to statistics from the National Retail Federation, the world's largest retail association, last year customers preferred to shop online on both Black Friday and Cyber Monday. On Black Friday, 19 per cent more shoppers chose to shop online instead of in-store, while as many as 250 per cent more shoppers shopped online on Cyber Monday.
According to the ,,2024 Holiday Shopping Trends ‘ report prepared by Adobe, this year the predicted spending during Cyber Monday will significantly exceed the purchases made by customers during Black Friday. The trend of greater interest in Monday shopping was already noticeable in the market last year and seems to be gaining momentum.
Customers shop on mobile devices
Remarkably, spending on mobile devices has already overtaken the share of desktop users during the big sell-out festivities in 2023. Forecasts for the 2024 season are even more promising. According to Adobe, the share of revenue from mobile devices this year will reach a record 53.2 per cent of all online purchases made, amounting to $128 billion. Online shops should pay particular attention to the mobile versions of their websites and apps. The shopping path for mobile users was as simple and intuitive as for those on desktop.
Buy now, pay later
In the context of sales and increased shopping, the method of payment remains an important issue. The ‘buy now, pay later’ (BNPL) service has seen steady growth in 2024, which is expected to continue through the festive period. Adobe forecasts that spending on BNPL will peak just on Cyber Monday. The ‘deferred payment’ service is forecast to reach a new record of $993 million in a single day this year.
Why is Cyber Monday gaining popularity?
Salesforce research shows that consumers are very keen to enjoy the convenience of online shopping during Cyber Monday. In fact, 72% of shoppers prefer to shop online, while only 31% prefer to go to a shop on Black Friday. According to research by Statista, mobile shopping in Europe will account for around 47% of all online sales in 2023 - a figure that is growing steadily. The reasons for this trend seem obvious: convenience, lack of queues in shops and better promotional offers online are the three main reasons why consumers choose to shop online.
High competition in the virtual space requires Polish brands to be increasingly flexible and creative in their communication. To maximise sales, brands no longer rely solely on Black Friday promotions. Examples of Black Week and even month-long promotions are increasingly common. Cyber Monday, which is gaining in popularity, seems to be an opportunity to close sales and maximise turnover. It's a great way to meet sales targets, as well as get rid of surplus stock that didn't sell in the first few days of the sale. A CRM will assist in the dynamic management of product offerings. For marketers to quickly update information about promotions, a friendly CMS will be an invaluable help. Here, a great solution will be, for example, Builder.io, which, thanks to low-code technology, will allow the content on the website to be updated immediately, without involving the development team.
Choose the best option for your e-commerce
It is completely up to you what form of promotion you choose. The marketing narrative for boosting sales in your store is absolutely optional. However, it's worth remembering a few rules that increase conversions on your site.
- Look for the answer in the numbers - if you don't know whether to bet on Black Friday or Cyber Monday check the archived data. Statistics from previous years will accurately show sales peaks, not only showing on which days you recorded the most sales, but also which product categories sold best. Based on proven data, you can adjust both the manner and frequency of your marketing content.
- Test new solutions - repeat what worked that year and test new ones. If you did a Black Friday-only promotion that year, this year prepare communications for Cyber Monday. You don't need to allocate huge advertising budgets for testing, the important thing is that you test new solutions. You can, for example, set up a discount for products that didn't sell during the weekend, and for whatever reason you're anxious to get them out of stock. Remember that you are the person who creates the need!
- Focus on trusted products - check your best sellers and make sure they are available to the customer in your store. You can create additional sets, or special kits. . Make sure to stock up on your favorite products in your warehouse to speed up shipping.
- Ensure the quality of shopping on your site. Imagine the situation: you have perfected every detail of your advertising campaign and taken care of the availability of goods on the site. At the time of increased traffic on the site, the server crashes - completely unprepared for such high traffic. Unfortunately, despite the high awareness of owners internet stores, server overloads still happen very often. We wrote about that in 5 thing you need to do in your store before Black Friday The consequences of such a mishap are long-term: not only do you lose profit during Black Week, very often your e-commerce site loses its reputation in the eyes of the customer. That kind of user may never come back to your site again
Bottom line: which is more profitable for your shop? Black Friday or Cyber Monday promotions? You can find the answer in the statistics. One thing is certain, however: don't underestimate the power of Cyber Monday. The statistics clearly show that Cyber Monday is an excellent opportunity to increase sales, especially online! If you want your shop to be ready to serve your customers perfectly, not only during the big sales period, write to us! Benefit from the experience of our experts and secure your business.