Black Friday Cyber Monday BFCM
Retail shopping returned to somewhat regular operations last year as consumers emerged from COVID-19 lockdowns, causing some eCommerce businesses to experience a slowdown in sales throughout 2022.
Brands are getting pinched by rising supplier prices and consumers are pulling back on purchases, in light of inflation.
To help you decide, here are some data-powered shopping forecasts and holiday insights from Shopify and Salesforce to see how you can best capitalize on the biggest shopping event of the year.
Increasing prices will mean fewer orders.
As a result of rising prices, consumers will place 7% fewer orders compared to the 2021 holiday season.
HOC TIP
Focus on delivering the right message at the right time at the right price through personalized shopping journeys to help earn wallet share.
Profitability will be top of mind for brands and retailers this November and December as rising supplier, labor, and transportation costs cut into the bottom line.
HOC TIP Profit margins will tighten.
Profitability will be top of mind for brands and retailers this November and December as rising supplier, labor, and transportation costs cut into the bottom line.
Rising prices will spur more sales before Cyber Week.
After 18 months of inflationary pressure, consumers are feeling the pinch. Research shows that 42% of holiday shoppers will start early due to rising prices.
HOC TIP
Always be ready to meet your customers whenever and wherever they shop. Plan your holiday promos early.
Sustainability is winning over consumers as 60% say they will seek out sustainable products and shipping options this holiday season.
HOC TIP Overall...
The digital surge over the last two years isn’t going anywhere. Salesforce forecasted that $1.12T will be spent globally this holiday season.
With a Black Friday and Cyber Monday rush on the horizon, now is the time to set yourself up for success.
