Top 10 Retail Statistics for Black Friday and Cyber Monday
Every retailer considers Black Friday and Cyber Monday (BFCM) statistics in their planning process, statistics that include internal sales figures but also wider trend data.
BFCM are the biggest shopping events of the year, driving massive sales and making or breaking annual targets. These two days are highly pressured and crucial for retailers, as they see spikes in both traffic, revenue and workload.
Here are the top retail statistical trends for Black Friday and Cyber Monday that brands will need to consider in their strategic planning, we hope they help make your BFCM the best ever and stress free.
Record-Breaking Online Sales
- Adobe expects U.S. online sales to hit $240.8 billion this holiday shopping season (Nov. 1 to Dec. 31), representing 8.4% growth year-over-year (YoY)
- Cyber Week (the 5-day period including Thanksgiving, Black Friday and Cyber Monday) is expected to drive $40.6 billion in online spend, up 7.0% YoY and representing 16.9% of the overall holiday season.
- Adobe expects Cyber Monday will remain the season’s and year’s biggest shopping day, driving a record $13.2 billion in spend, up 6.1% YoY. Black Friday ($10.8 billion, up 9.9% YoY) and Thanksgiving Day ($6.1 billion, up 8.7% YoY) are both expected to outpace Cyber Monday in growth YoY, as consumers embrace earlier deals promoted.
Why It Matters: The upward trend in online sales emphasizes the need for a strong ecommerce presence and optimized online experiences during BFCM.
Discount Expectations
- The greatest discounts are expected to hit during Cyber Week, the best time to shop for bargain hunters. And across several categories, the best deals are set to happen before the big Cyber Monday event.
- Similar to last year, consumers will see deals beginning in mid-October with the Prime Day event expected to drive discounting across major U.S. retailers, up to 16% off listed price.
- Discounts are set to ramp up again beginning Nov. 1 and through Nov. 21, up to 18% off listed price. Even after Cyber Week, discounts are expected to linger through the month of December, up to 15% off listed price.
Why It Matters: Getting discounting right can be the key to a retailers best BFCM performance and help capture new customers during this busy time of the year.
Mobile Shopping Dominates
- Mobile shopping will be very important for the 2024 holiday season, with Adobe Analytics predicting that it will drive 53% of online sales. This is expected to be a continuation of the trend from 2023, when mobile shopping overtook desktop online purchases for the first time.
- Shopping on mobile devices is expected to hit a new milestone, contributing a record $128.1 billion and growing 12.8% YoY. This would represent a 53.2% share of online spend this season (versus desktop shopping).
- According to eMarketer - Mobile devices drove 59% of online sales on Thanksgiving Day (accounting for $3.3 billion, up 14.0% YoY) and 54% on Black Friday ($5.3 billion, up 10.4% YoY) as more shoppers grow comfortable shopping on the go, according to Adobe Analytics.
Why It Matters: Retailers need to ensure their websites and checkout processes are mobile-friendly to capture mobile shoppers and reduce cart abandonment.
The Rise of "Buy Now, Pay Later" (BNPL) Services
- BNPL options, like Klarna and Afterpay, saw a significant increase in usage during BFCM 2023, with sales through BNPL services up by over 30% compared to the previous year.
- According to Adobe - The payment method is expected to set new records this season, driving $18.5 billion in online spend, up 11.4% YoY. Adobe expects BNPL to hit $9.5 billion during the month of Nov. 2024, making it the largest month on record.
- Cyber Monday is set to be BNPL’s largest day on record at $993 million. BNPL is also predominantly driven by mobile shopping, with its share of spend expected to hit a staggering 74% to 79% (vs. desktop)—74.1% so far this year.
- In Adobe’s survey, 39% of millennials plan to use BNPL services this season, followed by 38% of Gen Z. Most common reasons cited for using BNPL include freeing up cash (per 22% of respondents) and the ability to purchase something they couldn’t afford otherwise (19%).
Why It Matters: Offering flexible payment options can boost conversion rates and appeal to budget-conscious shoppers looking to spread out their payments.
Email Marketing Drives Significant Sales
- Email campaigns accounted for around 20% of Black Friday sales in 2023, showing the power of email marketing during the holiday season. Well-timed promotional emails with discounts and special offers significantly drive traffic and sales.
- Klaviyo has some great advice on how best to build a solid Black Friday and Cyber Monday email Strategy.
Why It Matters: A strong email marketing strategy is essential for maximizing BFCM sales. Use personalized offers and time-limited deals to encourage purchases.
Cart Abandonment Rates Surge
- Despite high traffic, cart abandonment rates peaked at over 70% during Black Friday and Cyber Monday in 2023. Common reasons include unexpected shipping costs, lack of payment options, and lengthy checkout processes.
- Cart abandonment on Shopify Black Friday Cyber Monday sits between 77% and 82% - 7-12% higher than normal.That means for every 10 customers adding items to their basket across Black Friday Cyber Monday, 8 of them will leave before checking out.
- What causes cart abandonment - According to research by the Baymard Institute, these are the most common reasons for customers abandoning their cart:
- 48% - Extra costs too high (shipping, tax, fees)
- 24% - The site wanted me to create an account
- 22% - Delivery was too slow
- 18% - I didn’t trust the site with my credit card information
- 17% - Too long/complicated checkout process
- 16% - I couldn’t see/calculate total order cost up-front
- 13% - Website had errors/crashed
- 12% - Returns policy wasn’t satisfactory
- 9% - There weren’t enough payment methods
- 4% - The credit card was declined
Why It Matters: To reduce cart abandonment, retailers should optimize the checkout experience, offer multiple payment methods, and clearly display shipping costs upfront.
Free Shipping as a Top Incentive
- Free shipping was a deciding factor for nearly 75% of online shoppers during BFCM 2023. Many customers expect free delivery when shopping online, especially during major sales events.
- Nearly three-fifths of all online shopping cart abandonments are down to shipping-related issues.
- So, if you want to increase sales during CMBF, shipping policy should be a major consideration.
- Ignore shipping at your peril as - 62% of consumers won’t buy from retailers that don’t provide a free shipping option.
- But it’s not all doom and gloom, because 47% of shoppers are happy to meet a minimum spending limit to qualify for free shipping. This means you can use free shipping to drive upsells and cross-sells.
Why It Matters: Offering free shipping, either sitewide or on orders above a certain value, can increase conversion rates and average order values.
Social Media, Paid Search and Influencers
- Social media platforms like Instagram and TikTok significantly impacted BFCM shopping trends, with around 40% of shoppers saying they discovered deals through social channels in 2023.
- Data shows that paid search was the main driver of e-commerce sales in all of 2023, accounting for 30% of all online sales. Therefore, its anticipated that paid search will play an important role in 2024 BFCM sales.
- This is positive, as customers who come to a website through paid search tend to have high intent, having specifically searched the product or brand. However, this also means that acquisition costs could skyrocket during the BFCM 2024.
Influencer's Growing Power
- Social Influencers Driving Consumers to Shop - Across major marketing channels, paid search has remained the top driver of retail sales (28% share of online revenue from Jan. 1 to Sept. 3, 2024) and is expected to grow by 1% to 3% during the holiday season. The fastest growth is set to come from affiliates and partners (17.2% share)—which includes social media influencers—at 7% to 10%. This channel is also expected to outpace retailer traffic from social media overall (nearly 5% share), where growth is at 4% to 7%. In 2024, Adobe’s data showed that influencers are converting shoppers (individuals making a purchase after seeing influencer content) 10 times more than social media overall. This is expected to hold strong during the holiday season. In Adobe’s survey, 37% of GenZ respondents have purchased something based on an influencer’s recommendation.
Why It Matters: Leveraging social media advertising and influencer partnerships can help retailers reach a wider audience and attract impulse buyers.
Significant Sales Come from Returning Customers
- Around 60% of BFCM sales in 2023 came from returning customers. This shows the importance of customer loyalty and retention strategies, such as loyalty programs and personalized offers.
- Why It Matters: Focus on nurturing existing customers with exclusive discounts and early access to sales to boost repeat purchases.
Why It Matters: Returning customers are crucial during BFCM because they spend more, convert at higher rates, and cost less to reach, helping retailers boost revenue while providing insights for targeted promotions and future loyalty.
Gift Cards Are Popular Purchases
- Gift cards are increasingly popular gifts because they are easy to redeem and offer consumers unmatched flexibility. Shoppers love to give them, knowing the recipient can pick exactly what they want. Studies show that people even prefer receiving gift cards over other gifts, making them ideal for BFCM and holiday season sales!
- Gift cards saw a 20% increase in sales during BFCM 2023, as more people opt for flexible gift options. They are a popular choice for last-minute shoppers and those uncertain about what to buy.
- The statistic below shows the value of the global gift cards market from 2017 to 2025. The global gift card market is forecast to reach a value of 510 billion U.S. dollars by 2025.
Why It Matters: Promoting gift cards as a gift option can help retailers increase revenue, even if customers aren’t sure what specific products they want.
Average Order Value (AOV) Increases During BFCM
- The average order value during Black Friday and Cyber Monday 2023 was about 15% higher compared to the rest of the year. Shoppers are more willing to spend on big-ticket items or make larger purchases when they perceive they’re getting a good deal.
- Consumers are expected to spend an average of $567 during BFCM 2024, which is a 13% increase from 2023.
- Mobile devices are expected to account for nearly 80% of traffic during BFCM 2024. 81% of consumers plan to use mobile shopping apps during BFCM, compared to only 68% in the past two years
- According to Tapcart, 81% of consumers plan to use mobile shopping apps during BFCM, compared to only 68% in the past two years. Meanwhile, shopping via desktop is on the decline with only 50% of respondents planning to use them (down 7% from 2023)With consumers increasingly relying on their smartphones for shopping, brands need to prioritize mobile optimization.
Why It Matters: Retailers can maximize AOV by bundling products, offering tiered discounts (e.g., "Spend $100, get 20% off"), and promoting add-ons.
Impact of Generative AI on Black Friday and Cyber Monday
- Generative AI is transforming the BFCM shopping experience, bringing a range of innovations for both consumers and retailers. In 2024, retail sites have seen a remarkable rise in traffic from generative AI-powered chatbots, with traffic doubling and direct referrals increasing eightfold compared to 2023. These tools provide shoppers with customized assistance, helping them quickly find items, compare prices, and make better buying decisions, enhancing their shopping journey
- Adobe’s recent survey reveals that 70% of consumers who have used AI tools find that it improves their shopping experience, and 40% plan to use it specifically for the holidays. Many turn to AI to discover the best deals (20%), locate specific items (19%), and receive personalized brand recommendations (15%)
- For retailers, AI can automate personalized product recommendations, assist with customer support, help analyze customer feedback and manage inventory more effectively during high-traffic periods like BFCM. By leveraging AI, businesses can better meet the demand surge, reduce cart abandonment rates, and tailor marketing efforts, ultimately creating a smoother, more engaging holiday shopping experience.
Why It Matters: Generative AI during BFCM boosts efficiency and sales by offering real-time, personalized support, understand customer insights at scale and help retailers convert traffic into sales and improve customer satisfaction. AI-driven experiences help increase holiday revenue and also builds a foundation for customer loyalty and growth.
Key Takeaways for Retailers
Black Friday and Cyber Monday represent critical opportunities for online retailers. By understanding these key statistics, you can better prepare and capitalize on the shopping frenzy. Here are some actionable strategies:
- Optimize Mobile Experience: Ensure your site is mobile-friendly with a seamless checkout.
- Leverage Email and Social Media Marketing: Use targeted campaigns to drive traffic and conversions.
- Offer Incentives: Free shipping, flexible payment options, and discount incentives can significantly boost sales.
- Reduce Cart Abandonment: Make checkout easy, show shipping costs upfront, and offer multiple payment options.
- Focus on Retention: Use this period to strengthen relationships with existing customers, gather insights through survey data and encourage repeat purchases.
- AI Driven Growth: Generative AI boosts sales by helping retailers analyze customer insights at scale, provide real-time, personalized support and turn traffic into conversions while enhancing customer satisfaction.
By strategically planning your Black Friday and Cyber Monday campaigns, you can hit those sales targets, attract new customers, and set the stage for continued growth beyond the holiday season.
UserLoop
To make the most of these insights and truly understand your customers this BFCM season, try UserLoop. With powerful customer feedback surveys, UserLoop helps you gather actionable insights at every point of the customer journey—from checkout to delivery and beyond. Discover what drives your customers and make data-driven decisions to boost revenue and loyalty.
Download UserLoop on the Shopify App Store today and get started with smarter survey solutions for the holiday season and beyond!
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