2024 Black Friday Insights From Woocommerce : Survey Results and Trends

The Most Exciting and Stressful Shopping Season is Approaching: How WooCommerce Merchants are Preparing for Black Friday Cyber Monday

The most exciting—and possibly the most stressful—shopping season of the year is just around the corner. WooCommerce merchants are gearing up for the highly anticipated Black Friday Cyber Monday (BFCM) and the whirlwind of the holiday selling season. This period is crucial for online stores, and the stakes have never been higher.

In July 2024, a comprehensive survey was conducted to understand the strategies, challenges, and expectations for the upcoming peak sales period among merchants, developers, and agencies. The findings offer a glimpse into how businesses are planning to capitalize on the season and what new tactics they intend to implement.

BFCM: A Revenue Powerhouse

As evidenced by our holiday season bank statements, Black Friday Cyber Monday is a significant revenue driver for ecommerce businesses. In 2023 alone, BFCM generated a staggering $9.8 billion, and this year is expected to surpass that figure.

A notable 66% of stores surveyed reported experiencing a lift in sales volume over the holiday shopping season. It’s clear that the holiday season is a make-or-break period for many businesses. Nearly half (46%) of merchants indicated that up to 30% of their annual sales volume comes from BFCM and the holiday season. For 18% of stores, that number is between 30% and 50%, and 8% of stores said BFCM contributes more than half of their yearly revenue.

These statistics underscore the importance of thorough preparation and strategic planning. WooCommerce stores must be ready to seize the opportunities that BFCM presents.

New Strategies and Adjustments

This year, 34% of merchants are planning to do something different for BFCM. They are thinking outside the box and plan to:

• Add new products (26%)
• Ramp up marketing efforts (24.6%)
• Upgrade website performance (16.4%)

  These strategies aim to offer better shopping experiences, attract new customers, and anticipate the holiday sales surge. One clear trend from the survey comments is that stores are starting their BFCM prep earlier.

  Timing is Everything
  

  Timing is crucial when it comes to BFCM preparation. WooCommerce stores are divided in their approach. Stores with higher sales volumes tend to plan earlier, while others take less time to prepare. About 26% of respondents begin prepping one to four weeks ahead, while 27% start one to three months in advance. There are also super-planners—13% of stores begin prepping three to six months ahead, with another 4% starting over six months in advance.

  Inventory and Website Performance
  

  Just over half of the stores are planning to increase their inventory before the holiday madness begins. They are ensuring they have plenty of stock on hand and all the necessary shipping materials. As one user put it, “The most important thing for us is replenishing the out-of-stock products. That’s our biggest challenge.” Another echoed this sentiment, saying, “We begin to bulk up inventory over the summer. We order shipping supplies in the third quarter.”

  Aside from topping up inventory, 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.
  

  Enhancing Website Performance
  

  Website performance is another critical focus. Nearly 37% of stores are working to improve their site performance, with 9.5% of stores planning a hosting upgrade. Load testing, speed testing, and database optimization are all on the list to ensure their sites can handle the holiday rush.

  Other smart strategies include hiring extra help, updating refund policies, and adding more payment options to keep things smooth for customers.

  Marketing Strategies
  

  When it comes to running a 2024 BFCM sale, 44% of stores are all in. However, 30% of stores were still undecided about their BFCM plans halfway through the year. This indicates that some stores will be making quick decisions as the season approaches, and flexibility in approach will be essential.

  Almost half (48%) of stores plan to offer shipping discounts, but only 11% will provide a special refund or return window for the holidays.

  On the marketing front, email marketing remains the MVP for reaching customers during BFCM, with 29% of merchants rating it as their most effective tool. Organic social media follows closely at 25%, and other channels like paid social, search ads, and influencer marketing are also in the mix.

  Many stores plan to expand their marketing efforts from last year, focusing on paid ads, retargeting, and updating their abandoned cart flows. Influencer, affiliate, and user-generated content are also gaining more attention this year.

  Multichannel Strategies
  

  Multichannel strategies are on the rise this year, with 67% of merchants operating across multiple channels, including physical stores and online marketplaces like Amazon, Etsy, and eBay. This approach helps them reach a broader audience and maximize the holiday season’s potential.

  Conclusion
  

  As we gear up for the busiest shopping season of the year, the message from our survey is clear: WooCommerce merchants are ready to tackle BFCM by refining their strategies, investing in inventory and website performance, and leveraging key marketing channels.

  For a more in-depth look at the holiday shopping season, check out our complete report: Black Friday Statistics and Trends for 2024.

  And don’t forget to treat yourself this holiday season too. What are you buying this BFCM? I’m in the market for new golf clubs, and I have some great sauna recommendations if you’re interested.

  *Report information is based on survey responses obtained through WooCommerce email and in-product outreach, as well as social and community channels, completed in July 2024.

For more Information, Refer to this article.