As spring is just beginning for consumers, ecommerce and retail marketers are already gearing up for the holiday season. With the success of 2023’s Black Friday/Cyber Monday (BFCM) period, marketers are looking ahead to 2024 and strategizing on how to maximize their success during this crucial shopping season.
One important aspect to consider is cart abandonment behavior. During the holiday season, consumers are in a stage of consideration, browsing and researching competitors before making a purchase. This leads to a spike in cart abandonment. To retarget these potential customers, it is crucial to identify them with their contact information. In 2024, marketers should optimize their holiday strategy to reach and nurture consumers through owned channels, such as email and text messages. Utilizing abandonment modules and triggered texts and emails can play a critical role in bringing consumers back to the website for purchase.
Some key statistics to keep in mind regarding cart abandonment include a 20-30% lift in marketing opt-in rates ahead of BFCM. Additionally, 19% of shoppers abandoned their carts to find a better deal elsewhere, while 14.9% abandoned their carts to see if a product would go on sale.
Another important tactic is optimizing for mobile, followed by desktop and tablet. Mobile has consistently accounted for more revenue during BFCM in recent years. However, desktop browsing should not be overlooked, as many consumers still prefer making purchases on their computers. In Cyber Week 2023, 76.6% of website visits were on mobile, with 66% of conversions happening on mobile. On the other hand, 23.4% of website visits were on desktop, and 34% of conversions took place on desktop.
Timing is also crucial for maximizing BFCM success. It is recommended to have most of the sales happen earlier in the week, as deals typically do not improve as the week progresses and consumer purchasing declines in the later days. Creating urgency around day-over-day deals and shipping deadlines can help pull BFCM revenue forward. Data shows surges in consumer activity around midnight each day of BFCM week, as consumers worry about expiring deals. However, it is important to also cater to last-minute shoppers who enjoy the adrenaline rush of waiting until the very end to make a purchase. Having messaging ready to tap into this mindset, using urgency as a motivator, can be effective. Reminders about closing deals toward the end of BFCM weekend can also help drive last-minute sales.
To further enhance your BFCM strategy, consider downloading a best practice guide for BFCM. This guide can provide additional tips and tactics to ensure you are fully equipped to win this holiday season.
In conclusion, by being cognizant of cart abandonment behavior, optimizing for mobile, desktop, and tablet, and carefully timing your sales, you can maximize your success during Black Friday and Cyber Monday in 2024. Start planning now to ensure you are in prime position when the holiday season arrives.
