2023 is closing in with much anticipation and anxiety settled. It was apparent that Black Friday Cyber Monday 2023 had been expected to be different from the last one. The economic downturn and layoff waves set off a massive shift in how we live and what we prioritize. But how has it been going really?
Every BFCM, we Shopify Partners and enthusiasts follow our merchants and brands everywhere in real-time at Shopify BFCM Live Map. In 2023, we were eager to see if the trends established last year would continue and if predictions made would turn right.
As the dust settles on the frenzied shopping weekend, it’s time to don our review hats and delve into the records, unraveling the tales woven by the numbers and narratives they tell. To fully learn where things are headed, we need to dissect the pivotal moments and what they mean for 2024 and beyond. 🎩
Let’s get into the recap.
Shopping season has never left - not even close
Shopify store owners collectively made an impressive $9.3 billion USD in sales globally between Black Friday and Cyber Monday, a 24% increase from 2022.
This shows consistent and sustainable growth from our beloved Shopify merchants. The worry about supply chain issues and shipping delays has well rested, and early planning combined with well-promoted sales before BFCM helped them thrive.
We each had our own doubt and fear about BFCM 2023, and we tried to rationalize some into analysis and predictions for the event. Even though some elements have changed in new ways, the following have returned to almost normal.
The BFCM trends are settling in
1. Consumers are shopping in a big way
The glorious days of eCommerce have been suspected to pass by us as the digital effects from the global pandemic are now deemed unpredictable. One of the best things born from that thunderstorm is the movement to shop at independent retailers and help local favorites.
Today, we can safely say that consumers are keeping these habits, marking a new chapter in the era of commerce.
During BFCM 2023, more than 61 million consumers globally purchased from independent and direct-to-consumer brands powered by Shopify.
This record shows a 17% year-over-year increase from 2022 of 52 million consumers.
Hourly sales peaked on Black Friday, November 24 at 12 p.m ET, the same as in 2022.
Shopper’s spending climbed from $102.10 per order on average in BFCM 2022 to $108.12 this year, noting a 6% increase.
2. Top performers still reign
Some categories were consistently more popular than others, with Apparel and Accessories, Health and Beauty, and Home and Garden remaining the top 3.
The top-selling US cities are Los Angeles, New York, and London, which remain the same as BFCM 2022.
3. Cross-border is staying put
As the world is becoming more and more united in a digital shopping spree, Shopify served as the nexus for countless businesses spanning the globe. This year's BFCM wasn't merely an international affair; it was a testament to the power of a borderless marketplace where entrepreneurs from diverse cultures and backgrounds found a common stage to showcase their products and captivate an international audience.
During BFCM 2023, 15% of all global orders were cross-border, similar to last year’s record.
As Shopify has been weaving and showcasing a vibrant tapestry of growth that transcends borders and time zones, Shop is surely pushing forward its move in global-by-default.
4. Sustainability has become a standard
Shopify is aware that an average of one kilogram of carbon creates atmospheric emissions when every package is shipped. As a result, the shipping emissions resulting from BFCM are significantly higher than usual.
Leading the charge on corporate responsibility, Shopify removed all carbon emissions from the delivery of every order placed, recording an astounding 56,000 tonnes of carbon emissions offset.
This record is undeniably impressive, although it has stayed the same compared to the 2022 record, and even decreased 6.7% compared to BFCM 2021.
5. New in this BFCM 2023
The highest-converting accelerated checkout Shop Pay made its way into enterprise retailers in 2023 as Shopify opened access to all via the use of Commerce Components. According to Shopify, Shop Pay increases conversion by as much as 50% compared to guest checkout, outshining other checkouts by at least 10%.
With their key advantages in identity network, unmatched scale, consumer trust, and velocity of innovation, in BFCM 2023, Shop Pay records 60% year-over-year increase in sales. This surge not only signals the unwavering trust customers place in the streamlined checkout process but also emphasizes the pivotal role Shop Pay played in driving conversion rates for businesses across the platform.
Within 290,000+ new Shopify stores opened in 2023 according to StoreLeads, 17,500+ made their first sale this BFCM, signifying a new chapter unfolding in the years to come.
Additionally, more than 55,000 merchants experienced an unprecedented surge in success during BFCM 2023, achieving their highest-selling day ever on the platform. This milestone not only underscores the robust performance of these businesses but also amplifies the collective triumph of the Shopify ecosystem, showcasing its ability to empower brands and drive unparalleled growth.
A nerdy moment of truth: At its peak during BFCM, Shopify handled 967K requests per second, equivalent to almost 60 million requests per minute! 🚀
That's a wrap on another incredible BFCM! You got a nerdy preview from @tobi, and we're back with the final stats. Let’s go!🧵👇
— Shopify Engineering (@ShopifyEng) November 28, 2023
We achieved 99.999+% uptime, handling 29.7 PB of data served from across our infrastructure over the entire event! That’s over 5 TB/min. https://t.co/YfqIOR4YQ7
Review BFCM 2023 predictions
With the results are out, it’s time for self-reflection! Let’s turn our gaze back to the predictions that shaped our expectations for this monumental event.
Armed with the hindsight of the event, we embark on a journey to scrutinize and perhaps recalibrate our foresight. This is when we rewind the clock, revisiting the prophecies that set the stage for BFCM 2023 and exploring how the unfolding reality measured up to our marketing crystal ball.
The predictions listed and reviewed below are a humble compilation from multiple credible authors, including Zendbox, Boost Commerce, and FoxEcom.
However, we’ve had a delightful time exploring other perspectives and analyses from fellow professionals at Gorgias, Syte, and Wunderkind. We recommend you check out their wisdom and insights, which complement the narrative we’ve woven here.
Prediction 1: The biggest Black Friday Cyber Monday yet
Although eCommerce in the US alone dipped from $9 billion in 2020 to $8.9 billion in 2021, the landscape bounced back in 2021 and 2022, marking new milestones every time. Therefore, it was projected that this year’s BFCM would be another record-setting year.
BFCM 2023 on Shopify: The event recorded $9.3 billion in sales - the highest ever.
The prediction is correct! ✅
Prediction 2: Cyber Monday outshines Black Friday
With Cyber Monday continuously surpassing Black Friday in 2021 and 2022, we predicted that the technology rise would stay in BFCM 2023. Therefore, we recommend merchants and brands put more effort into Cyber Monday marketing, preferably including website optimization, offering incentives, email marketing, and social media promotion.
BFCM 2023 on Shopify: Black Friday records $4.1 billion in sales, and Cyber Monday generates $5.2 billion.
The prediction is correct! ✅
Prediction 3: Beauty and Health is a top-performing niche
Although Beauty and Health products only ranked 4th place in sales last year, this recent Amazon Prime Day proved otherwise when 3 out of 4 best-selling products belong to this category. As a result, our suggested to-do for merchants is to highlight the uniqueness of your offerings and the striking deals you present and put more emphasis on how your product or service will benefit shoppers’ health and well-being.
BFCM 2023 on Shopify: Hottest product categories: Apparel and Accessories, Health and Beauty, and Home and Garden.
The prediction is correct! ✅
Prediction 4: Consumers expect big discounts
Our predictive lenses, honed by the insights of BFCM 2022, foresaw a consumer landscape where the siren call of substantial discounts would reign supreme. The major advice we gave to entrepreneurs was to embrace substantial discounts with urgency. Did the majority of shoppers indeed gravitate toward the allure of large discounts, or did the dynamics of consumer behavior unveil surprises that challenge our initial assumptions?
BFCM 2023 on Shopify: According to Fondue, 35-50% was the most common BFCM discount offer, with 93% of brands displaying on-site discounts.
The prediction is correct! ✅
That’s a wrap!
In the grand finale of Shopify's Black Friday Cyber Monday 2023, the resounding success and record-breaking achievements paint a picture of triumph in the ever-evolving landscape of eCommerce.
As we bid farewell to the whirlwind of this extraordinary weekend, the records stand as a testament to the collective resilience and adaptability of the Shopify community. Beyond the metrics, BFCM 2023 echoes a narrative of growth, collaboration, and the limitless possibilities that lie ahead for businesses that call Shopify home.
Thank you to independent businesses and Shopify enthusiasts everywhere. You’ve worked hard. ❤️
