As the year comes to an end, it's that time again - BFCM is on the horizon. If you're an eCommerce business owner, you're likely well aware of the significance of this annual shopping extravaganza. Black Friday, along with Cyber Monday, is a golden opportunity to boost sales, increase brand visibility, and cement your position in the ever-competitive eCommerce landscape.
In the world of eCommerce, staying ahead of the curve is essential. Shoppers are savvier than ever, and the digital marketplace continues to evolve. To succeed during the BFCM 2023 season, you need to not only anticipate the trends but also adapt your strategies to meet the changing demands of your audience.
In this blog post, we will give you expert predictions about 2023 Black Friday trends backed by extensive research and industry knowledge. We'll also equip you with actionable tips and strategies to help you capitalize on these trends and maximize your Black Friday sales.
Let’s delve into our crystal ball!
Trend 1: Cyber Monday Outshines Black Friday
In recent years, Cyber Monday has emerged as the most powerful shopping event in eCommerce, overshadowing even the traditionally dominant Black Friday.
Look back: Cyber Monday's rise
In 2021, Black Friday reigned supreme, with sales soaring to an impressive $8.9 billion, but Cyber Monday quickly caught up and surpassed Black Friday with $10.7 billion in revenue. In the following year, 2022, the trend continued to evolve. Consumers unleashed their spending power, splurging a remarkable $11.3 billion Cyber Monday. This marked a 5.8% increase from the previous year and a 25% surge from the record-breaking revenue of Black Friday.
2023 BFCM trend prediction: The unstoppable rise of Cyber Monday
The momentum gained by Cyber Monday shows no signs of slowing down. The reason for this continuing trend lies in the timeline and consumers' behaviors.
While Black Friday typically involves a rush of sales over a single day or weekend, Cyber Monday extends the shopping period. Today 72% of consumers say they’re being more thoughtful about what they spend their money on, this extended time frame allows consumers more flexibility to research products, compare prices, and make considered purchasing decisions.
Next steps: Put more effort into Cyber Monday marketing
For businesses, the message is clear: Cyber Monday is a retail force to be reckoned with. You should maintain a robust marketing strategy for Cyber Monday, just as you would for Black Friday. This includes website optimization, offering incentives, email marketing, and social media promotion.
Pro tip: This top 9 marketing strategies will make your BFCM the best sale campaigns of the year.
Besides, ensure that your marketing efforts highlight the unique benefits of Cyber Monday, such as convenience and online-exclusive deals on your website and in your marketing materials to encourage immediate action from shoppers.
Trend 2: Electronics, Toys, and Beauty and Health are top-performing niches
In the dynamic world of Black Friday and Cyber Monday (BFCM) sales, certain product niches consistently shine as top performers. Catching up with customers’ demands can bring success to your business.
Look back: Hot products of BFCM 2022
In BFCM 2022, the top 3 categories purchased were the same across both Black Friday and Cyber Monday, which are Electronics, Clothing, and Toys. These categories dominated consumer interest and sales, reflecting a strong demand for cutting-edge gadgets and engaging playthings.
2023 BFCM trend prediction: Niches on the rise
After conducting research on market and customer demands, we come up with some trending products for BFCM 2023
- Electronics: The realm of electronics, particularly smartphones, is set to continue its reign. Among the top rising topics related to Black Friday on Google Trends in the previous 90 days, there are 2 topics about smartphones, which are Apple iPhone 14 Pro and Apple iPhone 14. This indicates an increasing interest in tech gadgets in BFCM.
- Toys: Google Trends also points to continued interest in toys, especially video game consoles, with "PlayStation 5" and "Microsoft Xbox Series" as rising topics in the previous 90 days. The gaming industry's appeal remains strong, making these products likely top sellers in 2023.
- Beauty and Health products: Last year, Beauty and Personal Care products just ranked 4th place in sales, but in BFCM 2023, it may witness a rise. This niche is not only listed as the top growing niche but its sales performance is also proven in the latest Amazon Prime Day when 3 out of 4 best-selling products during this event are beauty and personal health care products.
Next steps: Leverage marketing strategies with trending insights
To capitalize on these trends and optimize your Shopify store for the 2023 BFCM season, here are some strategic tips for you:
If you're in these niches
If your business falls within the Electronics, Toys, or Beauty product categories, your primary focus should be on marketing your products effectively. Ensure your marketing strategy highlights the uniqueness of your offerings and the unbeatable deals you're offering during BFCM. Here are some strategies that will help you attract more customers and generate more sales.
If you don't sell these products
Even if your business doesn't align with these product categories, you can still take advantage of the insights from these trends.
Why do customers prefer buying electrics and toys on BFCM days? A survey pointed out that the top reason for this buying behavior is finding gifts for other people, which are among the top gifting items.
Besides, toys and gaming consoles provide entertainment and recreation, which are especially appealing during leisure time and holidays. As people seek ways to relax and have fun, they turn to toys and gaming as a source of enjoyment, individually or with friends and family.
It can be concluded that your customers are in high demand for buying gifts and finding recreation during holiday time. Thus, you can promote your products and services as a special gift or a source of entertainment for family and friends to attract customers.
The reason behind the increasing sales of beauty and healthcare products is a growing emphasis on self-care and wellness in recent years. Customers are becoming more conscious of how a product or service will impact their health and well-being before making a purchase. Hence, you can integrate this insight into your products and marketing strategies to promote them as health-friendly or health-beneficial products.
Trend 3: Customers Rely More On Credit Payment Options
In recent years, how customers pay for their holiday purchases has undergone a significant transformation. Credit options are gradually eclipsed traditional payment methods, providing shoppers with more flexibility and financial maneuverability.
Look back: A shift to credit payment options
In 2022, there was a notable shift in the way shoppers paid their shopping bills during the holiday season. More than ever, customers turned to credit payment options to stretch their holiday budgets. Two primary forms of credit payment gained prominence were credit cards and buy now, pay later (BNPL) services. 48% of shoppers chose to pay with credit cards, while 37% opted for BNPL solutions to finance their purchases.
The driving force behind this shift is the burst of inflation, impacting the cost of living. With rising prices, consumers are more likely to lean on credit cards to expand their holiday shopping budget.
2023 BFCM trend prediction: Increasing credit payments
As inflation is still an ongoing issue, the trend of relying on credit payment options is expected to persist and possibly intensify. Data from Landing Tree reveals that credit card usage has steadily increased throughout the year, reflecting a growing reliance on this payment method.
Furthermore, the "Buy Now, Pay Later" (BNPL) method is also expected to witness a rise in usage during BFCM season, as recently, on Amazon Prime Day, one of the biggest sale events of eCommerce, shoppers demonstrated a 20% increase in BNPL usage compared to the previous year. This signals a growing comfort among consumers in using BNPL options for their shopping needs.
Next steps: Facilitating seamless credit payments for customers
For Shopify businesses, adapting to this evolving payment landscape is crucial. Here are a couple of key steps to consider:
Activate credit card payment
You should ensure that your online store offers credit card payment options to accommodate customers' preferences.
As a Shopify merchant, to accept credit card payments, first, you need a payment gateway which is a piece of software specifically designed to handle payments over the internet. Shopify offers you a top-notch payment gateway called Shopify Payments to integrate with a credit card payment provider.
If you don’t know how to activate a credit card payment provider, Shopify has detailed guidance for you. However, one limitation of Shopify Payments is that it is only available to stores in certain countries and regions. So you should check the availability of this service in this list before setup.
If your store isn’t eligible for this native solution of Shopify, you can consider using other Payment apps on the Shopify App Store. This list of Payment apps with in-depth reviews will help you choose the best app for your store.
Install BNPL apps
To enable customers to use the buy now, pay later (BNPL) option, consider integrating Shop Pay Installment by Shopify. This native app allows customers to split their purchases into manageable payments, making it an attractive choice for budget-conscious shoppers.
You can find and install Shop Pay Installment from the Shopify App Store with this guideline. This integration can enhance the shopping experience on your eCommerce platform by providing flexibility in payment choices.
This app is currently the top 1 BNPL app for Shopify. However, to use this app, your store needs to be based in the United States, sell in USD, and have both Shopify Payments and Shop Pay activated. Thus, if you want to look for an alternative, refer to this review on other BNPL apps.
Trend 4: Mobile Devices Are Playing A Bigger Role In Sales
In an age where technology and convenience intersect seamlessly, mobile devices have become a driving force in the realm of eCommerce.
Look back: The impact of mobile on BFCM 2022 sales
The significance of mobile devices in driving eCommerce sales during BFCM 2022 cannot be overstated. Mobile was one of the biggest sources of sales traffic during BFCM 2022 when 76% of traffic came from mobile devices, contributing to nearly 45% of total revenue.
2023 BFCM trend prediction: The mobile-first era continues
As we look ahead to the 2023 Black Friday trends, the influence of mobile devices is expected to amplify even further. According to Statista's Market Insights, mobile eCommerce, or M-commerce, has experienced steady growth and now constitutes 60% of all online sales worldwide. This surge in M-commerce suggests that more consumers will make BFCM purchases on mobile devices this year.
Next steps: Prioritizing mobile optimization
To stay ahead of the curve and cater to the growing mobile-centric consumer base, consider these actionable next steps:
Optimize mobile responsiveness
You must ensure that your Shopify store is fully optimized for mobile devices to avoid irritating mobile-using customers. This includes responsive design, fast-loading pages, and a user-friendly interface tailored to smaller screens. A seamless mobile experience can significantly enhance customer satisfaction and conversion rates.
Pro Tips: You can learn to boost your mobile optimization in this ultimate guideline. Using this guideline with helpful tools with mobile-first features like the Zest theme, or Foxify app, you can design a perfectly responsive website without any code or design knowledge.
Implement mobile marketing strategies
Not only your website but you also need to tailor your marketing strategies to target mobile users specifically. Some effective strategies to attract mobile users are SMS or text messages, Email marketing, and Paid social media ads. You can explore more mobile marketing strategies in this article.
However, whatever strategies you choose, you should remember to Implement mobile-friendly formats, for example, vertical video ads and mobile-layout email, to engage with your audience effectively.
Trend 5: Customers expect big discounts
Discounts have always been a cornerstone of BFCM shopping, but customers' expectations have grown bigger over the years.
Look back: The preference for significant discounts
In previous years, a significant shift was observed in how shoppers approached discounts. The data from BFCM 2022 revealed that most shoppers (64%) preferred larger, limited-time discounts over smaller, long-term deals. This preference reflects the excitement and urgency that surrounds BFCM shopping.
2023 BFCM trend prediction: The desire for big discounts
As we have discussed in the previous section, BFCM shoppers are increasingly patient and discerning when it comes to making purchases. They eagerly await these sales events and expect substantial discounts that truly reflect the spirit of BFCM. Thus, a modest 5% or 10% off may no longer suffice to capture their attention.
Staying on the curve, UpPromote, FoxEcom and other partners have offered big discounts for customers. They provide up to 40% discount for top-rated Shopify apps and themes to create incredible stores and win BFCM sales. Explore the great deals here.
Next Steps: Offer big discounts in urgent time
To meet the high expectations of holiday shoppers, businesses should consider the following tactics:
Embrace substantial discounts
When planning your BFCM promotions, focus on offering significant discounts that truly stand out. Consider discounts of 20%, 30%, or even more to entice shoppers. You don’t need to provide big discounts for the whole store, choose some products with high margins only to avoid hurting your profit.
After selecting the eligible products or collections, effortlessly create appealing bundle discounts in your store using Shopify bundle apps. Our top recommendation is Kaching Bundle Quantity Breaks, a user-friendly app that allows you to showcase enticing custom bundle deals directly on your product page, such as "2 for €60" instead of €80.
This app enables you to match colors and styling with your store's aesthetics. Whether you prefer percentage discounts, dollar amounts, or specific prices, the app offers the flexibility to meet your needs.
Having been honored with the 'Built for Shopify' badge and garnering 400+ five-star reviews underscores the app's quality. Seize the benefits of Kaching Bundle Quantity Breaks today, with an exclusive 20% discount using code FOXECOM20.
Create a sense of urgency
Besides providing significant discounts, you also should combine it with a sense of urgency to encourage customers to make quick purchasing decisions. An efficient way to do this is running a flash sale which is a wonderful combination of Countdown, Discount, and Product Display.
Flash Sale not only can show off the best products of your store with alluring discounts but also create urgency with a countdown (timer or stock countdown) so your customers will be encouragedto purchase.
Pro Tips: Minimog theme offers a smartly-designed Flash Sale section which enables you to display your products with discounts and stock countdown in an impressive layout. Combining this section with the Countdown Timer of FoxKit - the powerful upsell and sales-boosting app, you can create high-converting flash sales for your Shopify store.
In a nutshell
In the ever-evolving world of eCommerce, staying ahead is the key to success. As we've explored the dynamic trends shaping BFCM 2023, one essential aspect remains constant: the need for an exceptional online presence. This relies mainly on marketing strategies but you can save much time, money, and effort by choosing a powerful assistant for you.
This is where the Minimog theme shines. With its sleek design, mobile responsiveness, and powerful sales-boosting features like flash sales or countdown timers, Minimog empowers businesses to make a lasting impression on their customers and skyrocket their sales this BFCM.