BFCM Performance Metrics Every DTC Marketer Should Know for 2023
October 16, 2023
Elevate your 2023 BFCM strategy with must-know performance metrics. Tailored for DTC marketers, gain exclusive access to Direct-to-Consumer trends and BFCM planning insights
Black Friday Cyber Monday (BFCM) is the biggest online shopping event of the year. For Shopify merchants, it is an opportune time to increase sales and attract new customers. As the 2023 BFCM season approaches, understanding the performance and trends of the previous year can guide effective strategies.
That’s why the Tresl Segments data science team has meticulously examined the sales data from last year’s BFCM. Our analysis covers leading ecommerce brands that generated over $31,692,178.25 in total revenue, with 294,869 orders placed.
Read on to see what the data reveals!
The Making of Our BFCM Data Report
The data we analyzed:
Total revenue during 2022's BFCM: $31,692,178.25
Total number of orders during 2022's BFCM: 294,869
Average Order Value (AOV) during 2022's BFCM: $107.48
Industry distribution of analyzed stores
23% are in fashion & apparel industry
22% are in beauty & fitness
17% are in health
Other industries include food & drink, sports, adult, arts & entertainment, games, home & garden, jobs & education, pets & animals, smoking & vaping, toys & hobbies, and travel
4 insights from our analysis
1. Majority of BFCM customers are new, but few return
50% of BFCM customers in 2022 were new to the stores. This indicates a significant opportunity for customer acquisition during BFCM. They also had an impressive AOV of around $113. On the flip side, only 13% of these new customers returned to shop again
Returning customers shopping during BFCM had an AOV of around $100.02
BFCM-only customers (people who last ordered more than 361 days ago), had an AOV of $100.26
Tip: Merchants should focus on post-purchase engagement strategies to increase retention rates for BFCM. This could include loyalty programs, targeted email campaigns, and exclusive offers for BFCM customers.
2. Sales and discounts skyrocket on Black Friday
Sales on Black Friday were almost 5x the daily average
Stores offered the highest discount (average discount ratio during BFCM was 16%) on Black Friday at 19.75%. Average discount ration during the year is 9.07%.
The average daily AOV during BFCM was $107.5, compared to the regular daily AOV of $90.50.
Tip: Planning promotions and ensuring stock availability leading up to and on Black Friday is crucial for maximizing sales and keeping up with the sales spike.
3. Recent shoppers and sign-ups drive BFCM sales
Almost 40% of returning customers' revenue came from those whose last purchases were within 2 months.
35% of BFCM revenue came from customers who signed up within the 6 months leading up to BFCM.
Even more notably, over 50% of BFCM's new customers signed up within 12 days before BFCM.
Tip: Target marketing towards recent shoppers before BFCM. A strategic email marketing campaign closer to BFCM can be highly effective in converting these signups into sales.
4. Non-BFCM customers show better spending and loyalty metrics
Non-BFCM customers, especially those who made their first purchase in April, showed better ACLV, AOV, ARPU, and a higher retention rate than BFCM customers.This highlights the importance of balancing promotional strategies throughout the year and not just focusing on BFCM
BFCM customers were more likely to be one-time shoppers, while non-BFCM customers had a higher probability of making repeat purchases (as mentioned earlier, only 13% of BFCM shoppers became repeat customers).
Tip: To encourage repeat purchases from BFCM customers, offer exclusive deals or early access to BFCM customers for their next purchase to motivate them to become regular shoppers.
Wrapping up the BFCM Insights
Looking ahead to BFCM 2023, the data from 2022 offers actionable insights.
Analyze New Customer Data: 50% of BFCM shoppers were new customers. Delve deeper into their demographics and shopping patterns to tailor your marketing strategy.
Focus on BFCM retention: With only 13% of BFCM shoppers returning, it's vital to think about post-purchase engagement tactics. Whether through loyalty programs or personalized content, keep these new customers invested.
Be prepared for the Black Friday surge: Anticipate a surge as sales were 5x the daily average. Ensure inventory and customer support are well-prepared for this influx.
Engage Regular Customers: Non-BFCM customers are consistently loyal. Integrate year-round engagement strategies to ensure they feel valued.
Remember, BFCM isn't just a sales spike - it's an opening to long-term customer engagement. Hopefully by leveraging these data insights, you can transform short-term gains into long-term loyalty, and build a foundation for future growth.
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