As we approach Black Friday 2024, eCommerce businesses need to be prepared for a market that’s evolving rapidly.
We listened in on IMRG’s Peak 2024 webinar and gathered key insights, trends, and strategies that will help you stay ahead of the competition during this crucial holiday shopping season.
We’ve gathered all the key bits of information you need to know, including stats from the 2023 Black Friday period and how these figures can inform your strategy for this year.
Market Overview & Key Trends for Peak
Below are the key highlights from IMRG’s Peak 2024 webinar that will give you a better understanding of what to expect during the Black Friday period.
Market Growth Projections
IMRG forecasts a modest -1.0% growth in the total eCommerce market over the eight days of Black Friday.
| The 8-day period over Black Friday consists of the Monday starting the week of Black Friday, all the way to Cyber Monday. |
This is an improvement from the -1.9% decline observed in 2023. Cyber Monday in this period was up, though, by +5.6%.
But looking at the market as a whole, year-to-date (YTD) market performance shows a -3% drop for 2024, compared to a -4% decline for 2023. This slight recovery suggests a stabilising market, though it remains under pressure.
The Timing of Black Friday 2024 Could Be Key
Black Friday falls on the last working day of November this year, meaning many shoppers will have just received their paychecks. More disposable income could lead to higher spending.
Historically, about 35% of November’s revenue is generated in the final week of the month, which is expected, but still noteworthy. Don’t be shocked if you see a decline or drop in sale within the first three weeks of the month.
| When asked in a survey about the launch of their 2024 Black Friday campaigns, respondents said they plan to launch on the following weeks in November: 1st week – 16% 2nd week – 13% 3rd week – 15% 4th week – 22% 5th week – 24% |
Be Wary of Website-Hopping
IMRG found that average session lengths tend to decrease in Q4. When you think about it, this makes sense.
During Black Friday, consumers spend a lot of time website-hopping and shopping around to find (and compare) the best deals. That means less time spent on each individual site, and less time for brands to grab the attention of these prospects.
That’s why it’s crucial to have a strong and efficient website, with clear messaging and easy navigation.
With the increased competition during peak shopping periods, consumers are looking for a seamless online experience that allows them to quickly find what they need.
Cross-Border Expansion Insights
For businesses who sell across seas, Black Friday is still well and truly a key date in the calendar.
Nailing your cross-border marketing strategy is key to maximising sales during this peak period, and IMRG had some interesting insights to share on this topic.
| Growing Priorities for International Sales 58% of companies view cross-border sales expansion as a top priority, with Europe being the most favoured trading location, followed by America and Oceania. Maintaining or expanding market reach is a key focus for many, but addressing overseas customer concerns remains vital. |
Customer Expectations for Cross-Border Purchases
When shopping internationally, clear and accessible delivery and returns policies are essential.
73% of consumers are deterred by unexpected extra costs, such as taxes and delivery fees. Displaying these costs prominently at checkout can mitigate cart abandonment.
Specifically, 12% of UK customers expect to pay an additional £5 to £10 for delivery to Ireland, which should be factored into your pricing strategy.
Optimising Delivery & Checkout for Peak Success
We all know the importance of a streamlined and uncomplicated checkout process for conversions, but this is especially crucial during Peak.
Albert who joined the webinar as a guest speaker from Airwallex (a global payments and financial platform) highlighted that a checkout process that involves too many steps gives consumers time to consider or evaluate their purchase.
Impulse buying is a huge factor during peak sales, so keeping the process short and sweet could be the difference between a sale and an abandoned cart.
IMRG also touched on the following insights…
| The Importance of Free Delivery 56% of customers expect free delivery on orders above a certain threshold. 34.1% of shoppers deemed a £20 to £30 minimum order value for free delivery as reasonable and expected.Additionally, 75% prefer free delivery over free returns, and 73.6% are more likely to complete their purchase if free delivery is offered. |
| Streamlining Checkout Processes 60% of customers are influenced by a quick and easy checkout process, while 54% are deterred by unexpected fees. Ensure your checkout process is mobile-friendly, with minimal steps and clear payment options such as Apple Pay and Klarna to reduce friction and cart abandonment. |
Category-Specific Insights for Black Friday 2023
IMRG’s anticipated category analysis of their webinars showed some key stats for the biggest 4 industries:
| Black Friday 2023 YoY | Avg. CVR* | |
| Fashion | -7.1% | 4.1% |
| Electrical | -1.0% | – |
| Health & Beauty | -4.2% | 7.2% |
| Home & Garden | -4.1% | 2.8% |
* over the 8-day Black Friday period
Strategic Recommendations for Peak 2024
So, if there were any learnings from Black Friday 2023 to be taken into consideration for future Black Friday peak periods, here are some strategic recommendations:
- Plan Early & Strategically – Getting ahead of your competitors by going early with promotions could give you an edge and capture customers’ attention. But always make it clear when your best and final deal will be to avoid customers waiting for a better offer or missing out.
- Enhance Cross-Border Strategies – Make sure to address international customer concerns regarding extra costs and delivery policies. Transparent communication and accessible information at checkout will help retain these customers.
- Focus on Delivery & Checkout Optimisation – Prioritise free delivery options and streamline your checkout process to reduce friction. Ensure all payment methods are supported and avoid unexpected fees that could deter customers.
Conclusion
By understanding these trends and implementing these recommendations, eCommerce brands can better navigate the complexities of Black Friday 2024 and maximise their performance during this critical shopping period.
For more on solidifying your Peak strategy this year, check out our blog post on How To Maximise SEO ROI During Peak Season, and keep an eye out for our own webinar on Peak 2024 preparations.
