29 Oct 2024
Key Learnings From Black Friday 2023 To Help Shape Your 2024 Strategy
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By Ellie-Rose Davies, Content Executive at IMRG
The conversation around retails busiest calendar event, Black Friday, continues!
In this blog, well explore the key learnings from Black Friday 2023 and outline expectations for online trading this year. Well highlight key trends and strategies to help you drive stronger performance.
Heres what well cover:
During Black Friday week 2023 (Mon-Mon), online retail saw a decline of -1.9%, precisely in line with IMRGs forecast of -2%. Cyber Monday proved to be the strongest trading day, with a +5.6% Year-on-Year (YoY) increase, followed by Tuesday, which also showed positive growth (+1.9% YoY).
Black Friday itself faced challenges as not everyone was paid before the event. This year, however, the whole population will have been paid by the Friday (29th), which could boost trading activity. Cyber Monday is also likely to remain stable as retailers capitalise on FOMO (fear-of-missing-out) messaging.
Encouragingly, this year has already shown moments of market growth, whereas 2023s best performance was flat due to variables such as the cost-of-living crisis. With interest rates beginning to ease, we anticipate reduced buyer hesitancy, and owing to slightly improved conditions, IMRGs forecast for Black Friday week 2024 is a -1% decline.
Last year, many retailers leaned on exclusivity”such as early access for app members”to attract customers, a tactic we expect will grow this year as brands aim to acquire and retain customers in a competitive market. Promoting app usage has the added benefit of encouraging repeat purchases, while exclusive access helps foster loyalty through a sense of community and reward.
In 2023, the best-performing product categories were Electricals, up +2.7% YoY during Black Friday week, primarily driven by demand for ear pods, and Health & Beauty, which led the way with a +7.6% YoY increase. Both categories also saw growth in 2022. Health & Beauty has continued to show strong growth throughout 2024, making it a likely top contender again this peak season.
- What Happened During Black Friday 2023?
- Focus on customer acquisition and retention
- Maximise impact with smart discounts and offers
- Embrace multi- and omnichannel strategies
- Enhance the post-purchase experience
What happened during Black Friday 2023?
During Black Friday week 2023 (Mon-Mon), online retail saw a decline of -1.9%, precisely in line with IMRGs forecast of -2%. Cyber Monday proved to be the strongest trading day, with a +5.6% Year-on-Year (YoY) increase, followed by Tuesday, which also showed positive growth (+1.9% YoY).
Black Friday itself faced challenges as not everyone was paid before the event. This year, however, the whole population will have been paid by the Friday (29th), which could boost trading activity. Cyber Monday is also likely to remain stable as retailers capitalise on FOMO (fear-of-missing-out) messaging.
Encouragingly, this year has already shown moments of market growth, whereas 2023s best performance was flat due to variables such as the cost-of-living crisis. With interest rates beginning to ease, we anticipate reduced buyer hesitancy, and owing to slightly improved conditions, IMRGs forecast for Black Friday week 2024 is a -1% decline.
Last year, many retailers leaned on exclusivity”such as early access for app members”to attract customers, a tactic we expect will grow this year as brands aim to acquire and retain customers in a competitive market. Promoting app usage has the added benefit of encouraging repeat purchases, while exclusive access helps foster loyalty through a sense of community and reward.
In 2023, the best-performing product categories were Electricals, up +2.7% YoY during Black Friday week, primarily driven by demand for ear pods, and Health & Beauty, which led the way with a +7.6% YoY increase. Both categories also saw growth in 2022. Health & Beauty has continued to show strong growth throughout 2024, making it a likely top contender again this peak season.
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