The most exciting – and possibly most stressful – shopping season of the year is upon us. WooCommerce merchants are rolling up their sleeves to prepare for Black Friday Cyber Monday (BFCM) and the whirlwind of the holiday sales season.
In July 2024, we conducted a comprehensive survey to understand the strategies, challenges and expectations for the upcoming peak sales period for marketers, developers and agencies. The findings focus on how businesses plan to capitalize on the season and what new tactics they plan to implement.
This post is a recap of our findings* and you can check out our guide to preparing for the best BFCM.
As we know from our holiday bank statements, Black Friday Cyber Monday is a huge source of revenue for e-commerce businesses. BFCM generated $9.8 billion in 2023 alone and will be even bigger this year.
It’s no secret that the holidays are a time to take a break. A remarkable 66% of respondents reported seeing a sharp increase in sales from October to December.
Almost half (46%) of merchants said up to 30% of their annual sales volume comes from BFCM and the holidays. For 18% of stores, this number is between 30% and 50%, and 8% of stores reported that BFCM contributes more than half of their annual revenue.
These statistics make it clear: Black Friday Cyber Monday is a high-stakes event for WooCommerce stores. Thorough preparation and strategic planning should be top of mind in the coming months.
This year, 34% of marketers are shaking up their approach to BFCM. They think outside the box and plan:
- Add new products (26%)
- Increase marketing efforts (24.6%)
- Website Performance Upgrade (16.4%)
These strategies signal a broader effort to offer better shopping experiences, attract new customers and anticipate a surge in holiday sales.
Another trend was abundantly clear in the survey comments: Shops are starting to prepare for BFCM earlier.
Timing is everything; when it comes to BFCM preparation, WooCommerce stores are divided. Stores with higher sales volume tend to plan earlier, while others take less time to prepare.
About 26% of respondents start their preparation one to four weeks in advance, while 27% start one to three months in advance. And then there are the super-planners – 13% of deals start preparing three to six months in advance, and another 4% start more than six months in advance.
More than half of stores plan to stock up before the holiday frenzy begins. They take no chances and make sure they have enough supplies and all the necessary transport material on hand.
As one user said, “Replenishment of out-of-stock products is most important to us. That’s our biggest challenge.” Another echoed that sentiment, saying, “We start stockpiling over the summer. We order shipping stock in the third quarter.”
In addition to restocking, other product initiatives included:
- Extending product lines to introduce new SKUs or categories.
- Introducing gift cards.
- Testing specific offers and discounts.
- Offering bundled products such as holiday bundles.
Aside from inventory, another big focus is website performance. Almost 37% of stores are working to improve their site performance, with 9.5% of stores planning to upgrade their hosting. Load testing, speed testing and database optimization are on the list to ensure their sites can handle the holiday rush.
Another smart strategy? Hiring more help, updating refund policies, and adding more payment options to make things smooth for customers.
When it comes to running a BFCM sale in 2024, 44% of trades are active.
Interestingly, however, 30% of stores were still undecided about their BFCM plans at mid-year. Some stores will make quick decisions as the season approaches and factor in flexibility in approach.
Nearly half (48%) of stores plan to offer shipping discounts, but only 11% will offer a special refund or holiday return period.
On the marketing front, email marketing is still the MVP for reaching customers during BFCM, with 29% of marketers ranking it as their most effective tool. Organic social media closely follows at 25%, and other channels such as paid social, search ads and influencer marketing are also in the mix.
Many stores plan to expand their marketing efforts starting last year, focusing on paid ads, retargeting and updating their abandoned carts. Influencer, affiliate and user-generated content is also gaining popularity this year.
Multi-channel strategies are also on the rise this year, with 67% of merchants operating across multiple channels, including brick-and-mortar stores and online marketplaces such as Amazon, Etsy and eBay. This approach helps them reach a wider audience and make the most of the holiday season.
As we prepare for the busiest shopping season of the year, the message from our survey is clear: WooCommerce merchants are ready to rock BFCM by refining their strategies, investing in inventory and website performance, and leveraging key marketing channels.
We’ve put together a complete overview to help you navigate the holiday shopping season like a pro: Black Friday 2024 stats and trends.
And don’t forget to treat yourself to this year’s holidays. What are you buying this BFCM? I am looking for new golf clubs and I can highly recommend the sauna.
*Report information is based on survey responses obtained through WooCommerce email and in-product outreach, as well as social and community channels, completed in July 2024.
Tamara Niesen is Woo’s Chief Marketing Officer. With over 20 years of experience in high-growth B2B SaaS companies, devices and platforms, Tamara has led teams focused on brand, go-to-market, demand generation, product marketing, partner marketing, integrated lifecycle marketing and performance marketing. She previously led Global Demand Generation and Go-to-Market at Shopify, driving revenue growth and market expansion for Shopify Plus. She has also held marketing leadership roles at Housecall Pro, D2L and BlackBerry. Tamara lives in Waterloo, Ontario.