December 9, 2016
Back at the turn of the millennium, the online shopping ship was just leaving the harbor. Consumers still relied on running to the store for every errand, and Amazon Prime didn’t even exist yet (imagine a world without Free Delivery). Now, though, the e-commerce revolution is fully underway—shoppers jump online to pay cell phone bills and buy birthday gifts, while companies sell software, hardware, and cloud services via the web. Today, e-commerce is booming—so much so that we’ve been hearing how the classic in-store experience doesn’t stand a chance anymore. That Cyber Monday might be the new Black Friday.
According to Magento’s own data, Black Friday remains the biggest day of the year for digital retailers in 2016—with Cyber Monday as a close second, generating 98 cents for every dollar generated on Black Friday. Last year, Cyber Monday took the lead, generating $1.08 for every dollar spent on Black Friday. Average order value on Black Friday and Cyber Monday were nearly identical—while Small Business Saturday yielded 9 percent lower order value.
But year over year, Black Friday growth has outpaced Cyber Monday by almost 3x. The average small business saw 39 percent revenue growth year-over-year for Black Friday weekend, mainly driven by day-of sales (which yielded a revenue growth of 61 percent on average). Year-over-year Cyber Monday growth was much weaker, at 23 percent.
Before we discount Black Friday and its traditional in-store roots, take note—Cyber Monday might be all the rage, but Black Friday is a classic. So next year, make sure your business is ready. Check out the Magento Analytics Holiday Benchmark Report for more on retaining customers during the holiday surge and beyond.