Some online stores have been predicting a muted online holiday shopping season this year due to a weaker economy and inflation worldwide. Henceforth, online stores have been tasked with offering the best deals for consumers especially on Black Friday.
While some reported record-breaking sales, others experienced more muted results when we look at statistics. Today we will share what happened in BF and highlight examples of retailers’ tactics that worked well as well as the plan going into the crunch period before the holidays.
Let’s dive in!
New Record In Online Sales
As a global provider of essential internet infrastructure for commerce, Shopify announced the record-setting Black Friday Cyber Monday weekend, with sales of $7.5 billion* from independent businesses worldwide. That’s a 19% increase in sales from the $6.3 billion during Shopify’s Black Friday and Cyber Monday weekend in 2021.
These statistics show that online shopping is offering great value in terms of high profits.
The majority of consumers (84%) planned to compare prices for the best discounts before purchasing during Black Friday Cyber Monday Weekend.
It’s fair to say that consumers are highly price-sensitive to Black Friday deals. To have a higher number of sales online merchants should adopt smart pricing strategies.
Now, we will explain how to do it.
Offer Smart Prices with Price Tracking Tool on Black Friday
To hit the records on Black Friday online stores have to be ready for price wars. All customers are hunting for the best deal on Black Friday and you should be ready to compete with your competitors.
You can track your competitors’ prices without losing time and effort and offer the best deals. There are hundreds of price changes made in one day on Black Friday certainly, it would be an impossible task to track prices manually. Let us show you how our engine helped merchants to offer the best prices!
On 20-27 November, Black Friday week Prisync tracked and detected price changes in Ecommerce. Let’s take a look.
- How many prices did we track in this period?
We tracked a total price of 75211467 this week (which can be taken as 10744495 prices on a daily average).
- How many different sites did we get prices from?
- How many price changes have we observed?
2090837 changes (daily average of 298691 changes can be received).
- How many smart matches did we do?
Smartmatch was made for 3633940 products (daily average smartmatch was made for 519134 products).
- How many prices did we offer?
4538376 smartprice recommended (daily average 648339 smart prices recommended).
Now let’s take a look at price changes based on category data.
348 most popular products tracked on 1200+ websites.
167 product prices stayed the same.
78 product prices increased by an average of 44%.
103 product prices decreased by 25% on average.
Health & Beauty
320 most popular products tracked on 1400+ websites.
185 product prices stayed the same.
48 product prices increased by an average of 51%.
87 product prices decreased by an average of 28%.
Animals & Pet Supplies
163 most popular products tracked on 400+ websites.
118 product prices stayed the same.
14 product prices increased by an average of 31%.
31 product prices decreased by an average of 23%.
73 most popular products tracked on 500+ websites.
39 product prices stayed the same.
15 product prices increased by 19% on average.
19 product prices decreased by 18% on average.
The categories mentioned above are the most popular categories in Ecommerce. Remember that pricing engines can help you to offer smart prices in whichever category you are selling. With the power of pricing, you can strengthen your competitive edge by entering the price wars!
Winners of Black Friday
- Offer Flexible Payment Plans: Buy Now Pay Later
As Ecommerce is evolving day by day online stores that are adopting new technologies can be the leaders to compete with their rivals.
With the growth of AI many stores have started doing their daily jobs effectively thanks to automation. And this helped many online stores in Black Friday! This is because consumers are looking for flexible options for online shopping.
Statistics show that many consumers embraced flexible payment plans on Black Friday as they continue to grapple with high prices and inflation. Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, and Buy Now Pay Later revenue is up 81% for the same period.
Quick Tip: Consider offering flexible payment options to your consumers. As a result they can fill their baskets with more products and are willing to pay later.
2. Adopt Your Store for Mobile Shopping
Mobile commerce has become very popular in online shopping and it was a big hit for online shoppers this time around as well.
Did you know that Black Friday shoppers broke a record for mobile orders, as 48% of online sales were made on smartphones, an increase from 44% last year.
If you haven’t optimized your online store for mobile shopping you definitely should. You cannot miss the opportunity of hitting record sales since Black Friday can be the day where you get the most traffic.
Quick Tip: With the growth of mobile shopping consider optimizing your store for mobile.
3. Do Competitive Pricing
Black Friday is all about price wars both online and offline. This is because customers are shopping to get the best deal, right? For that reason you should adopt pricing strategies, especially for holiday shopping seasons such as Black Friday.
There are various pricing strategies, but you can adopt competitive pricing for Black Friday. This is because you can price your products based on your competitors’ prices.
But, automated pricing can track your competitors’ prices and notify you when they change prices. This is especially important on Black Friday, you can win price wars and increase your number of sales!
Quick Tip: Use a competitive pricing strategy to win price wars in Black Friday.
Black Friday sales reached a new record in 2022 which was unexpected in a weak economy and high inflation. Shopify announced record-setting sales with billions of dollars from independent online businesses worldwide.
The majority of online shoppers have compared online prices to get the best deal. To offer the best price online businesses need to track their competitors’ prices constantly. Price tracking engines can help online merchants to offer smart prices and smart matches to compete with their competitors in Ecommerce.
Above all, to hit the sales records on Black Friday online businesses can adopt some strategies. They can be listed as offering flexible payment options, adopting stores for mobile and tracking competitors’ prices constantly.blackfriday