Image: Arek Socha from Pixabay
WooCommerce, the open source ecommerce plugin for WordPress, has published the results of a survey it carried out in July among store owners and employees. The aim was to understand how they prepared for the holiday season last year, and what they intend doing this year. They also consulted partner agencies and businesses for their views.
The results provide useful insights for online retailers in the lead-up to what is for many the busiest period of the year, where they make a large percentage of their annual sales.
Adobe reported record figures for US consumers in 2023 during Cyber Week (the five days from Thanksgiving to Cyber Monday), with a total spend of $38 billion, up 7.8% year on year.
Here are the main findings of the survey:
- 72% of online merchants attribute over 20% of their annual revenue to Black Friday - Cyber Monday (BFCM) and the holiday season.
- 66% of stores surveyed experience a lift in sales volume over the holiday shopping season.
- 34% of merchants plan to do something differently in their BFCM preparation this year including: adding new products; ramping up marketing efforts, and improving website performance.
Prepare early!
81% of stores plan ahead for BFCM, with 17% starting three months or more in advance. Here’s the breakdown:
- 26%: 1 to 4 weeks ahead
- 27%: 1 to 3 months ahead
- 13%: 3 to 6 months ahead
- 4%: 6+ months ahead
Marketing also starts early. Survey respondents recommended sending out your first BFCM communications at least 20 days in advance
Inventory
26% of stores plan to increase inventory leading up to the holiday season. Respondents identified replenishing out-of-stock products, and keeping the most popular ones in stock, along with supplies for shipping, as a challenge.
Other product initiatives include:
- Expanding product lines to introduce new SKUs or categories.
- Introducing gift cards.
- Testing specific offers and discounts.
- Offering product bundles, like bundled holiday boxes
Site performance
Make sure your site is geared up to cope with the rush!
Nearly 37% of stores are working to improve site performance, with 9.5% planning a hosting upgrade.
Load capacity, site speed and a smooth checkout are areas where you need excellent performance from your site. According to Woo, only 22% of stores offered express checkout for BFCM 2023.
86% of Woo Partner Agencies prepare their clients’ stores by optimizing site speed, followed by adding payment methods, and customizing checkout.
Don't miss out!
The holiday shopping season is a key focus for many retailers, and it's essential not to get left behind as consumer demand peaks. Make sure your store is fully prepared by implementing best practices and optimizing your operations. Learn from the strategies and priorities shared in this survey to stay competitive, meet customer expectations, and position your store for success.
Read the Woo report and survey details here:
https://woocommerce.com/black-friday-trends/
https://woocommerce.com/posts/black-friday-stats-and-trends/
