What can last year’s Cyber Week tell us about this year’s sales?
2023 by the numbers…
- Brands start promotions earlier, so consumers shop earlier, reinforcing the cycle.
- Despite economic concerns, Cyber Week 2023 hit $38B in sales, a $3B jump from 2022. However, inflation-adjusted figures show stagnation for some sellers.
- 67% of shoppers prefer online shopping during BFCM.
- Cyber Monday surpassed Black Friday in revenue.
- Popular categories include clothing, electronics, and health & beauty, with discounts being highly competitive.
- Gen Z shows post-shopping regret, but older generations still love the deals.
- 34% of consumers sense that deals are overstated, with 20% suspecting inflated prices.
- Many smaller retailers are shifting away from major sales events due to high costs and competition, focusing on niche events or year-round offers.
So, how to prepare?
- Shoppers are sharper than ever. Prioritize transparency in discounts.
- Focus on Cyber Monday and target more specific product categories.
- Focus on niche events and targeted value offers throughout the year to maintain a steady flow of customer engagement.
Check out the full report from Stacked Marketer.
