Cyber Week 2023 is over, and the results are in!
Black Friday and Cyber Monday have come and gone, and the dust has finally settled. So how did online retail fare this year, and what were some noteworthy changes in consumer spending and behavior during Cyber Week 2023?
Adobe and Salesforce report YoY sales increases
Overall, ecommerce spending grew in the U.S. during Cyber Week 2023, with Adobe reporting an increase of 7.8% year-over-year (YoY). Globally, Salesforce reported a growth of 6% YoY.
To break it down further, for Black Friday specifically, the Adobe Analytics report shows online spending growth of 7.5% in the U.S. YoY, creating a record of $9.8 billion in sales revenue. Globally, Salesforce data shows an 8% increase YoY for Black Friday.
For Cyber Monday, Adobe reported a 9.6% increase YoY in the U.S., and Salesforce reported a global growth of 5% YoY.?
Mobile accounts for the majority of global traffic and half of sales
Omnichannel sellers had a distinct advantage this year, with mobile commerce driving 79% of global traffic to retailer sites during Cyber Week, and social channels accounting for 10% of that traffic, according to Salesforce.?
How about sales? In the U.S., smartphones drove 51.8% of online sales, about two percent higher than in 2022, according to Adobe.?
Across the board, however, mobile conversion rates were about half as high as desktop conversion rates, presenting an opportunity for enterprising online retailers that figure out how to close that gap.
BOPIS remains popular with consumers
Another win for omnichannel sellers was the number of consumers who used buy online, pick up in store (BOPIS) this year. BOPIS and curbside pickup were popular fulfillment options during the pandemic, and have retained their popularity post-pandemic.
Omnichannel sellers can use local inventory ads (LIAs) to highlight the availability of this fulfillment option and drive more customers to their physical storefronts.?
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Salesforce reported that 24%-25% of orders between Black Friday and the following Sunday used BOPIS fulfillment.
BOPIS has reached 82.7% penetration with the top 500 largest retailers in North America in 2023, up from 76.3% in 2022.
BNPL on the rise
Buy now, pay later (BNPL), which allows consumers to finance a purchase across multiple payments over time, reached a record high during Cyber Monday this year. Bloomberg reported that it made up $940 million of total online spending, up 42.5% YoY.
Shoppers who used pay later methods spent 48% more on average than those who used a different payment method, according to PYMNTS Intelligence.
Looking for a more in-depth recap of Cyber Week 2023? Watch this virtual roundtable with Megan Stabler, Melissa Dixon, and Matt Dornfeld, covering ecommerce sales results, data, and shopping trends:
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Want to learn more about some of the larger trends in product category growth, channel popularity, and payment methods? Don’t forget to download our free 2023 merchant trends report.
Keep up with the biggest trends in ecommerce technology so that you can be better prepared for next year’s shopping season.