The Black Friday Cyber Monday (BFCM) landscape is shifting dramatically for 2024.
Fairing.co analyzing 13 million surveys and $71M in GMV across Shopify brands, they uncovered game-changing insights to reshape how brands approach this crucial sales period.
The New BFCM Timeline
Gone are the days when BFCM was just a four-day event. The data shows that significant sales activity begins ramping up 10 days before Black Friday – specifically November 18th this year. Brands experiencing revenue spikes of 25% above baseline during this early period demonstrate the expanding BFCM shopping window.
Understanding BFCM Customer Quality
Here’s a reality check that might surprise you: BFCM customers show consistently lower quality metrics than regular customers. The data reveals:
- First purchase AOV remains flat compared to baseline periods
- Lifetime value drops approximately 20% below normal
- Repeat purchase rates underperform standard periods
This doesn’t mean BFCM isn’t valuable – it means we need smarter strategies to convert these holiday shoppers into loyal customers.
The Social Media Landscape
The social commerce story is evolving unexpectedly. While social media drives 45% of BFCM attributions, the channel mix is shifting. While Facebook and Instagram continue to dominate, TikTok’s influence is growing, albeit with lower conversion rates than many predict.
Platform Performance Breakdown:
- Facebook & Instagram maintain leadership with proven ROI
- TikTok shows promising growth but needs refined conversion strategies
- YouTube presents untapped potential with lower CPMs
Beyond Social: The Power of Traditional Channels
Word-of-mouth marketing emerges as a dark horse, accounting for roughly 25% of attributions. This traditional channel outperforms many digital alternatives, highlighting the enduring power of personal recommendations.
The Gift-Giving Revolution
Perhaps the most striking finding is the transformation of BFCM into a primary gifting season. The research shows:
- 51% of BFCM purchases are now gifts
- Gift-related purchase AOV increased by 21%
- Revenue share from gift purchases grew from 40% to 51%
Strategic Implications for Brands
To maximize BFCM success, consider these data-driven strategies:
- Start your promotional planning by early November
- Implement specific segmentation for gift buyers
- Develop targeted retention strategies for BFCM customers
- Balance social media investment across established and emerging platforms
- Leverage word-of-mouth marketing through referral programs
Looking Ahead
The BFCM landscape continues evolving, presenting challenges and opportunities for e-commerce brands. Success in 2024 will depend on understanding these shifts in consumer behavior and adapting strategies accordingly.
Remember, while BFCM customers might show lower initial quality metrics, the right approach to segmentation, retention, and channel optimization can turn these holiday shoppers into valuable long-term customers.
This comprehensive analysis provides a roadmap for brands looking to maximize their BFCM performance in 2024.
Get the full PDF from Fairing here!
By understanding and acting on these insights, brands can develop strategies that drive immediate sales and build lasting customer relationships.
