Navigate BFCM with expert marketing insights for BFCM 2024

It’s important to remember that these insights are taken from our dataset, and some behaviors may be different for your store. We recommend installing Segments Analytics and getting this data for your store.

Key data points from BFCM 2023

• 45% of customers were repeats, accounting for 49% of revenue
• 55% were first-time buyers, accounting for 51% of revenue
• Open rate for emails was much higher a week before Black Friday (T-8 days), but the biggest sales day was Black Friday by a long way, followed by Cyber Monday
• Discount level was steepest on Black Friday with average store at 19%.
• BFCM AOV was $99.63

Industry distribution of analyzed stores

Discount levels by day in 2023

• Last year’s biggest discount day was Black Friday with 19% on average versus 9% average for period before BFCM.
• Notably, discount levels dropped to 8% on 12/2 and 12/3.  So 3-4 days after Cyber Monday was the most expensive day to shop.

Consumers take note!This was the historic worst day for full price sales, given the average discount level before BFCM across all stores was 9%, you’re paying more on 12/2 or 12/3 on average.

• With sales and discount levels both peaking on Black Friday, there’s a noticeable shift away from Cyber Monday as a critical moment for e-commerce. A few years ago, Cyber Monday was often just as big or bigger than Black Friday for many stores. Now, Black Friday clearly reigns supreme in terms of both revenue and discount strategies.

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Sales by Day and AOV by day in 2023

During BFCM 2023, Average Order Value (AOV) reached its lowest point on Black Friday and its highest on Cyber Monday. This trend can be partly explained by the deeper discounts typically offered on Black Friday compared to Cyber Monday.

• Black Friday: Higher discounts lead to more sales but a lower AOV.
• Cyber Monday: AOV increases, likely due to more targeted offers such as bundles and gift-with-purchase deals that add value without as much discounting

Pro tip
Differentiate your Cyber Monday offer from Black Friday. While Black Friday attracts deal hunters with steep discounts, Cyber Monday can stand out by offering exclusive bundles or special promotions that encourage higher-value purchases.

Average open rates by day in 2023

• Thanksgiving saw the higher open rate at 51.3%, compared to 46.7% on Black Friday. This could be due to the flood of emails sent on Black Friday, making it harder for individual emails to stand out, or consumers being more attentive on Thanksgiving before the big sales push.
• 8 days before Black Friday, open rates were also higher. This is likely because brands send their “first” Black Friday sale email around this time, often announcing early access deals, which tends to capture more attention.
• The day before Cyber Monday saw open rates of 49.5%, higher than Black Friday’s 46.7%. This suggests that brands are doing a good job differentiating their Cyber Monday emails with messaging or offers distinct from Black Friday, keeping customers engaged.

When did the best repeat customers sign up or last purchase?

The main group of repeat customers for most stores appears to be people who bought in the last 2 months - approximately 30% of repeat revenue was from this category.

‍But look at this chart!

Interestingly, among customers who bought during BFCM 2023, the largest group was those who made a purchase in the last month. The second-largest group? Customers whose last purchase was over 14 months ago.

It’s worth looking at this chart for your specific business (which is available in Segments Analytics).

Be cautious with your email “sunset” flows. Klaviyo pricing is so high that a lot of people end up removing people from their list sooner than they should.

Takeaway:
If you’re removing customers who haven’t purchased in the last 14 months, you could be missing out on 15% of potential repeat customer revenue during BFCM. Instead, consider refining your approach to re-engage these customers before removing them from your list.

Return vs. new customers

During BFCM 2023, there was a fairly even split between returning customers and new customers, but the data reveals key insights:

• 45% of orders came from returning customers, while 55% came from new customers.
• However, when we look at revenue, returning customers contributed 49% of revenue, while new customers made up 51%.

The difference between these two groups becomes clearer when we examine Average Order Value (AOV):

This shows that returning customers are more valuable per order than new customers, likely due to their deeper understanding of your brand and confidence in making larger purchases.

Opportunity:
Black Friday is a great chance to increase first-time customer AOV. Strategies like bundling, kits, and upsells continue to work well, but they are still under-utilized across the ecommerce industry.

Additionally, it’s important to focus on when new customers are acquired:

• 50% of new customers acquired during BFCM 2023 signed up within 10 days of making a purchase.
• Many brands rely heavily on emails and customer acquisitions in October to drive Black Friday sales, and while this strategy works, the data shows that over half of new customers sign up within just 10 days of purchasing.

Pro tip:
Highly recommend ensuring your email capture is set to the most aggressive it can be during the weeks leading up to Black Friday. Tools like Amped and Alia can outperform Klaviyo for pop-ups and email capture. It’s crucial to start working on this strategy now to maximize your customer acquisition efforts.

Key takeaways

• 45% of Maximize email capture in the 3 weeks before Black Friday were repeats, accounting for 49% of revenue
• Don’t sunset your email list because 25% of repeat BFCM revenue comes from customers over 14 months since last purchase.
• Email open rates are highest 7-8 days before Black Friday - launch your sale early to take advantage.
• Expect most demand on Black Friday and offer strongest discounts then to compete
• Differentiate Cyber Monday for higher Open rates and AOV
• Go for bundles and sets and upsells even more aggressively as AOV tends to drop during Black Friday.

Key reminder!
There are 5 fewer days between Black Friday and Christmas in 2024, compared to 2023. Plan accordingly.  That’s 5 days less than last year where people are in a shopping mood and conversion rates are high.  So you should definitely think about starting your sale early this year if you want to maximize days on deal.

Remember, BFCM isn't just a sales spike - it's an opening to long-term customer engagement. Hopefully by leveraging these data insights, you can transform short-term gains into long-term loyalty, and build a foundation for future growth.

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