Black Friday 2022 Predictions
This article outlines a few key Black Friday 2022 predictions ahead of the biggest days in retail – Black Friday and Cyber Monday. Data and statistics are paramount to ensuring you’re reaching your store goals, and we’ve gathered some interesting key metrics to grant you insights into the future of e-commerce.
Consumer research shows that your customers are anticipating lower prices ahead of the holidays, and the IMF states that with expected heightened prices, people are more likely to negotiate what they pay for. Counterintuitively so, inflated prices are causing consumers to look towards BFCM to get their festive season shopping done
The good news? Well, the transition into the online retail space is advantageous for both retailers and customers. BFCM 2021 results show excellent outcomes for your store:
Recap of Black Friday 2021
In recent years, Black Friday has shown to favor online shopping over in-store purchases (down 21.7%). Many Brick-and-mortar retailers have moved their stores online. With decreased foot traffic, Black Friday marketing has also moved over to multi-channel advertising, including Microsoft Advertising, Google Ads, Facebook ads, TikTok, and affiliate marketplaces like ShareASale.
Here are a few interesting Black Friday 2021 statistics:
- Shopify reported that Black Friday Cyber Monday Shopify store sales revenue reached $6.3 billion and the average cart price was $100.70. 15% of these sales were cross-border.
- Adobe data revealed that 2021 sales increased three-fold after Thanksgiving – with a revenue of USD 4 billion on the 24th of February, and USD 10 billion by the 29th of November.
- Millennials spent on average of 500 USD on Black Friday 2021, whilst Gen-Z shopped mostly for electronics.
Prediction 1: Increased Revenue
Black Friday 2022 is set to reach a revenue of 158 billion dollars in total sales and online sales are expected to grow by at least 2.8%.
Prediction 2: Different Ways to Shop
Shoppers around the globe are said to shop differently. Whilst the US plans on doing their Black Friday shopping with an average budget of $574, Shoppers in the UK are set to hold back their spending by 22%.
Prediction 3: Digital Shopping takes the lead
More shoppers and stores will move online. Multiple physical stores became digital as a result of the Covid-19 impact. E-commerce stores are less reliant on astronomical rental expenses as the rise of digital shopping becomes more promising. Moreover, e-retail has proven that anyone can shop online, and anyone can create a store online, paving the way for local, small businesses to soar. With this in mind, stores will be relying more on ad spending and paid placement for their advertising.
Prediction 4: Support local
Small retail stores take the lead for consumer purchases. Supporting local, or shopping small is a burgeoning e-commerce trend. A survey conducted by Mintz indicated that 70% of US shoppers who support small stores do so online, and one of the primary reasons for supporting local businesses is to support and uplift their community.
With this comes a great opportunity in creating a community around your product, with online stores often using the power of newsletters and social media to pique consumer interest.
Looking to start your own local online retail store? Here are a few of the best retail businesses trending right now:
- Wellness products
- Coffee products
- Pet food
- Thrift stores
Your Shopify or WooCommerce store, no matter how big or small, can get that extra boost with Google ads, Facebook shopping, Microsoft Ads, and TikTok campaigns. We would recommend using a combination of a few of these channels ahead of Black Friday.
You can learn more about this by visiting the ShoppingFeeder website.
Prediction 5: Outsource your business with Saas
Tech and Saas businesses start to take the lead. Predicted to reach $436.9 billion in 2025, software-as-a-service (or Saas) businesses allow store owners to be more hands-off when managing stores.
The Shopify App store provides ample opportunity to outsource the businesses you need. Ahead of Black Friday, Saas businesses are providing ample opportunity for online sales, exposure for your online store, and adding value to your customers.
ShoppingFeeder Google ShoppingFeed Advanced, an expert Saas app, and plug-in for WooCommerce elevates your product feed and integrates it with infinite marketing channels to increase your audience reach.
Prediction 6: Online Safety is key
With the move to online, cyber security is crucial to your business. Your store data is key, and tracking your clicks, conversions, cart information, and payment security is not only valuable to your businesses, but it’s also integral to maintaining customer loyalty after Black Friday and Cyber Monday.
“Information is precious. Daily we’re spammed by companies using our personal information in violation of the POPI Act and without the right cybersecurity protocols in place, this is an excellent way to break client trust.”Nathan L Simons, Founder & Managing Director at Big Beard Web Solutions
Prediction 7: Meeting Customer Expectations
The global rate of inflation is tremendously impacting the way customers shop. Consumers are expecting lower prices on electronics, fashion, and DIY goods. Moreover, shoppers are anticipating lower prices ahead of the holiday season, which means that planning for Bargain Bonanzas like Black Friday and Cyber Monday is crucial to keeping your store top-of-mind.
All-in-all, the aforementioned Black Friday Cyber Monday predictions are just that, projected outcomes, but 2021 Black Friday data reveals that the future of your online store is set to be amplified with BFCM 2022.
In this article, we recapped BCFM 2021 trends and considered various projections merchants can anticipate ahead of Black Friday, including the move to online, channel marketing, Saas businesses, and cyber security (among others).