Why Shoppers Held onto Their Money on Black Friday

Why Shoppers Held onto Their Money on Black Friday

Howdy !

We hope that you’ve managed to increase not only your sales but also your customer base in the recent global Black Friday shopping event.

Black Friday signals the start of the busiest shopping season of the year, and most online online retailers are poised to serve up their best deals to gain a competitive edge over their competitors.   

However, if you say that you failed to hit your sales target as it was rather quiet at your online store during Black Friday and the weekend following it, then you’re not alone. A new report from software company Monetate revealed that the cart abandonment rate this year was higher than it was in 2017.

From 290 million UK touchpoints across desktop, mobile, and tablets, the company found that 10.4% more shoppers have abandoned their carts on Black Friday year on year, leading to a 10.3% drop in conversion rates.

The report stressed that out of the Top 10 cities in the UK, London had the lowest Black Friday conversion rate, with only 4.21% of paying customers.   

Moreover, Monetate said the average spend of shoppers this year dropped by 19.3% even though page views increased by 25.5%.

According to Monetate CEO Stephen Collins, their findings suggest that shoppers are increasingly making intelligent purchasing decisions, hence the increase in cart abandonment. To encourage them to buy more, he said:

“It is therefore crucial brands commit to long term engagement strategies that exceed peak shopping seasons to drive long-term loyalty amongst consumers. Black Friday presents a wealth of opportunity for those who are able to get the customer experience right, sustain their interest, and are aware of the value personalisation brings to the table.”

Monetate’s key findings

  • Londoners were the highest spenders this year amongst the Top 10 cities according to sessions, with an average order value of £97.77. The city of Reading is next with AOV of £91.36 followed by Bristol shoppers who spent £82.04 on average.
  • The city with the highest number of Black Friday purchases overall was London, followed by Birmingham, Glasgow, Manchester and Bristol. Edinburgh came in tenth this year.
  • Sheffield had a conversion rate of 5.13%, which was the highest, followed by Liverpool and Edinburgh tying second with 4.89%, and Leeds coming third with 4.78%.
  • With overall consumer interest higher than the previous year, research suggest shoppers are holding out for a better bargain.
  • Majority of global Black Friday purchases in 2018 occurred after 4 p.m. local time. In 2017, most purchases occurred at 10 a.m.

What was your experience of Black Friday like? We hope to hear from you in the comments below.

As always, to your continued success,

Dave & Matt

 

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