5 e-commerce insights from Black Friday and Cyber Monday

Black Friday and Cyber Monday, those two days which have become synonymous with a big sales event right after US Thanksgiving and are growing to be bigger than ever.

If you missed it, the sales gave many online businesses and e-commerce stores a chance to do heavy discounts for consumers and its safe to say it seems to get more and more interest each year. With November and December the largest months of the year for retailers these sales are becoming crucial to bring in much needed cash this time of year.

Over the past week, we’ve noticed some interesting articles and data which we’d thought useful to highlight:

Live shopping data as it happened

Sadly, this seems to have been closed since the actual Black Friday and Cyber Monday sales periods, but we’re still mesmerised by what we saw. This live data visualisation showed the speed and scale of purchases were happening on the Shopify platform and we thought it was really interesting.  The live data visualisation  was the “Live Sales Map” created by Shopify during the Black Friday and Cyber Monday sales period. This map allowed viewers to see real-time updates of purchases being made on the Shopify platform, including the location of the customer, the product purchased, and the value of the sale.

Here’s an Instagram Story we snapped whilst it was live:
[KGVID]https://unicornaccounting.co.uk/wp-content/uploads/2018/12/shopify-blackfriday-datastories-2018.mov[/KGVID]
Shopify Data Stories
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Shopify had over US$1.5 Billion in sales

Shortly after the sales period, Shopify released some surprising statistics on sales for the platform – they sold products for a total of over US$1.5 Billion! The report also includes some very interesting trends on the platform including: desktop vs mobile sales comparisons, a list of marketing channels which produced the best sales and dates and times where sales were at their peak. A very interesting article to utilise and take advantage of any annual sales events. Shopify’s revenue in Q4 2022 was $2.2 billion, up 44% from the same period in the previous year. (updated for 2023).

Linking ecommerce accountants to Shopify can be done through a number of methods. For example, Shopify has an app marketplace that includes accounting and finance apps, many of which are designed specifically for ecommerce businesses. Additionally, Shopify has a number of accounting and finance integrations that can be used by you and your ecommerce accountant ofr reporting, operational or financial. These can API straight into Xero or other packages.

Black Friday Cyber Monday 2018: An Analysis of Over $1.5 Billion in Sales

PayPal processed over $1 Billion in mobile payments

This year saw PayPal break its records for how many payments they processed over mobile. They broke the threshold of US$1 Billion in sales through the platform including a 42% increase over the previous year. This shows, that mobile is becoming a truly reliable and powerful platform to power your sales online.  According to PayPal’s Q4 2022 earnings report, the company’s mobile payment volume increased by 30% year-over-year to $299 billion. This indicates that mobile payments continue to be a significant source of revenue for PayPal, and that the company is successfully capitalising on the growing trend of mobile commerce and e-commerce. This is still to grow further with emerging markets such as China, India, Africa and the Middle- East. Its a great time to align your e-commerce store with this payments gateway. This can also link to Xero and other financial softwares. (updated for 2023).

PayPal: Black Friday & Cyber Monday broke records with $1B+ in mobile payment volume

Black Friday hits US$6.2 Billion in online sales in the US

As the world is becoming more globalised, it’s important to recognise how other countries are taking on this Black Friday event, but more importantly how it’s still popular in its original country of the US. They had over US$6.2 Billion in sales, up 23% from the previous year. Interestingly a third of that was sales of new smartphones. We can only think this will be going up again next year.

Black Friday hits $6.2B in US online sales, smartphones accounted for $2.1B

How to be a best seller next year

If you missed it this year, perhaps looking to capitalise on it next year, there are some useful tips showcased on a Shopify landing page, it includes some useful ideas for how you can bolster your campaign strategies for next year or potentially another sales period too.

Focus on customer experience: Providing excellent customer service is key to building customer loyalty and driving sales. Consider investing in tools like chatbots or live chat to offer immediate support, and ensure that your e-commerce store is responsive to customer feedback and concerns. Make sure you respond to feedback straight away. This will lead to higher customer engagement and staying closer to the customer.

Stay compliant with tax regulations: As ecommerce businesses expand and operate in different jurisdictions, it’s important to stay compliant with tax laws and regulations. An ecommerce accountant can help you navigate the complexities of tax compliance and ensure that your business is operating legally and efficiently. Monitor your financial health: Keep a close eye on your ecommerce business’s financial health, and use data analytics to identify opportunities for growth and improvement. An e-commerce accountant can provide valuable insights into your business’s financial performance and help you make informed decisions that drive profitability. Get ready to grow with Ecommerce Accountants such as Unicorn Accounting.

UPDATED FOR 2023 

Be a best seller

We look forward to what happens in this space next year.

What next?

If your in need of Ecommerce Accountants. We will make sure your accounting is stress-free, clear and insightful as we are experienced e-commerce accountants. Get in touch with our team today, and we will be glad to assist you.

The best time to start is now.

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