2022 BFCM RECAP
HINGE COMMERCE clients saw a 69% growth over last year’s Turkey 5 (the 5 peak shopping days of Thanksgiving through Cyber Monday).
Clients who participated in Turkey 5: Total sales were +104% 2022 vs. 2021. Our Account Management, Advertising and Operations team executed flawlessly preparing for BFCM by developing impactful promotional strategies through utilization of deals and coupons, ensuring inventory was received into the Fulfillment Centers (FC’s) prior to peak sales and storage limits implementation, as well as building out campaigns with bidding/targeting strategy that ramped up brand awareness prior to event, but also maintained strong visibility during the event.
But how did the rest of E-commerce perform?
Online sales were strong, up 4% year-over-year (YoY), according to Adobe Analytics. Sales were bolstered by record online spending during Cyber Monday ($11.3 billion, +6% YoY) Black Friday ($9.12 billion, +2% YoY) and Thanksgiving ($5.29 billion, +3% YoY), reflecting consumer uptake of big discounts across numerous categories. Mobile shopping drove more than half of sales, 51% (up from 46%) during Turkey 5.
Amazon has touted 2022 as its best Black Friday, Cyber Monday ever. Reports from other e-commerce platforms echo that, stating that $35.3 billion was spent this year. There were heavy discounts provided across tech, sporting goods and furniture starting in October 2022 and leading into BFCM, showing that other sellers and brands also approached the holiday with a “ramp up” ideology.
Online shopping continues to drive YoY growth.
Discretionary general merchandise retail sales revenue fell below 2019 levels for the first time this year – Per NPD Group the week of Black Friday marked the sixth consecutive week of in-store sales revenue declines. During the BFCM weekend (including Small Business Saturday) sales revenue and unit sales were down from 2021.
It’s clear that both retail shops and e-commerce platforms need to rethink their approach to consumers – both social browsers and active buyers. HINGE clients that participated in the tent-pole event saw an increase in ad sales, impressions and clicks versus 2021’s Turkey 5. Our marketplace PPC experts developed a strategy leading up to the event, closely monitored performance the days of the event, and executed a “post Turkey 5” plan to avoid overspending on ads. Even facing headwinds such as inaccurate data provided by Amazon our team was able to stabilize our clients’ performance.
Reach out to us at hingecommerce.com/contact to see what we can do to raise your performance, not only during the Turkey 5, but all year long.
Congratulations to everyone on a record-breaking Black Friday/Cyber Monday!