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As Retailers Offer Cyber Deals Earlier, Ecommerce Activity Boons, with Mobile Conversion Rates up 116 Percent and 38 Percent on Thanksgiving and Black Friday, Respectively; Black Friday Average Order Values on Mobile Up 22 Percent
PHILADELPHIA (Nov. 26, 2016) – Monetate, the leader in personalization for brands worldwide, has unveiled its initial analysis of ecommerce activity during Thanksgiving and Black Friday 2016. With analysis representing more than a hundred million U.S. consumer touchpoints across desktop, mobile and tablet in the past two days, data indicates an approximately 5.5 percent increase in total Average Order Values (AOVs) on both days compared to 2015, with mobile seeing the greatest increase in activity including a 115 percent increase in conversions on Thanksgiving Day alone.
Monetate’s initial findings exceed the National Retail Federation (NRF) outlook, which expects holiday spending in 2016 to increase 3.6 percent, which is above the seven-year average of 3.4 percent and builds on the 3.2 percent increase in holiday sales experienced from 2014 to 2015. Based on the NRF’s forecast that consumers will spend an average of $588.90 on gifts this year, Thanksgiving and Black Friday orders represent approximately 30 percent of total gift spending. Monetate’s data showed Thanksgiving and Black Friday AOVs were $189.07 and $171.55, respectively. Furthermore, consumers appear more than comfortable making a purchase on mobile, with cart abandonment rates falling 23 percent and 7 percent on each day.
Other key findings include:
Desktop is on the Decline: conversion rates on desktop fell 9.1 percent and 36 percent on Thanksgiving and Black Friday, compared to the same days in 2015. However, that channel does still have the strongest overall conversion, at 5.79 percent on Thanksgiving and 4.41 percent on Black Friday.
Spend More, Buy Less: Though AOVs are up on average, conversion rates are down—with conversion rates on Thanksgiving down 2.2 percent and on Black Friday down a whopping 34 percent.
Bounce Rates Bounce Up: Across all channels, bounce rates averaged approximately 33 percent on both Thanksgiving and Black Friday, representing a 2.8 percent and 7 percent increase, respectively.
U.S. and U.K. Shoppers on Par: They spent almost identically on Black Friday, at $171.55 and $170.98 in AOVs, respectively; their Canadian counterparts were more conservative spenders, with an AOV of $155.99.
“Gone are the days of rushing from the Thanksgiving dinner table into crowded stores in order to stock up on gifts. In fact, for the first time, conversion rates across all channels were higher on Thanksgiving than Black Friday (3.75 percent vs. 3.04 percent). Clearly, ecommerce has not only arrived, but is now the channel of choice for holiday buyers,” said Lucinda Duncalfe, CEO, Monetate. “But it is not just consumers who benefit from the ease of shopping at whatever time on whichever device. Retailers now have the ability to use deep data to enrich and personalize the customer experience, which in turn leads to greater sales and increased loyalty.”
Monetate powers multi-channel personalization by enabling retailers to translate their vast array of customer data into real-time action across channels and devices. By empowering brands to understand and interpret customer data in a meaningful way, retailers can deliver a more relevant experience that builds long-term customer relationships.
This is the first of multiple ecommerce analyses that Monetate will issue during the 2016 holiday shopping season. If you’re a member of the media interested in receiving the latest data when they are made available, contact Monetate@v2comms.com.
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create experiences with improved relevance for every customer, increasing their engagement and boosting business outcomes. Powered by artificial intelligence, the Monetate Intelligent Personalization Engine makes it easy to test and optimize, segment and target, recommend products, and even create true 1-to-1 omnichannel experiences. The company was recognized as an industry leader by two leading analyst firms in June 2018 and August 2018. Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg, Timberland, Carnival, The North Face, and hundreds of other market leaders. Learn more at www.monetate.com.