Merchants on Shopify lead e-commerce business during the Black Friday Cyber Monday (BFCM) 2022 shopping season, concluded on Monday. While Black Friday, the first day of the festive sale, saw record breaking sales of $3.36 billion, Shopify merchants concluded Cyber Monday with record setting sales of $7.5 billion.
On Tuesday, Shopify released the 2022 Black Friday Cyber Monday data, collected between November 24, 11:00 UTC to November 29, 08:00 UTC. It includes all independent merchants based on Shopify from across the globe. With the astonishing figures, Shopify merchants recorded a 19 percent increase in sales from the last year. In the BFCM 2021 shopping season, the total sales were $6.3 billion.
In 2022, Shopify merchants witnessed a 21 rise on a constant currency basis in comparison to the last year.
Top Highlights of BFCM 2022:
1. Consumer Intent
This season, consumers came with clear intent to make online purchases. They were scrolling through multiple websites to fetch the best of deals online. The intent was to buy from their favourite brands and at the most reasonable price.
Sapio Research conducted an online survey of 24,009 consumers and 9,012 stores based on Shopify. The research team also studied around 1,000 employees of the Canadian e-commerce giant from countries like the United States, the United Kingdom, Germany, France, Spain, the Netherlands, Italy, Sweden, New Zealand, Australia, Japan and Canada. The sample of this survey was observed from September to October 2022.
The research data claimed that around 76 percent of consumers preferred to buy long lasting products in the BFCM 2022 sale. Around 84 percent of online shoppers compared prices on different websites and sought the best discounts to make the right purchase.
2. Shopify’s Share
While e-commerce giants like Amazon too enjoyed the BFCM 2022 sale, over 52 million consumers preferred to shop from stores powered by Shopify. This is 18 percent more from the last year BFCM data. According to the International Council of Shopping Centers, BFCM has been America’s busiest shopping day every year since 2005. It continued to be the highest volume shopping event this year as well.
Some extra Shopify BFCM data:
— tobi lutke (@tobi) November 26, 2022
Purple is this year’s GMV
Looking strong despite the macro economical pessimism. That’s great news for independent commerce! pic.twitter.com/pmJKFd76dk
The BFCM 2022 helped the merchants showcase the power of independent selling across the globe.
“This year, Black Friday Cyber Monday showed us once again that consumers are voting with their wallets to support the independent brands they love,” Harley Finkelstein, President of Shopify, said in a press release.
“We saw record level shopping happening across all channels this weekend, proving businesses that meet their customers where they are, whether that’s online or in-person, will earn their loyalty in return,” he added.
3. $3.5 Millon in a Minute
Black Friday marks the beginning of the BFCM shopping season worldwide. It is celebrated to the next day to Thanksgiving in the US.
On Saturday, Shopify stated that the festive sale peaked at USD 3.5 million between 12:00 and 12:01 PM EST on November 25, based on data from all across the globe. The impressive minute sale volume shows how Shopify is leading the e-commerce market with its merchant partners.
4. Average Order
The data revealed that consumers from all across the globe spent an average of $102.10 per order. Last year, the average order had reached $100.70. The figure was $104.80 on a constant currency basis this year.
The average order stat was based on Shopify’s Black Friday/Cyber Monday Shopping Index. Apart from the average purchase, the index aimed at discovering real time sales trends, added-to-cart products and pageviews of different sellers on Shopify.
5. Global Presence
The US led e-commerce sales during the BFCM 2022, followed by countries like the UK and Canada. London was the top selling city as per Shopify’s research, while New York and Los Angeles came on the second and third position respectively.
While all these sales come from online businesses based on Shopify, many of its merchants recorded high volume sales with in-store model, thanks to POS Go. This year, Black Friday sale saw 27 percent rise in POS sales worldwide.
Launched in September, POS Go comes with a card reader, inventory tracker and a built-in bar code scanner. Merchants are also able to manage staff and payments irrespective of where they are — online or store. Shopify POS Go app can be customised to manage store and provide better services to customers.
“Retail is evolving quickly and merchants need flexible solutions to help them succeed. More than ever, brick-and-mortar retailers need technology that keeps them nimble. With POS Go, we’re empowering our merchants to deliver world-class, differentiated in-store experiences. Offline retail is all the way back, and we’re investing heavily in hardware that’s fit for the fastest-growing, most innovative retailers in the world,” Arpan Podduturi, VP of Product at Shopify, has said at the time of launch.
6. Hot Picks
The 2022 Black Friday-Cyber Monday Survey by Deloitte had anticipated that most of the shoppers would use the holiday shopping season to buy products for gifting purpose. However, Shopify’s conclusionary report claims that products from the apparel & accessories segment were the most selling products during the BFCM 2022.
The list was followed by health & beauty and home & garden segments. The research added that trending products during the festive sales include Gymshark’s Training Leggings, Rosemary Mint Scalp & Hair Strengthening Oil by MIELLE and Our Place’s Always Pan.
After the end of Black Friday, Shopify had stated that the highest number of shoppers purchased boxershorts from Snocks GmbH, a socks and sneaker manufacturer based in Mannheim, Germany. The second most sold product on Black Friday was peptide glazing fluid by rhode. Another product that sold like hot cakes during Black Friday sale included Luxe Core Sheet Set by Brooklinen. All these brands have their online stores powered by Shopify.
7. Mobile is The King
Mobile continues to be the king of online sales this year. As many as 73 percent of total sales were made on mobile devices, while 27 sales were recorded on desktop.
A blog published by Adewale Thomas on plobalapps.com had claimed that 73 percent of sales happened over mobile phones last year. Another takeaway from the blog was that the global e-commerce market has reached $13 Trillion and will grow to $55.6 Trillion by 2027. So this is the time for you to focus on your business like never before.
8. Cross Border Trade
Shopify is based in Canada but provides platform to sell products from all across the globe. This BFCM, 15 percent of total global sales were recorded from cross border trade. Canada-US, US-Canada and the UK-US were the most popular cross-border routes during the BFCM 2022.
Shopify values cross border trade more than any other e-commerce platform. In September, it had launched Shopify Markets Pro and Shopify Translate & Adapt to capture international selling market. Both the new products are based on enormous success of Shopify Markets, which allows merchants to online sell their products to anyone across the globe.
The initiative is aimed to democratize small business owners’ access to international commerce. The new Shopify Markets Pro helps them expand business globally. It covers more than 150 countries. Shopify Translate & Adapt, on the other hand, localizes the customer journey to boost international selling chances for merchants.
9. Environment Friendly
Unlike the BFCM sales from the past years, this year witnessed 56,000+ tonnes of carbon removal in a bid to ensure a sustainable future. The carbon removal mentioned above was funded to compensate with the delivery of every BFCM order placed on websites powered by Shopify.
Shoppers have also become more climate conscious than ever. As per Shopify’s research, more consumers were seen searching for sustainable brands and options like carbon neutral shipping. Shopify purchased the carbon removal for a third consecutive time. This compensates the harm caused by all orders shipped during the Black Friday Cyber Monday weekend.
ALSO READ: This is How Shopify is Making Earth a Better Place to Live
Shopify not only allows merchants to sell their products online, but also helps in creating a sustainable environment. On its website, the Canada-based e-commerce giant states: “Shopify brings merchants, customers, and climate entrepreneurs together in the fight against climate change”.
Shopify constantly works to empower a sustainable commerce by helping Shopify merchants neutralise shipping emissions. For this, Shopify has partnered with experts to develop high-leverage projects like Shop Pay. Explaining how it works, the website states: “Every time a customer places an order using Shop Pay, Shopify funds carbon removal to counteract the impact on the planet at no extra cost”.
In its bid against carbon, Shopify has pledged to purchase carbon removal during the Black Friday Cyber Monday (BFCM) to reduce shipping emissions from every single order placed during the busiest shopping season. In the last two years, Shopify had offset a total of over 120,000 tonnes of carbon. With the 56,000+ tonnes of carbon removal this year, Shopify has continued its pledge to make earth a better place to live.
“Reaching net zero emissions is key to building environmental resilience and to realizing a future that delivers sustainable and inclusive growth. Carbon removals have an essential role to play,” McKinsey Senior Partner Dickon Pinner had said when Shopify partnered with McKinsey Sustainability to develop permanent carbon removal technologies.
