How Independent Businesses Are Shaping Commerce

How Independent Businesses Are Shaping Commerce

Black Friday Cyber Monday (BFCM) concluded with record setting sales of 7.5 billion on websites powered by Shopify. Merchant partners of the Canadian e-commerce platform had recorded 6.3 billion BFCM sales last year, 5.1 billion in 2020 and 2.9 billion in 2019. Shopify President Harley Finkelstein believes that independent businesses are the future of commerce.

Sharing BFCM sales figures from the past four years, Finkelstein tweeted: “2019 – $2.9B. 2020 – $5.1B. 2021 – $6.3B. 2022 – $7.5B. That’s the total global Black Friday Cyber Monday Shopify merchant GMV over the last 4 years”.

“The future of commerce is independent businesses. And they’re powered by Shopify,” he added.

2019 – $2.9B
2020 – $5.1B
2021 – $6.3B
2022 – $7.5B
That’s the total global Black Friday Cyber Monday @Shopify merchant GMV over the last 4 years.

The future of commerce is independent businesses.
And they’re powered by @Shopify.

— Harley Finkelstein (@harleyf) November 29, 2022

2022 BFCM Sales

On Tuesday, Shopify shared data from the BFCM 2022 sales. Black Friday, the first day of the festive sale, saw record breaking sales of $3.36 billion. By the time Cyber Monday concluded the BFCM 2022 shopping season, the sales figures had reached $7.5 billion. This means a 19 percent increase in sales and a 21 percent rise on a constant currency basis in comparison to the last year.

The data titled as the 2022 Black Friday Cyber Monday Data was collected between November 24, 11:00 UTC to November 29, 08:00 UTC, observing all independent merchants based on Shopify from across the globe.

Shaping Commerce

In a pinned tweet, Finkelstein heaped praise on the small merchants for stealing limelight from the “big box stores”.

Black Friday wkend has always been at the core of Shopify. What was once a frantic 1-day US shopping event dominated by big box stores is now a global shopping szn where people are buying from their favourite independent brands. @Shopify merchants are shaping commerce itself. pic.twitter.com/H25WnGfU3i

— Harley Finkelstein (@harleyf) November 29, 2022

“Black Friday weekend has always been at the core of Shopify. What was once a frantic 1-day US shopping event dominated by big box stores is now a global shopping season where people are buying from their favourite independent brands. Shopify merchants are shaping commerce itself,” he noted the BFCM transition and merchants’ success.

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 than the figures 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.

“This year, Black Friday Cyber Monday showed us once again that consumers are voting with their wallets to support the independent brands they love,” the Shopify president was quoted as saying by news.shopify.com.

Top Independent Brands on Shopify

Shopify also shared the brands that made the most of business during the BFCM 2022 sale. Training Leggings by Gymshark was the most trending product during the biggest shopping season. MIELLE’s Rosemary Mint Scalp & Hair Strengthening Oil and Always Pan by Our Place were among the other trending products in BFCM.

On Day 1, Shopify merchants registered a record $3.36 billion sales on Black Friday. It is the day next to Thanksgiving. Black Friday marks the beginning of the holiday shopping season as most of the shoppers make purchases for Christmas and New Year in this period.

After the end of Black Friday sale, 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.

Incredible Records

Talking about the incredible records that Shopify merchants broke, Finkelstein tweeted: “This weekend, shopify merchants shattered records. They did $7.5 billion in sales on Shopify in just 4 days and a historic 52 million consumers made a purchase from a Shopify merchant. Absolutely outstanding. To all our merchants: take a bow.”

This weekend, @shopify merchants shattered records. They did $7.5 billion in sales on Shopify in just 4 days and a historic 52 million consumers made a purchase from a @Shopify merchant.

Absolutely outstanding.

To all our merchants: take a bow.

— Harley Finkelstein (@harleyf) November 29, 2022

According to Shopify’s Black Friday/Cyber Monday Shopping Index, 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.

Shopify CEO Tobi Lutke also praised his merchant partners for hardwork and success. “$7.5B in global sales from Shopify merchants. $3.5M sales per minute peek on Black Friday. Incredible. Congrats to all the hardworking entrepreneurs,” he tweeted.

Finkelstein quoted that tweet and added: “Congratulations to all the entrepreneurs and independent businesses on a record-breaking Black Friday Cyber Monday weekend. I am blown away by you and incredibly proud of everyone on Shopify.”

Congratulations to all the entrepreneurs and independent businesses on a record-breaking Black Friday Cyber Monday weekend. I am blown away by you and incredibly proud of everyone on @Shopify. https://t.co/t6fZK5LZjz

— Harley Finkelstein (@harleyf) November 29, 2022

Top Recommendations For BFCM Purchases

On November 22, the Shopify President had asked for suggestions on Twitter to do some early holiday shopping. He expressed his wish to buy from “entrepreneurs and fun independent brands who are the best at what they do”.

If you’re shopping today, check out this thread – an incredible list of independent businesses👇💚 https://t.co/OPcp5snYvh

— Harley Finkelstein (@harleyf) November 27, 2022

The tweet soon became a thread for shopping guide on independent businesses in the BFCM 2022. Here are some suggestions from that Twitter thread:

  1. Smoke and Tears: It is a brand based in Toronto that sells hot sauces online. After being recommended in the thread, Finkelstein ordered the “smoked & truffled Habanero hot sauce,” expressing his anticipation to taste the “insane” flavours.
  2. Outway Socks: Rob Fraser, CEO and founder of Outway Socks recommended Finkelstein to visit his Shopify store and the Shopify President placed an order for the ‘mystery pair’ of socks.
  3. Dieux Skin: It is a skincare brand based in the United States. Claudia Laurie, co-founder of Prive – DTC Subscriptions, recommended Finkelstein this brand, along with three more suggestions. “For the thirsty health buff, happy being and Wildwonder. For the new parent, https://mykudos.com. For the entertainer, Big Ass Luxuries https://bigassluxuries.com. For the skincare-lover, Dieux Skin https://dieuxskin.com. All on subscription, all on Shopify,” reads her tweet.

    Finkelstein heaped praise on Charlotte, the woman behind Dieux brand. “Just ordered from Dieux – what Charlotte has done to build community before launching a brand is the new blueprint for entrepreneurship. From creator to founder. Major respect, excited to gift it,” he tweeted.
  1. Epic Gardening: Started as a hobby project by Kevin Espiritu in 2013, Epic Gardening is now an independent brand on Shopify. It sells premium and high-quality garden products. Finkelstein gave a shoutout to the “incredible” product selection, saying: “You’re disrupting the gardening space – and on Shopify! Love to see it. Anyone who is into gardening, check out this site.”
  2. ico: It is the most innovative brand recommended to Finkelstein in that thread. With a Shopify store based on the impeccable-o.com domain, it sells portable shower for surfers. Calling the product “smart”, Finkelstein said he would learn how to surf to use this portable shower.

Pledge For Earth

Shopify not only helped merchants make astonishing business this BFCM, but also continued its pledge to save the earth. Shopify took the responsibility of more than 56,000 tonnes of carbon removal to create a sustainable future. The carbon removal mentioned above was funded to compensate for the delivery of every BFCM order placed on websites powered by Shopify. In the last two years, Shopify had offset a total of over 120,000 tonnes of carbon.

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.