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WooCommerce has unveiled the results of its 2024 summer survey, shedding light on how store owners, developers, and partners gear up for Black Friday Cyber Monday (BFCM) and the holiday shopping rush.
Here are the key takeaways from the survey:
BFCM Sales Account for a Major Share of Annual Revenue
BFCM plays a crucial role for online merchants, contributing to approximately 30%-50% of their yearly sales. The survey revealed that 66% of stores reported increased sales during the holiday season, highlighting its significance for businesses. In fact, for some stores, up to 50% of their annual revenue comes from this period alone.
- 46% of stores see up to 30% of their yearly sales during this time.
- 26% generate over 30% of their annual sales.
- 8% surpass 50% of annual sales during BFCM.
Stores & Early Planning
Larger stores with annual revenues of $250K+ are 12% more likely to begin preparations early. In total, 81% of stores actively plan for BFCM promotions.
- 26% of stores begin planning 1-4 weeks before BFCM.
- 27% start preparations 1-3 months ahead.
- 13% dedicate 3-6 months to preparation.
- 4% start more than 6 months in advance.
Preparation Tactics & Strategies
26% of stores planned to increase inventory as their primary preparation strategy. This was followed by marketing, promotions, and website optimization.
When it comes to marketing channels:
- 29% of stores find email the most effective, followed by organic social media (25%).
- Other popular channels include paid social (13%), search ads (8%), and content marketing (6%).
For the 2024 holiday season, 34% of stores are adjusting their strategies, focusing on:
- Introducing new products (26%)
- Improving marketing efforts (24%)
- Enhancing website performance (16%)
- Starting sales early (10%)
- Offering special discounts (9%)
- Making changes to customer engagement, social media, and inventory management completes the list.
Multi-Channel Sales
The survey also noted that 67% of stores sell through multiple channels, including physical locations and online marketplaces. Specifically, 11% of stores sell on Amazon, 8% sell on Etsy and 6% sell on eBay.
Customer Engagement & Analytics
A significant 91% of stores use analytics tools like Google Analytics, WooCommerce Analytics Dashboard, and Meteorik to evaluate campaign performance. Despite the busy season, 89% of stores do not implement a special refund or return policy
Woo’s Chief Marketing Officer, Tamara Niesen, has shared more insights on the survey results on the WooCommerce blog.
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