Our Annual Cyber Monday & Black Friday Predictions for 2022
Since the last few decades, Black Friday and Cyber Monday have changed from one-day events to a series of sales that continue over months as consumers take advantage of the deals offered.
Cyber Monday and Black Friday sales are the ultimate devices that help increase sales, revenue, and exposure, especially since consumers look forward to stocking up on luxury items during this time.
The exciting thing is that anything can happen during this time of the year. Over the past two years, there have been loads of surprises as Black Friday sales were launched early and Cyber Monday ads changed to promote impulse buys. Will 2022 be any different?
2022 Will See the Best Deals than Previous Years
As inflation has been skyrocketing in all parts of the world, the deals this year will be priced better than all sales held in previous years.
In 2021, retailers had to deal with supply chain issues, causing demand to increase, which is why most discounts were negligible. This year, most retailers, including Kohl’s, Macy’s, Walmart, Nordstrom, and Gap, have an abundance of inventory they are desperate to benefit from.
Since it is unlikely that their inventory will get used up in the coming month, most of it will be offered at a discount during Cyber Monday and Black Friday.
Amazon Prime Day is a good indicator of what to expect this season. Due to high inflation, Amazon offered the highest discounts it has ever offered since 2015. In fact, discounts were 50% more than they were in 2021, while there was a 15% increase in discounts in new categories. This way, Amazon successfully attracted high sales and customers as the average orders increased by 16% compared to 2021.
Buy Now, Pay Later Programs Will be On the Rise
In the past few years, retailers have partnered with companies that allow shoppers to purchase a product and pay in installments rather than paying the total amount at the same time in a system called Buy Now Pay Later (BNPL). Initially, these programs were only offered to consumers buying high-end products like televisions or furniture.
This is because inflation is driving prices up, and in 2022, we expect that more shoppers will opt for this payment option.
Last year, buy now, pay later payment options became 29% more popular during Cyber Monday sales worldwide.
As consumers turn towards this option, we expect more retailers to promote “buy now, pay later” programs this holiday season.
No Sales Records Will be Broken this Year
Cyber Monday and Black Friday have broken sales records over the last few years. However, this year will be different. Since the pandemic, consumers have started spending less and avoiding unnecessary purchases.
Moreover, we predict that sales in eCommerce will fall this year for the first time. This might be surprising since experts have forecasted an increase of $481 billion in sales. However, sky-high inflation, recession, and economic uncertainty have gotten people holding on tightly to their savings.
If you are a retailer looking forward to Cyber Monday and Black Friday sales to save your business this year, we recommend working extra hard on marketing.
Retailer Memberships Will be Promoted
Every year, Amazon hosts sales that only Prime members can access, especially Prime Day sales. The best part is that Prime members also have exclusive access to Cyber Monday and Black Friday sales.
In 2021, Walmart jumped on the bandwagon of retail memberships. It hosted three Deals for Days events during its Black Friday sales, where every event gave Walmart+ members early access to deals. Moreover, consumers with Total Tech memberships were allowed access to Best Buy discounts.
This year, we expect retailers to market their store membership programs heavily. Each time a shopper pays for something, they must use the membership. This would allow retailers to enjoy steady revenue each month during the rest of the year as shoppers would pay for the membership.
Shoppers Will Be Focused on Themselves
Estimates show that 72% of consumers purchased something for themselves on Black Friday last year. This number shows a 61% increase in sales in 2019. Hence, retailers looking to have successful Cyber Monday and Black Friday sales must market towards personal shoppers this year (particularly millennials) while building on the “treat yourself” mentality.
Remember that the types of purchases consumers will make in 2022 will also change. Rather than buying ultra-expensive items like televisions and home appliances, more consumers will be shopping for beauty, household, health, and clothing items.
To boost sales, retailers can provide shoppers with freebies or loyalty rewards to motivate them to buy additional items and become loyal customers. For example, you could offer a gift card for every $200 spent. Regardless of your marketing strategy, it is vital to move fast and work towards your goal before other competitors poach your customers.
A Superior User Experience Will Win the Game
Even though Cyber Monday and Black Friday sales have increased, except in 2021, the number of buyers has dropped significantly. Between 2019 and 2021, these sales saw a 15% reduction in consumers.
A survey studied consumers and found that 62% believed that Black Friday sales were no different than the other sales that took place during the year. In another study, only 5% of Black Friday sales were priced lower than other sales throughout the year. Due to these factors and bad experiences, buyers are less interested in Cyber Monday and Black Friday sales.
Overall, trust has a central part to play.
Businesses can win back customers’ trust by convincing them that sales and discounts benefit them. This means genuinely offering reasonable prices and promising the best deals while delivering on that promise. Another way to win back trust is by working on user experience and personalizing the consumer journey while simultaneously ensuring a seamless mobile experience.
Retailers should prepare for Cyber Monday and Black Friday as early as possible while working on their e-commerce approaches to fully equip them with the best sales and deals to offer consumers in 2022.
Simple tips like personalizing shopping experiences, allowing in-app purchases, and reducing abandoned cart rates can make loads of difference and boost sales and revenue.
Retailers, brands, and companies who prepare for these sales throughout the year will easily pivot and adapt to expectations as Cyber Monday, and Black Friday arrive. Hence, it is time to make every minute count.
Infographic: Even More BFCM Stats
We leave you with this infographic that entails all the key takeaways from this year’s Black Friday and Cyber Monday shop-a-thons. Feel free to share it on your own blog or social channels.