BFCM Sales 2022 set new records despite high inflation
Despite continued economic uncertainty, this holiday season was a huge success for online retailers!
It was a record-breaking year for online sales on BFCM Sales 2022 with Black Friday sales up by 2.3% compared to last year. This is especially impressive given the higher inflation and labor market issues still present in the economy.
Shopify, the world’s largest provider of commerce infrastructure, revealed its BFCM sales figures. It showed a whopping $7.5 billion in sales.
In comparison, Global CRM leader Salesforce witnessed stellar online sales across Cyber Week reaching $281 billion globally (a 2% increase YoY) and $68 billion in the U.S. (a 9% increase YoY).
Let's try to explore the factors that contributed to such a massive BFCM success despite a slower economy.
1. Rise in online spending despite inflation
Contrary to the trend of a dip in customer optimism, online spending rose to 2.3% on Black Friday in the US. This surge in sales can be attributed to the fact that consumers waited until the traditionally big shopping days to take advantage of discounts, despite early discounts being available from October onwards.
Also, shoppers preferred online shopping over shopping in physical stores, fetching higher sales volumes for the eCommerce industry than those for retailers.
2. Mobile devices and Social media roles grew stronger
According to Salesforce data, mobile devices accounted for 76% of Cyber Week eCommerce traffic, while social media referred nearly 10% – a 22% increase YoY and the highest referral percentage during the holiday season.
Also, The number of online sales made on smartphones increased from 44% last year to 48% on Black Friday.
3. Consumers embraced flexible payment plans
The uncertain economic environment has caused cautious consumers to embrace flexible payment options. As a result of higher prices, consumers have changed their payment methods too. U.S. shoppers used alternative payment options to finance purchases during the BFCM sales 2022, increasing orders by 5% year over year.
Summing up, these factors contributed to the successful BFCM sales 2022 and laid hope for a stronger business for the e-commerce industry in the coming times.
So, stay on guard to witness success in the coming days and keep your Shopify store hooked with Salesforce CRM to manage your operations smoothly. Install Shopify Made Easy and get a seamless data sync instantly. Try today!