November 19, 2024
Black Friday is soon approaching and with deals in almost every shop, retailers and ecommerce website owners alike need to do everything possible to attract customers, both new and old.
In recent years, Black Friday has been a little more unpredictable, with things like the pandemic and the cost of living crisis massively affecting consumer behaviour. However, this year, some experts are predicting that spending could top $10 billion, with sales up around 7% when compared with last year.
So, with that in mind, here are our predictions for Black Friday 2024 based on our own insights, previous data, and industry forecasts.
On average, the conversion rate on desktop devices is 3.9%. This is two times higher than on smartphones, which have a conversion rate of 1.8%.
It’s fairly well known that many millennials (and even some Gen Zs) prefer to browse on mobile but purchase using a desktop. This is especially true when it comes to larger or more expensive items.
There could be several reasons for this. The most include an increased sense of security on desktop devices or a lack of optimisation on mobile, particularly at the checkout stage.
We expect that this trend will continue to be seen on Black Friday and Cyber Monday, so it’s essential to ensure your site is suitable for both mobile and desktop.
In 2023, 54% of people used social media to research products. Social media has almost become a search engine in itself, and there’s no doubt that this trend will have a huge impact on Black Friday.
Whether it’s a recommendation from an influencer or a friend, or an enticing advert that catches you mid-scroll, this year more people are likely to make some purchases based on what they see on a social media platform.
This year, Black Friday falls slightly later in the month (the 29th), meaning most people will have just been paid.
With consumer spending increasing by 33% on payday and typically remaining elevated the following day, this year could potentially see an increase in sales, as people will have a little more in their pockets.
By now, pay later (BNPL) is a short-term financing option that allows people to better manage their finances or make purchases without the immediate funds available.
BNPL has become much more popular over the last few years, with a 3.4% increase in use between Black Friday 2022 and 2023. We anticipate the increase will be even higher this year, with more people relying on finance options to make certain purchases.
A survey conducted by Adobe found that 39% of millennials and 38% of Gen Z were planning on using BNPL services during Black Friday week. So, those offering BNPL options may attract more customers than those that don’t.
With this year’s Black Friday landing just after most people have been paid, and with more social media influence and short-term finance options than even before, this year could be a big one.
If you want some expert guidance on preparing your site for Black Friday, feel free to get in touch with one of our experts today.
